All Forum Posts by: Nicki Shelton

Hi there we are building cash reserves and I was curious where is the best place to put it? I always hear people on the pod cast talking about escrow accounts. What would you recommend? Please help. Thanks

Hello everyone! My husband and I are just saving enough money so we can have a reserve fund. With that being said I started Sunshine Cleaning Services in Fort Worth, Texas to help build our cash reserves. However, the more homes our company cleans I realize many people don't clean their showers well enough. To me it would make since to include an extra $125 a month in rent but in return send a maid 1 time a month to focus on those areas of the home. Reason #1 it would give you monthly eyes in your property rental. #2 I think it would help lower the repair cost for a turn over. #3 If the tenant moves out without cleaning the property it shouldn't be that bad. Please share your thoughts on this with me.

Also, anyone in Fort Worth Texas that has air bnb and not happy with other companies. I would love for Sunshine Cleaning Services to help you "Our Reputation is Spotless"!

@Zambricki Li that's a good point I never thought about the liability part. Definitely check with your insurance policy to see if that would even be covered if something was to happen.

@Liam Martin Ruane if you are considering str maybe rent to nurses or some other type group of professionals. Also I don't know how big your property is but you could also choose to rent it by the room. I also run a cleaning company here in Fort Worth but make sure you higher good cleaning company that will consistently clean your property. And I guarantee you if you take care of them they will definitely report back any damage to your property.

@Liam Martin Ruane I didn't even know price would rent to then lease on air bnb. I thought it was pretty standard not to sublet. If that's the case you might as well do it yourself. It sounds like you have a great property.

@Tanya F. Thank you you are right I finally got a copy of that solar contract and you are correct.

@Will Barnard what type of libiality policy are you referring to? For instance I own a cleaning company and have about 4 different policy in place for my protection. Is it the same thing?

@Chris Kimsey if you are going to keep accepting a money order from these tenants then request they only get money orders form the United States postal service. That way when you deposit it into your account there is no time delay.

@Kristen Brandner this is my opinion due to the fact I do not have a property yet. However, I think it's their background check and everything else credit check checks out fine I don't see the harm in it. My mom pays her rent 3 years at a time. Everything is fine with her background she has great credit but the only issue is she's on a fixed income and wouldn't meet the three times the rent rule. And also probably wouldn't hurt to check with an attorney to see if you could put some type of clause in there that would protect you. I would also do what the other people said about putting it in a separate escrow account and just pay yourself monthly so that way if you do have to give partial part of the rent deposit back or whatever it's going to be called in your state you will have it.

@Scott M. What type of escrow account would you recommend? Do any of them earn any type of interest? Can you also, keep the security deposits in the same escrow account or must they be separate accounts?