All Forum Posts by: Sarnen Steinbarth

From my experience there typically is not one "standard" agreement.  Typically there are 4 or 5 common ones (Realtor associations, Landlord associations, Law Depot, office supply stores, etc.).  I would look at what other professional property managers are using and get ideas and adapt it to fit your needs then have an attorney review.

If you are curious I dug up an old ad that someone was using as a scam at one of our properties.

Note the low rent (market rent was $1200 on this unit).

Here is an example of an actual scam advertisement that was posted on Craigslist:

Thanks for your interest and inquiries about my house. I am Purcell Emmettthe owner of the house you are making inquiry of. Actually I resided in the house withmy wife and before and presently we have moved out due to a missionary calling for a period of 3-5 years. Presently my house is still available for rent (rent already includes utilities). I attended a course in theology at the South London Christian College. Presently I am in the ministry working for God as a missionary in West Africa, due to the mass decision by U.S churches to promote the gospel to reach people in the West Africa region.

The house was previously listed with a Realtor but we decided to handle it on our own in order to know who we are renting to. Also, due to the fact that a Realtor agent would want to handle it professionally and the occupant may not be able to reason along with him/her later. This is one reason the price we are offering is far below standard rental price and this is enough for you to know that we are not after the rental fee but the utmost care and maintenance for the property. I know there may be no way we can be sure of the right person to live in the house because we won't be able to meet before hand regarding sending you the keys and the documents to occupy the space and since we don't run credit checks.

So if you believe you can take good care of the house and handle it like yours then I will be more than willing to let you rent the house.

This 3 bedroom 2 bath house has been recently updated and features a large finished basement with bonus room. 2 fireplaces. Attached 1 car garage, fenced yard and children's play area are some of the great features this house offers.

Rent: $700
Security Deposit: $700
SO IF YOU ARE REALLY INTERESTED I WILL WANT YOU TO FILL THE RENT APPLICATION FORM BELOW:

RENT APPLICATION FORM.
Name (First name/ Middle name/Surname ) : __________?
Phone # : __________?
E-mail : __________?
Best time to call : __________?
How many proposed occupants : __________?
List all in addition to yourself including approx age : __________?
Present Address : __________?
City/State : __________?
Will you have pets : __________?
Please describe Breed, size : __________?
Personality of pet : __________?
Preferred move in date : __________?
Intended length of lease: __________?
Earliest possible date of deposit payment: __________?
Length of previous tenancy : __________?
Present occupation : __________?
Are you a section 8 applicant : __________?
Do you run a business from home : __________?
If so what kind of business : __________?
Do you work late night : __________?
Do you smoke : __________?
Do you drink : __________?
Please feel free to ask any questions you do not understand and I will be looking forward to receive your email as soon as possible. As I am not around to show the inside, you can go check out the house and the neighborhood from the outside and get back to me if you really like it for more information. Please respond ASAP.

Emmett M Purcell.

For Tenant Screening I would suggest doing the following:

• Tenant Credit Report
• Tenant Background Check
• Landlord References
• Employment References
• Proof of income / assets

I think it is more typical to get 1st month + sec. dep.  Assuming your property is in Florida, I do not believe there is a security deposit maximum. So you could charge whatever you are comfortable with for the sec. dep.  Then not have to worry about collecting the last month's rent.

I had a tenant applicant ask if they could hold martial arts classes in the common area (inside near front door) of the apartment complex, and if that would be included with their monthly apartment rent.

They literally wanted to have students, martial arts numchucks, ninja star training, etc. in the entryway of the apartment complex.

The requests never cease to amaze me. . .

 If you don't mind the $200 monthly minimum I do think App Folio is a good choice for over 100 units.

+1 on the previous comments.  I would lean towards not going through the hassle of installing, personally.  So, if you're keeping track my vote is in that column.

I have had the same thing happen at my old property management company.  Not easy to get it resolved.

As @Mindy Jensen mentioned notify Craigslist (though often times it may be near impossible to get a reply) At least make sure to flag the Craigslist ads.  (And any other website it is listed on fraudulently.)  You can Google your address to find other possible scam ads.

You can also report it to the Federal Bureau of Investigation (FBI) Internet Crime Compliant Center (IC3) by clicking here.

Definitely the #1 concern should be getting possession back.

Collecting is always nice, but not always realistic.

@Mark Douglas

You could make the purchase contingent upon the current landlord / seller having the problem tenant removed prior to the close of escrow.  

You could then hold back (escrow funds) of a given dollar amount (e.g. $5000) that could be used to offset your costs if the tenant is still in place at close of escrow.

The buyer may not be willing to accept this, but I have done similar things in the purchase of multi-family units.

Regardless, make sure to the have tenants complete an estoppel statement so you know that everything regarding the tenant's lease agreement is correctly represented.

Looks like a lot of good advice has come through.

One more thing, in addition to the many great tidbits already on this thread  . . . if you want an additional layer of security (aside from going the property manager route) you could get a 24/7 call service (for usually under $50 per month) to be available to answer tenants calls, determine if it is an emergency, and route calls to your preferred vendors (plumber, HVAC, etc.).

Probably not necessary to do this for just a couple units, but I loved having this service when I owned 44 units and managed them myself (with a full-time job).

Having a live person answer a call made the tenants feel better when there was an issue.