All Forum Posts by: Peter M.

You should get signed estoppel letters from the tenants. Do an online search and you can find all sorts of good questions to have on them but Lynette's list is pretty good. Really try to get the leases because no matter how landlord friendly Missouri is, the eviction process will take longer if there is no lease. As soon as you close, send a letter to all the tenants introducing yourself and giving instructions on how to pay rent. Set up times to meet with each one individually and lay out your expectations and sign your lease if you can't get one from the owner. Be polite but firm. Tenants can be like children who will try to get away with anything they can when there's a substitute teacher.

Paypal, Zillow, CashApp, Zelle. I'm not a fan of Venmo because you should be using the business version and they charge a fee. You could also just give them deposit slips to a nationwide bank like Chase or they could zelle directly into it. If you're worried about them having your account number just have a separate account to collect rent then immediately transfer it to your true operating account that way there is only a small balance in the dummy account in case a tenant somehow gets access and makes a withdrawal (I have never had this happen but I still use the dummy account)

German roaches are a nightmare. Youll need monthly treatments for at least 4 months to be sure they are gone but it can be done. If theyre in the appliances they are probably in the walls behind them too. So even if you get rid of the appliances they might come back. The problem is compounded if this is multiamily. Good luck

In the general sense of asset protection law/theory yes this is what you should do. The management company would carry the liability and since it has no assets, there isnt anything to gain from a lawsuit. As long as you have a lawyer draft it up and follow the rules so as not to allow the veil to be pierced it should work in theory. In the real world they may try suing the PM company, the manager personally (you) and the owner or entity that owns the property. Whether you should do it is up to you. How many properties are you managing? How much are you willing to spend in legal and accounting fees to maintain the LLC? Its really up to you but I wouldn't bother with it until you have 5-10 properties. But thats me, ask any lawyer and theyll tell you that you need it now and that they will give you special price...

@Amanda Kirk gross monthly income at least 3x the monthly rent, no violent felonies or financial crimes, always do credit and background check. Look at the report not the score to see why its low, just because someone has a low score doesn't mean they won't pay. Always call at least 2 past residences. Find out if current landlord knows they're moving. Usually 2nd past landlord will give you the truth since they don't care anymore but current landlord may be trying to get rid of a problem tenant. A lot of employers and apartments won't give info to you over the phone so have a form you can email them with basic questions like did they pay their rent on time? How many times were they late? Did they have pets? Would you rent to them again? Etc. Use petscreening.com for pets and service animals (try not to allow pets if you can-only thing harder on a unit than pets are kids but you're allowed to say no to pets). You won't know until you start doing it but it gets easier with practice like anything. Good luck

@Wade Penner Remove the signature line for move out. I never do the official move out inspection with the tenant. I may do a walk through with them but I dont hand them a check until I check everything out on my own. Then I mail them my move out form with a list of deductions. Take pictures and if you think they will fight you over some of it, include the move in form and the pictures.

@Michael Williams do it yourself. Fastpeoplesearch.com

@Jenni Moore Just document everything and be very organized if/when you go to court. Read and know your state and local property code. Some states have provisions about "clock resets" for rent or partial rent paid, while others don't. If you have everything document properly you should win in court without paying a lawyer. It may be worth it to do it yourself for the learning experience.

@Jasmine Morris there are several in the area where we have 2 str. This is in a lake community as well. Mine are not campers but it seems like a viable option for the owners that have them. Biggest issue to me would be water intrusion/mildew and the accompanying smell. If water gets into campers it can be difficult to remediate. And like with any STR a few bad reviews can sink you. But if the location is right and the interior is cozy and stink free, you could have yourself a winner.

@Paula Miser When I offer a hotel it is in the form of a rent reduction and to a set dollar limit with receipt. So the following month they will get $300 off if they had to stay in a hotel for 3 nights and I said I would pay up to $100/night. The receipt must show they paid at least $100/night otherwise the reduction is what they actually paid. I've only done it once due to a slab leak resulting in no water and the remodel activity.