All Forum Posts by: Nathan Gesner

be very careful about modifying your standards to meet the low standards of the tenant. As you point out, they are hardly paying any of their rent and they still can't manage it, but they are probably on time with the cable and cell phone bill. If you modify it once, they will probably ask again.

I agree withat others that you should modify your lease a little. Most states require that you give tenants a "grace" period before hitting them with a late fee. For me, rent is due on the first and I hit them with a late fee on the 5th. Doing this would eliminate her problem (for a while) and make it easier for tracking as you add more Rentals.

Any change you make should be in writing and signed by all parties!

I wouldn't bother with putting new procedures in place. Contact the manager immediately and demand he provide you with evidence of income/expenses within one business day. If you are local, I suggest you contact the PM and schedule an in-person audit of all your files within 24 hours.

If he refuses, I would consider contacting your attorney immediately. Assuming your PM is licensed, I would suggest filing a complaint with his association or whomever he answers to.

This kind of behavior is unacceptable and it's what gives our profession a bad name. On the other hand, it makes it easier for me to shine! ;)

Go to www.NARPM.com and search for a property manager.

Go to www.NARPM.com and search for a property manager. 

If it were easy, everyone would do it! Be prepared for the long haul, learn, network, and for crying out loud take it slow! You know who gets rich quick? The lucky one! The vast majority earn their millions over long periods of time with patience and a few hard knocks along the way. Don't spread yourself too thin like so many investors do. Make sure each deal can stand on its own or it.might.fall like dominoes.

I'm a property manager in Cody if you ever need anything.

You are putting the cart before the horse. So many investors jump in with lofty dreams of building a tiny empire, only to learn they HATE managing rentals, dealing with tenants, etc. I applaud your enthusiasm, but if you are going to buy 1-2 properties a year, you have several years to learn and build your portfolio before property management software should even be a consideration. With less than ten properties, the paperwork and financial tracking is so minimal that I would suggest a simple spreadsheet with a tab for finances, another for work orders, and maybe a third for notes. Adding property management software may only serve to increase your workload and confuse you.

Just an opinion.

@Nick Zinner check out this link: CLICK HERE

VA Loans have occupancy requirements because the system was created to help veterans afford a primary residence. It sounds like you purchased a home recently with the knowledge that you would be separating soon and using the property as a rental. As a veteran, I hope you do it the right away and avoid violating the terms of your loan.

@Nicole A. I disagree with charging it as additional rent because that may not fly in a court of law. I do apply payments to outstanding invoices before I apply it to rent. If the tenant owes $750 rent and $250 plumbing but only pays $750, I apply it to the plumbing bill first, leaving $500 for the rent. It's much easier to take the tenant to court over unpaid rent than it is over an unpaid plumbing bill.

I provide the tenant with a letter stating what they are being charged for, a direct quote from the lease agreement showing they are responsible for tenant-caused maintenance, and a copy of the invoice so they can exactly what they were charged for. 

Bill them immediately! Do not let charges build up to deduct from the deposit or you will run out of money. The deposit is for cleaning and maintenance AFTER the tenant vacates. If you have a $1,000 deposit but you set aside $300 for a clogged toilet, that only leaves $700 of the deposit for cleaning, repairs, and other unpaid balances. What if they leave without paying their last month's rent? You would already be out $300.

First, you should have something written in your lease that says tenants are responsible for "ordinary" pest control. We all face pests like sugar ants, flies, and even the occasional mouse. Unless you are somehow negligent, it's not your fault that they get inside the home and therefore it is not your responsibility to take care of them. I only deal with pest control when there is something unusual, like termites or a large number of dangerous spiders.

Even if you don't have anything written in your lease, you can still make the tenant responsible. First, I would inspect the home to see if the tenant's living conditions are causing the problem. Mice usually need a food and water source to keep them around. If the tenant is messy, I may help them out once but I would point out potential problem areas that they could fix to keep it from happening again. After an inspection, I would offer to help them out one time by purchasing some traps and placing them for them. After that, they are on their own. I would also follow up with a written letter explaining that they are responsible for ordinary pest problems so they don't raise the issue again.