All Forum Posts by: Vasudev Kirs

Thank you, Lindsey. I am not interested in another property for a while and I am not self-employed. So, you think CD is my best bet?

Hello:

My tenant paid six months of rent as a lumpsum amount. I own a business checking account to manage rental income. I do not have any imminent capex or big ticket maintenance items (fingers crossed!)

What would YOU do with this rental income? Bank is offering me a 4.7 APY 7-month CD which is not a lucrative offer but that would be an option. I just don't like the idea of letting this amount sit in the bank and at the same time I don't want to mingle it with personal brokerage account.

Any suggestions or creative ideas?

Thank you. Below is the link to statute:
https://revisor.mo.gov/main/OneSection.aspx?section=535.300

Below is excerpt from the internet on my state laws:

#4 How must Missouri landlords store their tenants' deposits?

No law in Missouri requires landlords to store their tenant's deposits in any particular manner. You are free to choose how to store it, and whether that account will earn interest or not.

@Kim Meredith Hampton Thank you, Kim. 

1. Are you implying that I should maintain two separate bank accounts - one for holding security deposit and the other for rental management expenses? I don't see any other way to keep security deposit untouched.

2. Is moving security deposit to a brokerage account a big NO even though it is FDIC insured? My brokerage pays more interest than bank.

My tenant will be transferring security deposit into my business account. Are there any restrictions on whether I can use it for other expenses or should they stay in that account?  Below are the laws from my state regarding security deposit:

https://revisor.mo.gov/main/OneSection.aspx?section=535.300

1. Can I move security deposit into a brokerage account or should it stay in the original business account?

2. If it needs to stay in the original account, can I use it to pay for other expenses?

3. Can I move rental income into a brokerage account?

Thank you!

thank you @Nathan Gesner and @Drew Sygit for wonderful suggestions!

Hello:

Could someone please recommend rental management portals that you have used or use to securely store your tenants sensitive documents like passport?

Any suggestions?

@Nathan Gesner thank you. My only outstanding question is regarding their background check. Without US SSN, I am not sure how to verify their criminal history.

He is willing to pay six months in advance. University is a reputable university. He is also willing to furnish a letter from his US brokerage firm to prove he has ample funds to cover for rent and expenses.

What would you do? What sort of additional documents can I request?

@Nathan Gesner Parent is willing to pay six months in advance and has been convincing. He is from out of country and not just out of state. University is a reputable university. He can furnish admission letter, and letter from US brokerage account letter to prove he has funds in his account. Again he is willing to pay six months of rent in advance.

What would you do? Click bait?