All Forum Posts by: Ahmad Zein

I Don't think the Housing Authority can withdraw the funds from the PM account unless they have an authorization, which I doubt! However, they can recall the payment if in fact it was mistakenly paid after the abatement date and require the PM to pay it back to housing. They would have sent the PM a letter demanding the amount. I would ask your PM to share letter with you for verification.

I use the 2nd month proration method. Which means that the tenant pay the full rent on the day they move in regardless of the date, and they pay the prorated amount on the 2nd month. For example, if the lease starts on March 10th and the rent is $1000 per month. The tenant pays the full $1000 on March 10th and pay the prorated amount ($10th-31st): $723 on April 1st ($1000 X 12 Month = $12000 / 365 days= $32.87 X 22 days= $723).  The rent is always due on the 1st of each month and don't recommend the due date based on the move-in date. Check with your state laws for proration methods.

I know if a colleague that uses clearnow.com to draft payment from tenants. He is happy with it. 

@Andrea Jones I like it when potential tenants ask a lot of questions upfront. My experience that the ones who don't ask or care to know about the property are the ones who neglect to report repairs and leave the property in a bad shape. When they ask questions, it gives me a chance to explain how I do business and set expectations. If I don't hear back from them thats a good sign that there are not a good fit. 

I think it is going to be impossible to get a traditional mortgage without the 2 years tax returns. Your best bet is an owner financing or find someone to lend you the money and pay them back within 5 years, especially if the rent is $1200/month.

$1200 monthly rent for a $52k is a good deal, thats over the 2 % rule. I have not seen a deal like this in a single unit! go for it and good luck.

I manage about 100 doors and have been using Appfolio and very happy with it. There is a $200 minimize monthly fee which I don't think its justified if you only manage 20 units. I think if you are looking for a software to keep track of income and expense and generate reports, quickbooks offer a version for landlord that can do all that for you. I hope this helps and good luck with your new quad!