All Forum Posts by: Iman Miley

Hello Karl, 

There are pros and cons to owning or leasing equipment. Depending on the average monthly income you receive from the machines, and the warranty that is provided for any damage that could arise, either option can be beneficial for your cash flow. Leasing may eradicate you having to deal with any re-arising issues the machines may go through if needed repairs are a common occurrence. 

Hello Greg, 

Property managements in your area may have leasing only services so that you can have a tenant placed and screened with a proper lease. Some may provide additional move in services as an add on if your investment property is not local to you. Best of luck! 

Hello Elena, 

If you go to NARPM.org, you will be able to search residential property management's by city. I've heard this makes the search a bit easier for investors! 

Hi Sophia, 

Our company collects the pet fees, which typically total $300 for the year, and in turn owners are provided a pet warranty that allows them to access up to $2000 of funds for damage deemed by pets. They don't have to worry about going into their security deposit or own pockets to cover the damage. 

If your PM offers something along these lines, I would understand for the pet fees to be collected by them. I would ask further into their reasoning for keeping the pet fees and how that benefits and protects your property in the long run. 

Hi Jeremy, agreed with Simon that owner distribution should be the code, however depending on the software that you use there may be another terminology. Contacting the help desk directly would be a great resource as well! 

Hi Jacob, 

Congratulations on your purchase! 

Our company located in Ohio uses a property management software, Appfolio, that enables our tenants to pay by credit, debit, or ACH. In addition, certified funds are also collected. For a self managing investor like yourself, looking into a quickbooks system that allows you to invoice the tenants would work. They have user-friendly invoice creations and allows the tenant to pay also by credit, debit, or ACH. Sending best wishes your way!  

Congratulations! Having a generational wealth mindset and setting the path for yourself is the best way to go! 

In a situation like this, making a report and calling the police would be the best step of action. Ultimately, you cannot control a property that is not in your possession and unless written in the terms of the lease, a noisy neighbor would not be cause for breaking. If they decide to move out, they could waive their rights to receive their security deposit back depending on how their lease is written. 

Rocketlawyer is also a platform that you can use and you can get a free residential lease template that is approved by attorney's. They may have additional templates you may find useful as a self managing landlord. 

https://www.rocketlawyer.com/r...

I agree with Nathan G. If your intention is not to replace the flooring, however you do notice that there is some damage done, doing a full evaluation of the damage to determine the cause of the damage would be the best first step. If you choose to repair, charge only a small percentage to their security deposit holding. Most states allow up to 30 days to return the funds to the tenant and provide a disposition letter so there should be time for a nice evaluation and bid to be done.