All Forum Posts by: Anthony Hurlburt

This is standard. The property management company is acting as your agent. 

Your bank account number is on every check you've ever written, so there should be no issue if you give it to your tenants.

Do not purchase a bad deal just to "start somewhere in real estate" that is terrible advice. Find a deal and if the numbers make sense then buy. Otherwise wait until you do find a deal or invest in a market that a good deal can be found. If you can't find a good deal, a larger down payment is not the answer, it will give the illusion of cash flow but your return on your money will be poor.

If there is no late fees stated in the lease then there are no late fees that he is required to pay. Is there a date stated as to when rent is due and when it is late? You are still able to evict for non payment if they are late.

You shouldn't accept a personal check as payment for the deposit and first months rent anyways. Get them to provide a cashiers check for the security deposit and first month rent.

You would be better off using the BiggerPockets rental calculator and use actual numbers rather than the 50% rule or the 2% rule which are just guidelines or rules of thumb for quick analysis.

Sell. You can make a profit now and the rents don't provide enough of a buffer for future capital expenditures.

Wait until you close.

You should make a lease addendum that has all of the new information in it. New lease rate if it is different from the original rate. The new dates that the lease is effective for etc. You need a document that has both parties signatures on it.

Landlords are absolutely not allowed to set their own occupancy limits. There are many local, state and federal laws and guidelines on this subject. If your city only allows 5 people max for a two bedroom apartment you certainly are not allowed to set your own occupancy limit of 10 people for a two bedroom. Likewise if the city allows 5 people for a two bedroom apartment and you discriminate against a qualified family of five in favor of a couple with no kids you are in violation of the Fair Housing Act.