All Forum Posts by: Sam Faas

Thanks all!

I had a situation recently where the tenant and I, mutually agreed that a move out was in their best interest.  One of the conditions I agreed to was returning their full security deposit without condition after 10 days, once they move out.

I haven't done this before, so I  will be giving them a check with a line in the memo saying the security deposit return and making them sign an acknowledgement that the security deposit has been returned in full.

Anything else I need to do when I return the security deposit?

Hi again everyone,

I have a tenant moving out in a few days and wanted to make sure I got all the essentials for move out day down.  I will be there physically to collect the keys.  Please let me know if there is anything I should add here:

1) Change utilities in my name (a few days before)

2) Recover keys from tenant, and change all the locks in the house

3) Check all fire safety equipment

4) Shut off water main and gas main valve, to prepare for vacancy, till next tenant

5) Go over move out checklist with tenant for any damage

6) Install Simplisafe and motion detection lights for vacancy security

7) Identify repairs to be completed before next move in and to be completed during vacancy.

8) Sign form indicating tenant is ending their tenancy and get address to mail their security deposit

9) Take photos for posting of listing, if the condition is acceptable.

Anything else I should put in my list, to maximize the efficiency of my time on the day of move out.

Thank you all for your great feedback.  I was leaning towards the honesty is the best policy, not least becasue it is the much more simpler approach and potential tenants don't feel like they are getting scammed or I have something to hide.

I will definitely be doing the Google voice number during the leasing process.  I was leaning towards a PO Box, but the investment property is held in my name with my real address so not sure I see the value.

I would like to think I am good and decent landlord and human being who treats people right, but just afraid of that one edge case, where someone shows up to threaten my family when I am not home.

I am a small landlord, whose 1 investment property is held in my name.  In the past I have used a property manager but thinking of doing this myself.

I was wondering if any other small landlords do anything to hide their real name and/or real address/phone number from tenants during the screening and leasing process.  If so, how?

Thanks!

I have to say that AZ has really grown on me. Coming from the Northeast I could not initially see the appeal either but we moved thanks to my SO.

As someone who had pretty bad psoriasis, my biggest surprise was having it fully clear up after we moved to AZ.  My child had pretty bad eczema, and his cleared up fully as well.  Just the savings in medications alone is probably in the tens of thousands.  This will always be a mystery to me.

From a RE perspective, being in such a common sense state where evictions happen in a matter of weeks versus months or never is such a refreshing change.

I was looking to pursue buying a property at auction in Middlesex county NJ.  Is there any resource (agent etc.) you are aware of, that specializes in this sort of thing?

I would love to know this as well.  Looking into Central NJ, nothing is remotely close to cash flowing.  And this is not even accounting for the 10% vacancy and 10% annual maintenance expenses.  Arghh!

 Thanks!

Thanks for your reply!

This is incredibly helpful.  What does the 5 year balloon mean?  

This seller is offering 5% interest with 20% down and it is approximately $900 more in rents than the payment.  Is there anything else I should ask for?  Also what kind of origination fees/points would such a loan incur?