All Forum Posts by: Reggie Davis

Thank you Shaun, Donna, Joseph, Hayden, & Michael for all the great advice.  I love that everyone is so willing to share and doesn't look down on those of us with less knowledge in a particular area.  I will start to implement all of these wonderful wise nuggets & I look forward to growing and learning.

I am looking to get more education on multifamily investing.  I am open to any advice on low cost education options.  I really don't have $500 - $1,000 to spend but I do want good quality information.  I came across Brad Sumrock, has anybody had any experience with his courses?

Our TAR lease clearly state that the deposit is not last month's rent.  We routinely set our deposit amount above the rent amount intentionally, to encourage the resident to keep the place in good condition & to remind them that is separate from the rent.  The hope is also that they have skin in the game which hopefully incentivizes them to keep the property in great condition.  Make it clear that unpaid rent will be sent to collections and all late fees will apply which will make it even harder to rent another place in the future.  

As has been mentioned earlier, the pet deposit is critical but also pet rent.  We have a deposit & rent for the humans & pets.  Our pet deposit is nonrefundable because we anticipate dogs & cats will do some degree of damage.  

Clearly stating applicant criteria will save you a lot of time & headache.  Be proactive & upfront in communicating your expectations to the residents.  Lastly, if you have a good relationship the neighbors of the property, ask them to let you know of any suspicious activity on the property.