All Forum Posts by: Michael Smith

We actually collected 100% of our units under management on-time this month - In our area, it's mostly restaurant and hotel workers who have been hit the hardest.

@Emily Reddington my first thought is that the tenant downstairs should have to make up the difference between the monthly rent amount stipulated in the Lease and what her voucher will provide. For example, if the Lease says rent is $1,100 per month and her voucher drops to $800 once her daughter turns 18, she will need to make up the other $300 per month out of pocket. This of course is assuming you have a valid lease in place. If not, I would give her whatever notice is required in your area to sign a new lease at whatever market rent would be, with the understanding that if she wants to stay then she will pay out of pocket for whatever isn't covered by the voucher.

I hate that you're in this situation... I agree with Wesley's comment above, never rent to friends or family! Too much emotion involved. If I found myself in your shoes, I would give them 30-days notice to either sign the original lease or vacate... And now you know for next time to never let someone obtain occupancy before signing the lease and delivering their security deposit, first month's rent, etc. in certified funds.

@Isaiah Webb we're also in Greenville! Thinking about putting together a local meet-up soon. Let me know if you'd be interested!

@Joel Schaefer the #1 tip I can give is to treat this like a true business. If you don't already have one, set up a website. Make it easy for tenants to pay online, submit maintenance requests etc. - - - Have a page dedicated to FAQ's, and your policies and procedures. Include a reference to this website in the letter you send to the tenants you are inheriting, encouraging them to take some time to review the process by which you'll be managing the property. Also, make sure to let them know that if there are any discrepancies between your SOP's and their current lease, you will absolutely abide by the terms of their existing lease until renewal time. Cheers!

@Jason A.sending you a DM!

@Michael O'Neal welcome to Greenville! You're going to love it here.

@Lindsey Vargas I just noticed that you're in Cocoa - I grew up in Melbourne and spent several years doing mortgages and flips/rentals in Brevard County before we moved up here to Greenville, SC - Let me know if you ever need a recommendation for a good Realtor or Property Manager down there!

I think the best thing to do is decide what YOUR policy is going to be, and apply those terms to any inherited tenants whenever it's time to renew. As your portfolio grows it will become too complicated to keep up with all the different terms and conditions if you don't stick to a Standard Operating Procedure. If you plan on charging a monthly pet fee, then I would switch these tenants from an annual fee to a monthly fee when it's time to renew.

Typically PM’s take a % of gross, the same way a real estate Agent would take a % if the sales price. However, there are also PM’s like us who charge a flat fee rather than a percentage of monthly rent.