All Forum Posts by: Shane R Smith

Mark, 

likely lender specific. If you do a big loan servicer it's unlikely or may require Xyrs of proof.

My local portfolio lender requests my leases from other properties Everytime I purchase. 

If you need to count the income I would shop for a local lender near you or the property if it's at a distance. 

Jordan, 

What type of questions do you have? Some more specifics could help. There aren't too many nuances with it. Ultimately it's not different then a SFH FHA. If affordability is an issue they will use rental income on top of your actual income to determine your debt to income ratio, which may be helpful.

One piece of advice I have in homeowners insurance. Maybe sure you find some one that will and get a quote to run your numbers with. It's pretty expensive and few providers will touch it. I had a standard home prior to the downsize, home owners was $1100, triplex was $1800. I have since found Travelers for $1450.

My family and I currently live in 3-unit that I used FHA for in 2018. Just refi-ed or of FHA 2 months ago.

 You are correct on deposit return. You have 30 days. The address is interesting. I would send it as a package with a tracking number if they don't do certified. That way you have proof of ship and receive. 

in the future I would request that the tenant gives you the 30 days notice in writing just so it's very clear. 

Charging for cleaning can be done but I wouldn't do it to nit pick. Dont forgot what court fees a lawyers cost even if the tenant uses them as a scare tactic. So make sure it's a fine balance for cleaning related. If it's blatantly filthy... Take photos before cleaning to compare to the move in photos that way it's clear if they decide to push the subject. 

Jamie, 

Do your laws actually say you owe interest? In our case in Ohio it's only owed if you hold a deposit greater that the monthly rent. Example if rent is $600 but we collect $800 security deposit due to sub on at credit or something. In that example we would owe interest on anything in excess of $600. 

As for the 30 days. Do you have it in writing that she gave her 30 days on the 8th? If so you have 30 days after the final agreed upon move date. Not the one she's decided to move on after the fact. She also owes all utilities, of her responsibility, until that agreed date also. 

I hope this helps! 

-Shane

Nathan, 

A couple things

Foremost, the very first line calls out Ohio landlords. So I wasn't calling strangers from other states. Just ones from my state. Secondly, I have a handy dandy copy of those laws on my night stand for reading even booked marked. That's where the pasted portion came from in my original post. Trust me I have read them. But as you and I are human we once and awhile second guess ourselves when someone looks at it from a different point of view. That different point of view being yours and hers. So I wanted to clarify my interpretation with fellow landlords from the state I'm working out of. 

I did order your book you recommended as additional information. This info will further build my understanding of the do's don't in Ohio. 

Thanks, 

Sean,

The tenant has been renting for 37 months. We just purchased at the end of Feb 2019. Rent is $615 & deposit is $575. It's not in excess which, with my understanding, does not constitute interest. 

Thanks, 

 Nathan, in over your head and double checking my understanding is two different things. I would see a double checking as a move that a new landlord takes to become a good landlord. Thanks for the advice! 

Calling all Ohio landlords @ben, or someone that read legal jargon better!

I have a tenant that's claiming the we owe interest on the security deposit. It's referenced in the Ohio code.

5321.16 Procedures for security deposits.

(A) Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, shall bear interest on the excess at the rate of five per cent per annum if the tenant remains in possession of the premises for six months or more, and shall be computed and paid annually by the landlord to the tenant.

My interpretation of the code is that if you hold more than the one months rent in deposit you owe the 5% per annum.

She believes that it's anything over $50 she's entitled to interest.

I understand that the advice received is not necessarily legal advice. I'm just getting an idea if this is worth putting effort into or not.

@Ben Leybovich I'm in your area of Ohio. Have you ever had experience with this? 

Thanks, 

Thanks everyone for the ideas. We are going to just explain to him why we put him in a 6 month and have no intentions of kicking him out unless he violates the leases terms. If he still wants to leave we will let him go on the condition that he covers rent on a daily basis until the vacancy is filled. 

See firm but fair and falls in line with most remarks above. 

Sure is nice having a helpful community! 

Thanks again! 

 Mary, 

I may not have clarified enough. We have him in a lease as of 12/1/18. He proposed an 18 month during the lease creation period in November. When we said hey we will consider 18 months if you pay a $300 deposit he got pretty pissy about it and didn't understand why. Wouldn't think a good paying tenant should have no problem coming up with half the rent for a deposit? Also should I base my next 18 months of my investment based on the previous landlord and tenant saying he is a good tenant?

That being said it seemed risky at the time. With all of that we're were we are now and trying to solve the issue at hand.