All Forum Posts by: Amanda Janes

Quote from @Theresa Harris:

Do you have to deposit them now or can you do it one at a time as the rent is due?

If you aren’t going to deposit all right now, then I’d give back to the resident. After so long the bank won’t cash the checks any longer. 

It’s not necessarily a bad thing, but you’ll want to keep those funds in the bank and not use them (distribute to the owner/you) until the rent “comes due.” 

Some States require you pay interest on funds held that’s equal to more than one months rent if held for a certain period of time, so just double check that where you are. 

The relationship is a little sticky, but based on what you are saying is that you mentioned to your PM Company that you'll be listing to sell, but won't be using them to list the property nor receive any commissions from the sale. What does your PM Agreement say in regards to when the property is sold? Did you agree to exclusive right to sell? If so, I could see them wanting some sort of payout or cut from the sale.

If you did not agree to this and they are just potentially being salty and THEY are terminating the agreement, I don't see how they can possibly believe they are due a termination fee, unless you are locked into the agreement for a specific amount of time or need to provide a certain timeframe for notice of agreement termination. 

If you indeed want them to continue managing until the property is sold, have you expressed that to them? Perhaps it's a relationship you can salvage? 

If you do take on self-management, at the minimum you'll need: 
- Current tenant leases + addendums
- Tenant directory (contact information)
- Security deposit detail report
- Prepaid rent detail report
- Rent roll (sometimes this includes all the above in a nice concise report, but sometimes it doesn't)
- Tenant ledgers
- Section 8 (or other assistance) documents
- Inspection reports (may not be entirely necessary, since you are selling)
- Is anyone current in eviction process, if yes, with what attorney and where are they at in the process?

A couple years back I took a local NAR course that educated us that medical marijuana should not and is not supposed to be smoked, only ingested. Whether that's 100% truth or not, I'm not sure.

Marijuana will leave a stench just like regular cigarettes. 100% would not allow inside the property. 

If the remaining individual is qualified on their own, then I'd be okay with letting the other slide out and resign a new lease with the remaining resident. 

If the remaining resident cannot afford, then what's the other alternatives? 

1. Leave both on the lease and say "oh well, you both signed a lease figure it out" - that's not going to end well.

2. Agree to let them BOTH out of the lease, BOTH leave.

3. The remaining individual must find a QUALIFIED roommate to join them to stay. 

4. You allow the remaining individual to stay rent free?! (If so, where to do I sign up?!)

This is ridiculous. You need the invoices/receipts for your records in case you’re ever audited for taxes. Get those invoices/receipts! 

If they don’t, you may want to start looking for another PM. This would make me question their honesty and integrity. 

Unless there’s a strange law there, you can raise the rents when their is an expired lease and with proper notice (usually 30 days).

Regarding the Section 8 resident, you’ll want to confirm with your local agency. Some agencies I’ve worked with in the past would only allow you to raise the rents to a certain amount AND only at a specific time of the year. 

If you aren't able to find anyone, consider doing a remote move-in and self-inspection. 

1. You inspect the property before you leave and take thorough photos.

2. Arrange for a lockbox on the property and provide instructions to your new resident on how to retrieve the key(s) and gain access to property. You can send instructions the day before their move-in or early morning. 

3. Leave move-in inspection instructions for the new resident to complete within 48hrs of taking possession. 

4. Schedule a time to meet with your resident upon your return to ensure all is well and retrieve your lockbox.

100% cannot discriminate; however, I think the best you can do is let folks know up front that this is cohabitation and anyone could rent the next room - regardless of age, gender, etc. You'd think they'd get that, since they are renting by the room. 

If a set of females don't want to room with males (or vice versa), then recommend that they find someone to refer for the available room(s). 

Quote from @Courtney Nguyen:

Quote from @Amanda Janes:

Everything checks out with the exception of the lien? I’d say, it’s probably okay. Take a look at their paystubs to see if there is a garnishment, if not, then they probably are still in process of disputing and resolution. 

I don't see any garnishment on their pay stubs, and their agent said their attorney has been working on negotiations and he thinks they will be able to settle for way less than the stated amount.

No garnishments right now means they have their full pay available to them to pay rent. If their negotiations go sideways and they end up with a garnishment, it may call into question their ability to pay.