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9 June 2024 | 8 replies
I have some thoughts to your question:1) Maintenance service plans (requires agreement with preferred vendor, or if you have maintenance staff, through your company)2) Landlord liability insurance through third-party insurance providers (note: this is in addition to a Dwelling Policy, which the owner should already have)3) Lawn maintenance service programs (requires agreement with a vendor for agreed-upon pricing, or if you have lawn staff to provide this service, through your company)4) Fee in lieu of security deposit (requires agreement with insurance company that provides this service)5) Increased inspection options (e.g.
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10 June 2024 | 12 replies
If you're not a W-2 employee or have additional income you can try an alternative income verification such as bank statement deposit averages or asset depletion (if you have significant reserves or assets.)
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8 June 2024 | 1 reply
Average deposit: $5200+.
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8 June 2024 | 4 replies
For Deposits, unless the program will also provide the Deposits (some do, some don't) they must have the appropriate funds.
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5 June 2024 | 4 replies
Does anyone recommend a deposit alternative insurance company?
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9 June 2024 | 223 replies
Usually it is about the security deposit or the landlord failing to make repairs under the lease.
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8 June 2024 | 1 reply
These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.
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8 June 2024 | 7 replies
For example, I would tell them that if they leave in less than 15 days and there's no physical damage to the property, I will hand them their deposit and give them back the entire month of June rent so they have money for a new place.
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5 June 2024 | 4 replies
Secondly, how do I deposit the Security deposit into my account from Venmo in order to keep it separate from my other funds?
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7 June 2024 | 7 replies
How do we protect ourselves from a tenant causing us significant damage in excess of the deposit amount?