All Forum Posts by: Account Closed

Always have everything in writing.  A Judge doesn't want to hear "he said, she said".  Always document everything you do and say.  Always make sure you have evidence. 

You may think you have a wonderful relationship with your tenant UNTIL they sue you.  Then you will say, "Gosh, we got along so well".  Trust me.  Get everything in writing and you will win.

Nancy Neville

Dear (Tenant)

Please be advised that I will not be renewing your lease upon its expiration date, due to the fact that I will be putting this home up for sale at that time.

I would also like to thank you for choosing us and allowing us to provide you with your rental needs during your stay with us. 

If you need a landlord reference, please don't hesitate to list our name(s) and we wish you all the best now and in the future. 

Sincerely,

You do not need a spreadsheet, 

When QuickBooks is on your desk

It takes care of all that red tape

And makes you look your best

It keeps track of all your income

less expenses per building too

It tells who owes you money 

and who you owe money to.

It's not that hard to learn it

Everything in life takes time

But QuickBooks can be your very best friend

I know it's certainly mine.

Just felt like writing a poem today.

Nancy Neville

My goodness people.  Our industry requires an Accountant.  If you want to assure yourself of being audited, I'd say do your taxes yourself. 

You deal with tens of thousands of dollars of investments in your real estate.  And you deal with other people's money.  Do you think the Government won't have their eyes on you.   Just sayin!!!  

Nancy Neville

Jonathan did a lot of missionary work in addition to his business of landlording and accounting.  I tried to go to his website as well and nothing happened.  I hope he is doing well as well as his family.  Perhaps he has gone in to the ministry field full time.  Let's hope that is the case and not something bad. 

Nancy Neville

You should have an Accountant file your taxes at the end of the year.  However, QuickBooks will help you take care of your accounting until then and give you reports to give to your Accountant at the end of the year making his or her time spent on doing your taxes more financially affordable, because they won't have to do so much work in figuring out your returns because QuickBooks has it all organized for them. Less time they spend on doing your taxes, the less money you pay them. 

In our Industry, only an accountant knows the tax breaks that we get on our investments.  Our Industry is like no other.  We shouldn't ever try to file our tax returns ourselves because there are so many laws, and stuff that we need to do regarding our investment, that only an Accountant can know.  Besides, when you have an Accountant do your taxes, less chances of you being audited.  Plus they know the "loop holes" and how to save you money in the long run.  

Nancy Neville

I have to say that the courts will not favor a tenant having to pay for the first $100 in repairs as repairs are the landlords duties UNLESS the cause for repairs are caused by the tenant.  

Also no matter what income bracket a tenant falls into, a tenant is a tenant is a tenant.  I have had lawyers, police officers, clergymen, doctors and high falootin people rent my homes and some of them were slobs and did a lot of damages.  Then I had Section 8 tenants, low income tenants and most of them were neat as a pin  So a contract is a contract, for the good the bad and the ugly.  One fits all. 

Judges don't want to see a lot of "crap" in a lease agreement.  Too over the top stuff.  Landlords have a tendency to want to add stuff that is to the extreme. 

Have things in your contract as to rental amount, liability clauses, legal stuff, but don't be stating you can't breathe.  You want to make this appealing to applicants,  and feel like their home, not like their parents house.

Remember your home is just a tool of your business.  It is not your baby or your  beloved.  

So I'd say revamp that lease agreement and all you have to do is screen your applicants, and make sure THEY ARE COLLECTIBLE.  (Someone you can sue) And if you have to, have them have a co-signer, then do.  The more people responsible for the reimbursement of damages or rents, the better I like it.  

Nancy Neville

CO-SIGNER for each applicant

Nancy Neville

We are in the day of the Internet.  People want to see before they buy or rent. Gas is okay right now, but for how long.  Plus people are busy.  The Internet is where it is. 

People can click on your webpage and see the following:

• Where the property is located
• How much it rents for
• If it has good curb appeal
• What the neighborhood looks like
• What is close to the home as far as stores etc.
• When you will be doing an open house
• What the qualifications are for the home
• What time you may be showing it
• How much it is renting for

Everyone wants to be a landlord these days.  So you have a lot of competition.  If you want to get things done, to have fewer vacancies that last longer that a week, then you need a web site.

WordPress.Com has a free website.  You can have as many as you want for Free.  

It isn't hard.  You can upload your photo's of your home inside and out, and do lots of good stuff.  Play around a little bit with it.  Have fun.  

Get some business cards with the website on the card.  Pass the cards around to people.  Landlord Associations, Neighbors, bulletin boards.  Neighbors where your property is located.  Best Free form of advertising there is. 

Nancy Neville, also a dinosaur

In my single family homes the tenant was responsible for the water bill. In my apartment buildings I was responsible for the water bills.

The water bills would always come in my name, just how I wanted it to be. 

In the Lease Agreement I would state that the tenant was responsible for the water bill. 

In the Lease Agreement I have it stated that any  money received in my office would be applied first to any outstanding bills they owed to me.  Therefore when I received the water bill from the water company, I would turn around and bill the tenant for the water usage, and include a copy of the water bill sent to me to prove to them I wasn't gouging them.  

They had to pay the water bill when they received the bill.  If they didn't and I received their rent money first, their rent money was applied to the water bill, since the water bill was an outstanding bill.  This meant the rent was now late because it went to pay the water bill. 

I make sure they understand this in the Lease Agreement and when we sign the lease.  They sign the lease stating they understand.  

Nancy Neville