All Forum Posts by: Beth L.

@Cody Ferguson I use SparkRent. It was offered to me since I use Intuit's software. It only costs $1 per transaction. The first month or two, it took up to 5 business days to receive the payments, but after that, it only took 1-2 days to deposit into the account. They even send automatic reminders to the tenants and add on late fees if not paid in time. So far, it works well for me.

@Peter Fokas 

I think the key is if it specifies in state law whether the landlord or tenant is responsible. I would ask your real estate attorney what the law is in NJ.

Here in Maryland, the law is silent on this matter, so this language would need to be added to the lease to be enforceable. I plan on putting a bed bug addendum in place, and testing each unit at turnover to be sure it is clear.

Thanks, everyone. I am getting a custom yard sign made and noticed in some of the templates that it said "FOR LEASE" or "FOR RENT". My lease refers to itself as a lease, but mostly in my area the term "FOR RENT" is used so I probably should go with that.

I notice that some use the term "For Rent" which is most common in our area, and some use "For Lease" which I seem to see mostly with commercial properties.

Which terms do you use? What's the difference...is there a difference? 

@Joe D. Getting a short term lease is difficult, since most landlords don't want to go through the turnover process so often. I might be willing to do a short term lease if I could significantly increase in the rent price. Maybe try offering landlords more for the monthly rent or if there is something else of value that you could bring to the table. Ultimately a good tenant is desired over all else.

I would replace it for sure, and offer a few window A/Cs if the installation will take a while.

@Josh Autery 

 I haven't had a handbook disappear yet, but if it did, I would just make up another one. By law, the tenant must keep the lead paint inspection certificate in the unit, so I really emphasize that.

Thanks for posting to the house rules article. I will utilize it for sure!

I accepted your colleague request :-) 

@Josh Autery 

 I provide my tenants with a "tenant handbook" at lease signing. It contains things that are necessary in my area, like lead paint inspection certificate and accompanying informational documents, informational brochures on fire safety, care of septic systems, bed bugs, etc. I also include a list of area companies that provide electric, trash service, cable, internet and other utilities, so all the numbers they need to set things up are in one place. The handbook also contains my contact info, a "Move Out Checklist" for what cleaning is expected of them before they move out, and they can keep a copy of the lease in there as well. I package it all up in a nice 3-ring binder and tell them that it has to stay in the unit at all times and must be left on the counter when they leave. I clip all of the appliance and thermostat manuals together and leave them with the book.

One thing I still want to do is make up a list of "House Rules", a list that clearly defines some of the main tenant requirements from the lease, but in a summarized, easy-to-read format.

(Side Tip) I print two copies of the lease, mark one "Original" and one "Copy" and have them sign and initial both sets. This way I can just leave the "Copy" with them.

If you would like to message me your email I can send you some of the things I have. Most I got from Google searches.

@Wade Sikkink 

@Chris Martin 

Here in Maryland, it is the law to keep the security deposit in a separate account and it has to be paid back with 3% interest. It is considered a liability and is therefore not considered rental income when you receive it.

I haven't had to keep a security deposit before so, thank you Chris. This IRS document is very clear. I do deduct the cost of repairs as expenses (shouldn't we all?!?) so I need to include this security deposit as income for the year.

My initial question was how to do this within Quicken Rental, since I am just transferring the funds from one account to the other. Any experienced Quicken Rental users out there that could advise on that?

Thanks!

@Gita Faust What was your issue with security deposits? I set mine up in Quicken as security deposit liabilities since they reside in their own bank accounts anyway. However, when I had to keep a security deposit recently, I transferred it to the main rental checking account and it only logs as an account transfer and I don't see how I can make it now show up as rental income. Or do I have to show it as rental income if it is offsetting damage to the property? I haven't taken the time to figure out how I should do this yet. Thanks for your comments. I appreciate it.