All Forum Posts by: Arthur Banks

@Mindy Jensen I wouldn't compare rent to a move-in checklist. Of course I would ask for rent, but I wouldn't ask too many times. The next communication would be a 5 day notice. I'm not going to evict over an un-returned checklist.  I agree about me being in charge, but my thinking is the checklist is for her protection (sure, just as much as mine), but I'm trying to remember a time when I was renting that I had the landlord/management hound me when I didn't turn it in.  Oh well, let's agree to disagree.  

I like the idea about applying money to costs and fees first. I've always heard others say it the other way around, but your method does seem it would make them want to get the fees in to avoid being late on rent.

@Max T.I think I'll consider doing that. At least at this stage in my investing career I'm not overly busy with the business. But at the same time 2 hours is a long time. I'll ponder... I do like the fact that you've gone over together, you get it immediately, and they sign off.

Thanks all.  Off to meet the tenant to do the inspection.

@Steve Rozenberg

Thanks for response.  I do include a Cost of Repair with my lease.  I agree with damage vs. wear and tear.  But my question is more about obvious damage (door knob holes in walls, broken door stops, closet doors hanging off, etc.)  I have not seen any damage as I haven't inspected yet.  I'm just being proactive in asking because I'm due to inspect today and want to be able to address anything accordingly.  I understand kids are kids and accidents occur but also want to make sure I set a standard with the tenant that she needs to control her children. (again, this is worst case and forward thinking).  She's been nothing but great thus far but not everyone takes care of our units properly.  I only had to patch a tiny screw hole and replace towel bar anchors (the ones in the kit were pretty weak) from the last tenant.  I didn't even have to clean! 

I like your move out procedures and the idea of having them sign acknowledging as well as send them the video of the move in condition. Brilliant!  PM sent regarding your cost sheet. I'd like to compare.  Thanks!

@Mindy Jensen

Thanks for the response.  She moved in July 1, 2015.  I didn't ask for the checklist again because A) it clearly states to turn in within 7 days after move in B) I advised her day of move in and reminded her a week later.  So in essence she was made aware twice.  As I told my sister who owns salon suites in which I manage, I manage, not a babysit. I don't know that I should keep chasing anyone for it.  If I'm wrong, please share. Since I've documented the move-in condition there really isn't much she could dispute. No?

I would never ask a tenant to repair. By repair I meant exactly what you said... "foot the bill" (I see I asked the same question twice, just two different ways).

Mind you I truly don't expect any issues even if damage is found.  She's been great as I've mentioned. I just wanted some suggestions on how to handle anything during the inspection. So this is more of a "what if I find damage" question now rather than "Hey BP family, this tenants kids keep damaging my property, what should I do?"

I was in the basement of my unit last weekend and I could hear the tenants children running and jumping and banging.  This led me to believe maybe I need to check things out.  I didn't do any inspection during tenancy on the last tenant, mainly because they had a toddler (maybe 2 y/o) and they ALWAYS had their curtains and blinds open. I could see in every window as I did basic maintenance.  Not to mention they would always let me know if the slightest thing was wrong.  Not demanding the item be repaired right away. Just FYI's such as "Hey Arthur just wanted to let you know the bedroom closet is off track again. No rush. Just wanted you to know."  But the current tenant NEVER opens her curtains.  

So for those of you who find damage while doing your inspections (monthly, quarterly, annual or whatever) of your rentals, how do you handle the repair?  Do you require the tenant to fix right away?  Do you fix and bill/have tenant pay right away?  Do you wait until the end of the lease and assess all damage and repair and charge accordingly? (I won't be waiting until the end of lease. I can tell you that.)  I want to set a standard now.  I've set a time to do an inspection with the tenant present so I can immediately address any issue(s) that I find.

As I'm thinking about it, she never turned in her Move-In checklist (which I reminded her ONCE to get in).  I did take pics and video of the unit after turn over before she moved in.

@Jaime Penix

Yes and No.  My situation was not a typical situation though.  The first contractor TOTALLY underbid the job, thereby locking in my rehab budget with the bank. I didn't realize by how much until I started doing my due diligence by pricing material and getting separate quotes for different jobs (e.g finish floor, plumbing, roof, etc.).  I was fortunate to find a contractor to do the job for the stated quote by the first contractor who couldn't get qualified.  But in hindsight it was a blessing because we would've been short of funds. I don't remember numbers and not sure if I posted above, but the 1st contractor bid like $18K for both units. When it was all said and done I came in just under $33K (a little over $14K was labor) AND that includes the contingency reserves that were held.

@Shelly F.

Registered. Conflicts with local REIA meetings. Will these always be on the 2nd Tues of the month?

@Account Closed Thanks for the suggestion.  Looking over my lease I do have a clause regarding inability to deliver but it doesn't state anything "due to no fault of Landlord".  I'll add that.

My current tenants are moving out 6/27/15, their words, "to allow me time to get ready for the new tenant" (nice of them) which is scheduled to move in 7/1/15. They've been very good tenants and I don't suspect I will have much if anything to clean or repair. Fingers crossed.  I'm scheduled to meet the new tenant 6/20/15 to get 1st months rent (I already received the "hold fee", which will become the security deposit). She says she just wants to get it out the way now. 

My question is since I'd be receiving July rent should/could I A) have her sign lease dated for that day but effective 7/1/15 B) wait until July 1 to receive rent and sign lease or C) don't take rent and wait until July 1 to sign lease and give possession?  Has anyone run into issues with receiving 1st mo rent before signing lease and actual start of tenancy?  

Didn't lose money.  Learned a lot.  Sounds like success in my book.  Congrats!

@Steve Vaughan @Marcia Maynard

 Thank you so much.  I know going forward...