All Forum Posts by: Nick Patel

I ask my tenants to use bill-pay service from the rent. It takes about 2/3 days to transfer and its free for both. Go to your bank and ask them for their mailing address for bill-pay. Give your account number, bank name, & address to your tenant(s). I have multiple tenants sending me the rent so my bank put their name on the description which make its it easy to recognize.

Safety: I keep minimum balance and move the rent to another account on the 5th of the month...

Russell, Thank you for the information. Yes, 1.5 or T-yield curve rate.

Ref: http://www.mdrealtor.org/Legal/FrequentlyAskedLega...

Thanks,

Elle, I am in a same boat in Baltimore county, MD. 

I would also like to know.

Please let me know if you find out.

Coles, yes yearly interest is 3% per year calculated every 6 months. Since you brought this up. My saving account does not earn 3%, so i guess this is another expense I need to consider in my planning.

My question: so if tenant stay for 2 years then do you have to pay Interest on interest?

Example: $1000 deposit at 3% per year. so at the end of the first year tenant has accumulated $1030. For the second year I need to pay 3% on $1030 or 1000?

 Ned, Thank you for your reply.

Currently I manage properties my self. I may decide to use property manager as I increase my properties.

Question about Baltimore county, Maryland Escrow account. I know Baltimore county requires Escrow but not sure if separate Saving account can be used as an escrow account.

1. Do I have to have an Escrow account or can I use separate saving account for tenant's security deposit?
2. Do I open escrow/saving account separate for each tenant?

Thank you in advance for your reply,

Nick Patel

excellent BP podcast! I listen in the car. 

Sharon,

In my personal opinion.

First thing first, resolve Ice-maker issue by removing the water line from the back of the freeze and offer her one-time $20-50 off for inconvenient (usually you don’t want to give incentive, else they will complain more often). Also ask her that you are concern about her health/safety and therefore you must inspect the Ice-maker ASAP before mold start to progress.

Once this issue is resolved. Check your local law about pets and vaccination (call your county to find out). Consult an attorney to see if you can kick her out ASAP. I think it might be worth having an attorney draft the letter with their address and send it to her.

Another option is to offer her one month free rent if she moves out by X date. I have done this once where I am glad it’s over.

Next time – have $50 per month incentive for no service call. Also like what Jake said include 30 or 60 days’ termination clause (check your local laws).

Good luck!