All Forum Posts by: Account Closed

Go to court get the Judgment.  Most people don't realize that a Judgement is good for several years.  When it is time to expire, you can renew the Judgment.  Therefore, one day, this judgment will haunt them, and you have a chance of collecting your money.  You can also turn them over to a collection agency.  I did and 11 years later received my Judgment in full.  (Less the cost to the Collection Agency)  Also damages can be written off at the end of the year if not paid.  So it's not a total loss.  But I have to admit, you sure did take a loss that's for sure!

Nancy Neville

The Link to my Lease Agreement is not up yet.  I need to remove tenants names.  Good thing I caught that. 

So keep checking back in the File Place.

Nancy

I deduct what I can from their Security Deposit.  If there is still a lot of money owed to me I will go to court to get a Judgment.  This way I have record of a court order that they owe me money.  You can then put a lien on their property, cars, etc., which will force them to pay you. Or you can take them to Small Claim Court and sue them yourself after you receive a Judgment and they don't pay. 

If you don't know their whereabouts turn them over to a collection agency. Find a good Collection Agency and they will hunt down your tenant like a Bounty Hunter.  My collection agency found my tenant after 11 years went by and I collected every dime.  Had to pay the Collection Agency half, but hey, half is better than zero.

Also you can  charge off the uncollectible funds at the end of the year if you don't collect from them via a Judgment or Collection Agency.  So you do have some options.

Nancy Neville

The Fair Housing Law is not a state law but Federal Law that pertains to all states, so the answer is no you cannot do that! 

Some states say you can only charge one months rent as a Security Deposit.  Michigan says we can charge a month and a half.  In this regard you do have some leeway in what you ask for a SD.  However, charge the maximum you can on your SD and follow the law and you will be fine.  

Screen your tenants well and make sure they are COLLECTIBLE!

Nancy Neville

Question #1:  "the doors are too narrow and I am disabled"

Answer:  If you rent to a tenant who is disabled, e.g., wheel chair, walker, etc., some states (if not all) will make you accommodate these individuals at THEIR expense, and then they are responsible for putting the rental unit back to the condition that  it was when they rented it.  (Check your state law to find out the exact regulations are in place in your particular state)

Question #2:  "your stairs or stair case to the patio are too steep I fall and hurt my ankle"

Answer:  As long as you have a hand rail, meeting the housing code of your state, you are fine.  

Question #3 

Do I need insurance for things like that or can I have it worded in the lease agreement that the tenant accepts the condition of the house and won't press any charges if he /she hurts himself?

Answer:  PERSONAL INJURY

The Tenant(s) agrees that the Landlord will not be liable or responsible in any way for any personal injury or death that may be suffered or sustained by the Tenant(s) or by any person for whom the Tenant(s)are responsible who may be on the Premisses of the Landlord or for any loss of or damage or injury to any property, including cars and contents thereof belonging to the Tenant(s) or to any other person for whom the Tenant(s) is responsible.

In the event of any significant injury or damage to Tenant(s), Tenant(s)’s family, or Tenant(s)’s invitee’s, licensees, and/or guests, or any personal property suffered in the leased premises or in any common area, written notice of same shall be provided by Tenant(s) to Landlord at the address designated for delivery of notice (identical to address for payment of rent) as soon as possible but not later than five (5) days of said injury or damage. Failure to provide such notice shall constitute a breach of this Lease.

Tenant(s)s are solely and fully responsible for maintaining premises in a safe manner including sidewalks and access ways to apartment/home.  Tenant(s)s are also responsible for maintaining batteries in smoke detectors and or carbon monoxide detectors if applicable.

The Tenant(s) is responsible for any person or persons who are upon the or occupying the Premises or any other part of the Landlord’s premises at the request of the Tenant(s), either express or implied, whether for the purposes of visiting the Tenant(s), making deliveries, repairs, or attending upon the Premises for any other reason.Without limiting the generality of the foregoing, the Tenant(s) is responsible for all members of the Tenant(s)’s family, guests, servants, tradesmen, repairmen, employees, agents, invitees or other similar persons.

TO SEE THE REST OF MY LEASE AGREEMENT GO TO 

    Resources

    Click on File Place

    Choose Lease Agreement by Nancy Neville

An eviction is to remove anyone who is in "Possession" of the home, not just people who are on the lease.  Therefore you will have to go through the eviction process and on the legal forms (for a name)  you will put "All Occupants".  This will evict everyone in possession of the home,  including the dog. 

Nancy Neville

The applicant hasn't qualified yet to give you a deposit.  Once they have met your criteria and you have done a credit check on them and they have been approved in all areas, you will then tell them they have qualified and you would be happy to rent them your home.

You will tell them that you will sign the lease on such and such a date and all utilities should be placed in their names on or before the day the lease is signed. 

You will also tell them that they will need to give you a $100 deposit that will be applied to the move in fee prior to signing of the lease.  This will pay for the cost of advertising in case they change their mind.  

If they do not put the utilities in their name on or before the signing of the lease, or fail to sign the lease on the given lease signing date, then they no longer qualify for the home and will forfeit their $100 holding deposit, and you will rent the home to the next qualified applicant that had applied.

Nancy Neville

When you use QuickBooks it allows you to have one bank account and link that bank account to Income received from each individual properties, as well as subtracting the expenses per property as well.  ( you will want to have a bank account for your Security Deposits as well, but that's it)

Then at the end of the month, or whenever you want, just print out a Profit and Loss Report by Class. 

Think of your Business Bank Account being the trunk of a tree. 

The branches from that tree represents your rental homes.  

All branches are connected to the trunk of the tree, but each limb represents a rental property. 

When you want to know how much money each limb or house makes you in money, step back and take a picture of that tree.  Zoom in and see how many buds have grown on that limb.   In other words, Print out a Profit and Loss Report by Class, zoom in on one property an see how much income you made, less expenses and view your bottom line.

My goodness, all of you are creating such a tedious scenario in handling your money.  

Keep your business account separate from your Personal Account.

Put at least $100 a month in an Escrow account for repairs for each house you own.  

If you think you need more than that for repairs, then set aside $200.00 a month for repairs for each house.  But each house will never use $200 a month, because your homes should already be up to code before you rent them out.

You are making way too much work for yourselves.

Nancy Neville

When they check out the basement first, it means they will be having other people stay with them.

If they say they love this place and they could live here forever.  (They mean without ever paying rent)

If they drive up and have a ton of people in the car.  Every one's kids !  Your home will be a play ground!  Or...day care center!

If they ask if they can pay part of their Security Deposit now and the rest after they move in.  (Can't afford your place)

If they don't want you to cash their check for the deposit on the place until after a certain date.   (Living from one week to the next)

Nancy Neville

When you allow the tenant to pay rent whenever they want it changes your contract.  You have confused your tenant now as to when her rent is due since you allow her to  pay whenever she wants.  So charging her a late fee is on what date?  How can there be a rental due date when you keep moving the rental due date?  So late fees are going to be the decision of the Judge now and not per the contract because you have compromised the contract. 

You can't make her pay more security deposit just because you raised her rent.  If you wanted to do that you should have done that each year you raised the rent.  But if I were your tenant I would have moved.  A security Deposit should be stable.  Raise the rents but don't spring it on a tenant having to pay more money into a Security Deposit, times are tough, she'll find somewhere else to go for sure.

Nancy Neville