All Forum Posts by: Joyce Tavares

This classic book on managing rental property, widely known among landlords and landladies as their bible, has been in print for thirty-nine years, has sold over 375,000 copies, and has twice been selected as one of the top ten real estate books of the year by nationally syndicated real estate columnist Bob Bruss.

This latest edition has been thoroughly revised and updated and includes both the eighty-four forms in the previous edition plus TWO new ones. One of the new forms, the Household Pest Control Agreement, puts into words what both landlord and tenant need to understand about their cooperating to deal with household pests, especially bed bugs. The other new form, Automatic Clearing House (ACH) Recurring Payment Authorization, enables tenants to pay their rent through an automated clearing house (ACH), so they needn’t bother writing a paper check every time their rent is due.

ALSO, new in this 12th edition is a coupon which the first purchaser of the book may use to receive free of charge all of the forms in the back of the book in common computer formats, PLUS a trial version of “Pushbutton Landlording®,” the author’s stand-alone program for handling the tenant and income sides of rental property management.

https://smile.amazon.com/Landlording-Handymanual-Scrupulous-Landladies-Themselves/dp/0932956378/ref=sr_1_1?dchild=1&keywords=landlording&qid=1593895999&sr=8-1

Worth a read...

Congrats!!  Screen, screen, screen.  Make sure they have a good FICO and good references.  Ask to see last two months' bank statements to see if they have enough to easily pay rent.  I HIGHLY recommend purchasing the book:  Landlording: A Handy manual for Scrupulous Landlords and Landladies Who Do It Themselves. By Leigh Robinson.  You can get them used or new on eBay or Amazon...the best investment you will buy, especially starting out, and it is written so you can understand and have some laughs in the meantime.  

https://smile.amazon.com/Landlording-Handymanual-Scrupulous-Landladies-Themselves/dp/0932956378/ref=sr_1_1?dchild=1&keywords=landlording&qid=1593895999&sr=8-1

This classic book on managing rental property, widely known among landlords and landladies as their bible, has been in print for thirty-nine years, has sold over 375,000 copies, and has twice been selected as one of the top ten real estate books of the year by nationally syndicated real estate columnist Bob Bruss.

This latest edition has been thoroughly revised and updated and includes both the eighty-four forms in the previous edition plus TWO new ones. One of the new forms, the Household Pest Control Agreement, puts into words what both landlord and tenant need to understand about their cooperating to deal with household pests, especially bed bugs. The other new form, Automatic Clearing House (ACH) Recurring Payment Authorization, enables tenants to pay their rent through an automated clearing house (ACH), so they needn’t bother writing a paper check every time their rent is due.

ALSO, new in this 12th edition is a coupon which the first purchaser of the book may use to receive free of charge all of the forms in the back of the book in common computer formats, PLUS a trial version of “Pushbutton Landlording®,” the author’s stand-alone program for handling the tenant and income sides of rental property management.

Make sure you have a good software program so that you can keep tract of rental income, repairs, etc.  I personally use TENANT FILE and have for years.  There are many good ones out there.  Do your research and so glad you are on BiggerPockets as there are some wonderful landlords here to help you out if you have any questions.  Good luck!  

Switch to a month-to-month.   All my rentals are month to month and tenants stay longer than a year and some as long as 14 years! Then, if they don't pay or violate the rental agreement, you can give them notice easier.  With a lease you have to wait a year.  

I used to have home warranties on all my rentals but now I just have it on the units that have items that would be expensive to repair.  I  have found, and this may not be true of all warranty companys, that the people they send are the ones that have bad reviews on Yelp, take a long time to do repairs, and oftentimes have to come back a second time or I have to get a second opinion.  Took them 4 months to install a floor furnace, which took less than 2 hours to install.  I had to continually remind them that the tenant was without heat!!  

I also figured the cost of the warranty, plus the service fee each time they come out, is just not worth it to me as my units are in great shape when I rent them.  If I purchase a new rental, then I always get it, at least for a year or two, to cover anything I am not aware of like water heaters, furnaces, digital appliances (expensive to repair), plumbing and electrical.  If you are considering it I would suggest you do your research...not all companies are the same.  Good luck!!

Personally, if they chose #3 and gave you written notice via email that they will be out August 31, I would just let them move out and deal with cleanup after they leave.  If they need "a little more time", then work on cleaning up the exterior so it will show nicely.  I would also start an ad to rent it effective Mid-Sept, giving you two weeks to deal with the inside issues, if any.  A lesson learned.  Do everything you can to make it a smooth move-out.  That is the job of a property manager/owner.  I have been doing this for over 50 years and have had to bite my lip soooo many times, but I have learned that it is the easiest way.  Once unit is cleaned and ready to re-rent, increase asking rent by $100/mo. (which actually means an extra $1,200 a year), which will cover any expenses from the move-out.  Use security deposit to pay cleaning, repairs, etc.  I would even help them find a home...but that is me.  Would definitely not want to continue renting to them.  I would prefer an empty unit to a bad tenant.  Life is too short.

Ask to look at the rental application and credit report and payment history so far.  Also, is there more than one person on lease with employment?  With rentals there is no guarantee, but if you screen them thoroughly then you should be comfortable that they will pay.  If they have a high FICO, they probably will not risk an eviction as it would lower their FICO score.  If not, then start the eviction procedure as soon as possible.

I accept checks, Zelle, Paypal or Venmo.  If you're skeptical about whether their check will bounce, maybe you should take a second look at who you are renting to?  I have never had an issue with initial payments or security deposits after a thorough screening and all tenants pay with Zelle, Paypal or Venmo where we both get a receipt.  I don't believe Zelle will send the funds unless there are funds available.  Payments that have already been claimed by the recipient cannot be canceled.

Check out Quicken Loans online.  Had real good luck with them a couple of years ago.  All paperwork done online, except for actual signing of paperwork. Also Lending Tree and GMCC.  I'm in California, but they are all over.  They have all been contacting me for the one six-plex and the fourplexes.  Rates are great now too.  I think they are around 2.75% & 2.875% today.

Was she on a lease or month-to-month?  

https://www.nolo.com/legal-encyclopedia/tenants-right-break-rental-lease-minnesota.html

Pet damages are not wear and tear and you can charge her for cleaning and pet deodorizing of the carpets, which will be close to the $250 pet deposit.  What caused hole in carpet??  Make sure you take LOTS of pictures before you do any cleaning and repair.  Cat hair under refrigerator, in the heater vents, in the window slides, check all screens, etc., all warrant a deep cleaning, also not wear and tear and you can deduct for this.  I would personally not return any of the deposit and it is going to cost you over the deposit to fix it back up and have it move-in ready for next tenant.  I never charge a pet deposit.  I charge a regular deposit enough to cover any carpet, cleaning and pet damages.  If unit is left in great condition, they get most of their deposit back.  With all tenants, with out without pets, carpets must be cleaned and with pet treatment if they have a pet...it is in the rental agreement. 

Note:  Since she didn't give you 30-days' notice, she is also responsible for the rent during that period.