All Forum Posts by: Brian Smith

Here's the template I use. Just had to send it today as well... 

December 7th 2020

Address of rental unit: 

Tenant’s name(s): 

Dear [name],

This letter is a formal notice to you demanding that you make immediate payment of the unpaid rent due under the terms of the rental agreement covering the above referenced property.

As of December 7th, 2020, your December payment is 7 days past due. Your rent was due on December 01, 2020. In addition, you owe late charges as provided by the lease agreement.

The following is an itemization of the total amount due:

Unpaid rent: $

Unpaid utilities: $

Late charges: $

Total: $

This is a serious situation which requires your immediate attention. If payment is not received by December 9, 2020, collections and/or legal action to enforce your obligations under the rental agreement may be taken.

I can be contacted if you have any questions or need additional information. My email address is [email] and my phone number is [phone number]. 

Sincerely,
[name]

I like Tenant Cloud, it's 9/month for up to 150 units. You'd pay for the background checks separately but you can re-bill them back to the applicant. They will also handle rent collection. There are some free options out there as well but I liked their user interface the best and the tenant's mobile app is nice.

I'm also from New York.. We recently purchased in Cleveland Heights, one of the suburbs outside of the metro area. CH offered similar cash flow with what seems like higher quality tenants. 

We worked with Sara DiFranco as the realtor and have found a few quality vendors in the area (GC, plumbers, hvac etc). Feel free to DM me if interested in any referrals! We're still looking for a good management company but will hold off on that until the lease ends with the current tenant so we can raise the rent to cover the management fee. 

Our lender was also great, we worked with Aaron Chapman at Security National - his team was super efficient though they only do traditional mortgages, not sure what kind of financing you're looking for.