All Forum Posts by: Wesley W.

Just put it in a designated account that is only used for the security deposits.  You're just holding the accounts in escrow.  Unless OK has a law that says it needs to be a special type of account, but I doubt it.

The statute you quoted says (in part) this:

Any damage or security deposit required by a landlord of a tenant must be kept in an escrow account for the tenant, which account shall be maintained in the State of Oklahoma with a federally insured financial institution.

I ladder business certificates at my local credit union.  I earn 4% for a 6 month term and every 30 days one matures and I roll it over (usually adding additional reserves).  If I need more money for a major capital expense than the funds coming available can provide I can withdraw funds from the other certificates and lose 3 months of interest - which is still better than what I would be getting in an interest bearing MMA.

I don't know of any funeral expenses or airfare that cannot be paid by credit card. When tenants don't pay, they usually give the second and third reasons you're not getting paid for your services, never the first.  You need to raise their level of concern about paying their rent, so it becomes more of a priority for them. (read: eviction proceedings via attorney NOW)

I'm pretty inflexible when it comes to the lease.  I've learned that any deviation from the written contract creates the perception that everything's negotiable or just a "guideline".  

I have, at my sole discretion, waived the late fee as a one-time courtesy to a tenant whom (a) is in good standing and has paid promptly for at least a year, (b) has informed me in advance that the rent would be late, and (c) pays up within a few days after the late fee would have kicked in.

Whenever rent is not received, I start right away with a rent demand letter and proceed with the eviction process on the first day it is permissible by statute, even if the tenant eventually pays (including collection costs).  Here in NY, the eviction process is long and arduous, so getting out in front with a non-payment proceeding is one of a few ways I am still able to mitigate my losses.

That being said, I screen, screen, screen, so in 11 years I have only had one eviction on a tenant I've placed (about 30% of inherited tenants have had to be evicted) and late payments are extremely rare (1 late payment in the last 150 or so).  I have mostly class C small-multi properties.

My personal observation from my own market is that units are taking a bit more time to rent (+20 days) than they were previously.  Have you compared your unit to the comps in the micro neighborhood?  It's possible you may be overpriced (75 DOM, 8 inquiries), since I don't see anything "horrible" in the listing.  

One thing you can do is look at your Zillow analytics on the "listing" tab in Rental manager to see your listing's views and inquiries compared to similar properties.  It will also show you the comps and how your unit measures up with a few different metrics, including a recommended rent rate.

Have you had any showings?  If so, get honest feedback from people whom you think would have been good.  It looks like this is a new acquisition, so I'm wondering if the neighborhood can support the rent rate?  I would really dive into your competition and see if there are amenities that are customary in the area that you are not providing.  But again, be honest with yourself about the rent.  We're all optimistic, but we need to charge what the market will actually bear. Better to rent it out for $50-$100 less and have it rented, than be above the market and have it sit vacant.  For each month of vacancy, it will take you over 2 years to make the same revenue than if you rented it out for $75 less.

Have you tried cross promoting on other platforms besides Zillow?  FB, CL, Apts.com?  I use all four.

What have you tried in the last 75 days? The definition of insanity is expecting different results by doing the same thing.

Are you sure your listing comes up in the search and on the map?  (How are your views compared to the comps on your analytics?) Enlist the help of friends with other IP addresses to see if they can easily find your property using search criteria you expect your good prospects to use to find you.

Hopefully someone who really knows your market will provide more input, but that's my 40K ft viewpoint.

@Colleen F. and  @Peter Mckernan   give good advice above.  Here's my contribution.  If moving the date to the 15th were just for one month for her to get back on her feet, I would sign and addendum with her since you claim she is a stellar tenant.  But permanently moving the rent due date for one person would make my bookkeeping even more challenging.  If you have an exception to your system, you do not have a system.  Oftentimes moving the due date is a temporary fix to what usually amounts to a permanent problem.

Time is money.  Just replace it with a pre-hung door.  The replacement frame will never fit the slab correctly, or at least not the same as when those parts are made together.  You'll spend time and money trying to get back to zero, and you'll almost certainly be disappointed with the results.

@Colleen F. gives you good advice.

I think in practical terms, your goals (1) and (2) are mutually exclusive.  Are you going to be a philanthropist, or operate a profitable business?  That's a personal choice, but a choice nonetheless.  (There's a continuum, I get it - but hopefully the sentiment lands.)

Of your "questions" at the end of your post, I think your first outcome (1.) is probably the most likely and I would begin preparing for that eventuality (i.e. engage a L/T attorney, procuring cash reserves for non-payment during eviction, funds for extensive renovation). 

That being said, I would strongly recommend getting an attorney on board.  I've seen lots of new landlords try and save money by trying to do a DYI eviction, only to get schooled by a pro-bono laywer from any one of the numerous tenants' right groups willing to battle the evil capitalist landlord.  These folks are trained and intimately familiar with the state/local statutes and all the associated loopholes.  Having an attorney handle this for you is money well spent, especially in the tenant friendly jurisdictions.

Moving forward, I suggest offering only MTM leases to your tenants, so you are not placed in this situation again.  I've written about this strategy in detail here on BP so feel free to search it up.

There is a lot to know in this industry, and we've all made plenty of mistakes.  My rule has always been to, whenever possible, try and learn from others' mistakes in order to avoid them myself; give myself some grace when making a mistake I did not foresee, but to change my operations/process in order to make those mistakes only once.  The definition of insanity is expecting different results by doing the same thing.

Good luck!

Agreed. I read the OP's question as "threshold" and answered appropriately.  I'm not sure about steel doors, but the exterior grade fiberglass doors come pre-hung with a threshold.  This is what I have installed a bunch of times.  I've never actually seen a pre-hung door with lumber below the transition piece.  If you went without "anything", I think you'd have trouble with sealing the bottom of the door with the foyer if you were looking for something without a dedicated threshold.  Not to mention, during installation the door frame would rack without a bottom piece and be a pain to hang.  A door slab would be even worse.  I've tried that before, with abyssmal results.

I install them with the sill plate.