All Forum Posts by: Mark Hower

Not sure of any property maintenance options out there. However, in my business we have to run consistence maintenance on machinery and we’ve used Wunderlist as a simple hack that has worked to schedule reminders. It’s not fancy, but has worked.

What are you using for your rental management software?

Luka, thanks for sharing. I’ve had similar experiences with Airbnb Nashville. Through a stroke of luck, things are still working for me now but it’s a perilous relationship at best. Not great for building a real portfolio around with all the regulatory risk.

Can you share any more info about the hotels Airbnb is building? I’m just curious more than anything. 

Following this thread

I know at least 3 people that have been shutdown in Nashville for no permit. Each received a 3 year ban on the property. Nashville has hired someone specifically to troll the site and then send them to court for a codes violation which results in a ban. I would highly not recommend. Your mileage may vary.

also for others- what is the specific concern with using an Amex? Is it simply that if they don't have the cash on hand, then concerns with being able to pay rent?

Or are there specific concerns with using CC (like a charge back at move out)?

I can appreciate both sentiments, just curious.

Matt- what is TIO?

Cody - yes I pay around a 2% fee and I would charge this to the tenant.

Kyle- normally you would be 100% correct and I just wouldn't deal with it. This is a long story and an "accidental landlord" situation. I wouldn't even own this rental if I could go back in time. Hell, this should be with a property management company but the margins are so slim that I'm having to self-manage.

I don't think I'm going to be able to find numerous tenants at this price point, so if I needed to budge a little and be flexible with this deposit, I'm okay doing it. Just wanted to ensure there was no HUGE blindspot that I'm missing. 

Background check and job reference all came back good. I believe the person does have the means to pay for it based on other information provided.

Leasing my first long term rental. 

Tenant has asked if I can charge their American Express for the security deposit amount. The only potential issue I see with this is that they could potentially do a charge back at the end of the lease term (or earlier) for the amount. This is a higher end property and the deposit is at $3800/month. 

Everything else checks out good for tenant- background, credit, rental history, income level.

This isn't ideal, but I don't have tons of other leads for this particular property at this price point, so I'm considering it to get it rented.

Thoughts?

Tim- to the best of my knowledge, the city wants to see an additional policy for 1M in liability coverage. I don't believe that only having the Air BnB policy will work. It might work if you have a printout of the air bnb policy and they don't ready it extremely closely. But I don't believe that is the intention of the regulation. 

Also- just be aware that you may want to get an actual STRP policy vs. regular homeowners. Regular homeowners will have an exclusion for any business use of the property. So if you actually do have a claim during a rental, they will likely not pay on it. So it depends if you want the policy just to satisfy the regulations for permitting or if you are trying to create asset protection.

Best of luck.

@Allan Smith- would you mind also PM'ing the contact info? Thanks in advance.