All Forum Posts by: Filipe Pereira

Does your tenant forget to put gas in his car? Cook dinner? Pay his phone bill? I dunno, this all seems a bit fishy @Mikel Kaubfa. If he wants a reminder, just set him up with cozy and have cozy be that reminder, this way it is autmoated and not any extra work for you. 

We don't have any late payers at this time. Some of them push CT's 10 day grace period, but most all of them get it in on time. 

What does your property management contract say? In our case, we collect a fee based on the collected rents. No rent collected (for any reason) means no fees to the owner. Some management companies charge whether the unit is rented or not, and whether the tenant paid rent or not. 

In short, we need more information to give you a great answer. 

Hey @Patrick Reagan, @Brandon Rush did a solid job responding here. If you need a lease to use as a template to make yours, I am happy to share mine. I am based in Connecticut, but a large part of my lease is not state specific and can probably be adapted to fit your needs.

Hi Phil, 

I can answer some of these from the perspective as a property manager. 

You will get a lot of inquiries on your listings from voucher holding tenants (I never realized there were so many voucher programs until we started managing in Springfield). Vacancies are about average with what we are experiencing in other markets. You may get lucky if you have a great unit, but generally speaking the average credit score will be around 600 or so. 

We get between 1,000 and 1,200 for a 2 bedroom, 900-1000 for a 1 bedroom and 1100-1300 for a 3 bedroom. 

Feel free to tag me in your response if you have any other questions I may be able to help with. 

Hi @Thomas Buckley, welcome to the forums. Always great to see another member based in CT. I think this thread has the information you are looking for: 
https://www.biggerpockets.com/...

Try @Edward Schenkel, and if he can't help, try Larry Garfinkel https://www.greenelawpc.com/at...

Those are the only two that I know of in Connecticut that are doing any kind of work with wholesalers. That isn't to say they are the ONLY two, however.

Totally wrong. Is your labor worth nothing?! If you want to clean it yourself - you are the cleaning lady, and you should be charging standard rates for your services. Just don't get greedy - charge the typical going rate for that type of service in your area.

Maybe I'm confusing a state issue with a tax issue. 

But even if I am, what's the benefit of it? Unless she has a very unique way of holding the property, chances are that the income is going to be taxed to the point that it is a wash anyway. The deduction on the property P/L will result in income on her personal taxes, so what does she stand to gain? 

I could understand if it was set up in a s-corp llc or some kind of entity that isn't pass through, but that doesn't apply to most people here. 

I am not a CPA, but it is my understanding that you cannot charge the tenant for work you performed @Sofiya Cherni. If you want to hire it out and write it off, that's perfectly OK. You're doing the best thing you can to prevent this from happening by having it in your lease that they need to leave it in the condition they found it, plus sending them a list of common security deposit deductions. 

I have a 3 page list of items that we send out when a tenant in our portfolio sends us their intent to vacate. Happy to share it - I am in ct, but it is obviously not state specific. 

I don't think that would be the case @Kenneth LaVoie - you could just add in your lease that if one party leaves early they forfeit any access to the security deposit. Here is what we use in these cases. I can email it to you if you'd like.

Lease Termination / Addendum

Date: _______________________

Property Address: XXXXXX

This agreement is between XXXXXX, XXXXXXX, and CT Property Management (on behalf of owner)

This agreement indicates that:

1- XXXXXXXX is relieved of any and all requirements on the lease agreement dated 1/26/20, effective 8/31/20.

2- Tenant XXXXXXX has agreed to continue to reside at the unit and assumes all responsibilities related to said unit, including the overall condition of the property effective 9/1/20.

3- The lease agreement dated 1/26/20 is terminated effective 8/31/20.

__________________________________________________________

Tenant 

__________________________________________________________

Tenant 

__________________________________________________________

Landlord

+1 vote for cozy (although I am not sure they have a lease signing feature @Moncy Samuel). If you are looking for a free signature platform, a quick google search will likely get you a few options. I recommend signing leases in person though, as tenants are more likely to ask you questions that will help eliminate issues in the future.

@Moncy Samuel