All Forum Posts by: Tim Miller

Quote from @Cindy B.:

I have had 2 incidents recently that potential Tenant refuse to give out SSN before signing Lease. Rental property is minimal $750k assess, Landlord feels more comfortable to have Tenant SSNs on file to protect themselves.

What would you do in this situation if you are a landlord? 

Did these potential tenants pass your back ground checks or did they refuse to give you their SSN to do the checks?
We use a third party to preform our back ground checks. Only if a potential tenant passes and we want them to sign a lease do we start the process. The lease goes out for esigning and they have to give their SSN before we finalize the lease. If they don't we reject them and move on to the next potential tenant.

I was working for CoStar when I turned 40 and my grandfather voice was popping up in the back of my head. "When you retire social security won't be there or it won't look like it does today" This was when I was 10 or 11 years old. That was the kick start and some good friend in Pittsburgh that are landlords helped guide us. It's been a scary, fun, adventurous to a hell yes we'd do it all again ride. One that we're still enjoying. 

My first question is, You didn't setup test accounts first to see which service is going to work best for you?

My 2nd question is, Why are you setting up RentRedi and PayRent? You only need one software company to collect rent.

As for setting up multiple tenants for one rental, RentRedi should be able to. But from our experience this is more of a headache then it's worth. We only allow one tenant to signup for rent payment. How they figure out how to pay each other is on them. But regardless, they are all responsible for the whole monthly rent.

We had a few calls wanting us to sell our rental property. I finally told them that we would be happy to entertain a reasonable offer. Our current monthly rental income is $3,600. We would love to see an offer somewhere around the $650,000. If you can offer this or more we would be happy to sell.

In other words, if you're fool enough to pay this. We'll be skipping all the way to the bank. Needless to say, the calls and the mailings have stopped.

Something on this line might work. Otherwise I'd change my number. Good Luck!

First thing is to change the locks. Then you need to check the state and county law on how to handle a deceased tenant. In Maryland we have to file for an eviction and there is a box to check, Tenant deceased.

Next you need to find out who is the legal executor of the tenant estate. This is the only person that you should be allowing access to this unit. If the tenant didn't have a will then a family member needs to go to court and be appointed to be executor. The last thing you want is to be in the middle of a family fight over the very precious and one of a kind whatever items.

You may need to file for an eviction to get legal control of the unit back and to push the family to either do something or lose everything. Good Luck.

Quote from @Colleen F.:

@Tim Miller Why would they even do that? With your scenario the tenants lose 2 months rent. If they pay until the end of lease, January 21, they lose about 7 weeks rent.  

The tenant isn't paying by the week and 7 weeks is still 2 months rent. My other suggestion was to do 1 month early term and auto lose the security deposit. Either way, it's up to the tenant to decide.

@Lynn McGeein Hence why you and 99% of all the other landlords are in a very poor position. You do not know the rental law in the are you operate. We do and we have 2 law firms to call on when needed.

Annapolis is a cake walk compared to Baltimore but it all comes down to knowledge of the law. If you don't know it, then either get a PM to operate your rentals or hire a good lawyer to keep you out of trouble. 

Quote from @Justin Youngblood:

@Tim Miller thanks for the feedback. Is that 2 month early termination fee spelled out in the contract?

@Justin Youngblood originally no, it was just part of our policy. Now that Maryland is getting more tenant friendly we had our lawyer update our lease to include it.

Just tell your tenants, Hey you've been great tenants and congratulations on becoming homeowners. Normally our policy states we do a 2 month early term but we'll make it 1 month for you. But you will automatically lose your security deposit as well.

Just remember to always turn a situation around to make it sound like you are happy for the tenant and you want to help. In the end you get what you need, the tenant is, well if not happy at least they feel better about how it's ending. 

We have a 2 month early termination fee if we approve it. In your case, we'd let them know about the 2 month but say you've been great tenants and we'll do 1 month, plus it is an automatic security deposit lost. Provided they leave your property in good shape. That will provide you your 2 months rent and hopefully you can get it rented before Feb. Good luck.

East Coast Real Estate Group is pretty good.

https://ecreg.com/