All Forum Posts by: Marvin Meng

OK - for whoever's interested... Here's what I've come up with:

1st of the month - anybody who's paid for that month gets an email their following month's rent is discounted $5.00 (start with a positive).

5th - anybody who hasn't paid gets a late notice and $25.00 "additional rent" and a warning of possible eviction proceedings via registered letter.

10th - send eviction notice and start process, adding additional process-related fees.

Any other ideas I'd be interested in hearing. Dealing with late rent is my biggest source of angst so it's surely where I can make the biggest improvements.

Thanks!

Thanks for the advice! You're right about training tenants. And yes I've been a wimp when it comes to enforcing late fees. So this is an opportunity for me to develop systems and maybe an opportunity for some personal growth (assertiveness)! Thanks again!

Hi Community,

I've been fortunate enough to acquire a couple multi-family properties recently and with those I inherited the previous leases. So now the leases are all over the place; different late fees, timing of the late fees, bounced check fees, etc. 

I'd like to rewrite each lease as they get renewed or there's turnover and make them as consistent as possible across the board. Is there an "industry standard" regarding when a late fee should be charged, when an eviction notice should be posted and when proceedings should be started? 

Thank you!

Ok,

thank you! I'll post if anything interesting happens. 

Hi all,

I recently moved two tenants into the lower unit of an "up/down" duplex. Almost immediately the upstairs tenants began complaining of a "strong pot smell" coming from the lower unit. My initial reaction is that I should call them, inform them they're violating their lease and tell them to make sure that never happens again, then follow it up with a registered letter to the same effect. Has anybody dealt with this before and what approach worked for you?

Thank you!

This is actually not an investment question... My family is looking for a new house (outgrew our old one). And of the houses we've looked at the two best prospects have been smoked in (one heavily). This is a non-starter for my wife especially. Does anyone know if cigarette smoke smell can be removed reasonably inexpensively and effectively? Thank you!

I should clarify: I meant does anybody know of a good way to specifically target properties which have recently been inherited?

Does anyone know why exclude trust-owned properties? I was about to purchase a list from listsource specifically of trust-owned; my thinking being that those would be properties recently inherited. Also if anybody knows of a better way to go about that I'd appreciate any suggestions.  Thank you!

Thank you all! I like the separate hard drive idea. And the nerd in me will enjoy putting this together. I also like getting rid of paper files since they're a liability and a pain in the @#$ to go through!

Thanks again!

How long is it customary to keep:

Old leases?

Applications (accepted and rejected)?

Thanks!