All Forum Posts by: Rob Orazi

@Kazi R.  It looks like the GA law is very similar to the NC law. Another thing to think about when it comes to interest bearing accounts is that you must inform your tenants that the money will be in an interest bearing account and that you will retain all interest earned. That statement will need to be in their contract. 

I agree with @Lois Ginter. that tenants are your clients. You should make it very easy for them to give you their money. As your number of units grow you may find folks that aren't computer savvy or have an aversion to allowing a 3rd party access to their account. I realize that this possibly puts more administrative burden on you but if you have a tenant that pays on time, work with their preference. You don't have to chase them just make it easy for them. 

So I have a vacation rental that we have cleaned between tenants so every week or so for 12 weeks out of the year. She does a great job the place looks like a hotel when she is done. Cleaning is a line item on the rental agreement, its the one thing we don't waive for anyone including friends and family. 

Unfortunately I believe you would have to have some sort of rental addendum to add that to their lease now. But when its time to renew you could increase the rent by the amount of your preferred cleaners and get them to agree to allowing the cleaners to enter the unit. But you have to balance your need for a clean place with the understanding that its not exactly yours anymore too.  

Beyond what others have said about how to reconcile the deposit. Review your lease and check does it have clear verbiage around how you handle a tenant quitting a lease... If you don't I would also go through your areas formal eviction process. Here  in NC that goes through small claims court and they are fairly cut and dry so they are pretty smooth once you get in front of the judge. What you want to have is an official break of the lease because until the contract is found to be in breach by the court it can still be enforced. So technically while he is in breach by nonpayment, abandonment, etc he still has a right to the property. And in NC if you change the locks before you have an eviction documented you can find yourself in a bit of trouble as well. 

I own a vacation rental in Carolina Beach... PM me and we can chat

I don't know... I certainly would not buy her one because of an old water damage issue... But if I had an extra $150 in the budget or could make it work in the budget I would consider buying her a new one because its a nice thing to do. 

I work in the Raleigh and Wake County Area if you need some help in this area drop me a line. Best Of Luck!

You might call one of the property management companies in the area give them the limited power of attorney to go to the power company and set it up for you. Or if you used a realtor to help you buy the property they would likely be willing to help you out. Probably cost you a little money but be less  than a plane ticket. The power of attorney will only be for the electrical transfer whom ever you give it to will not have any other rights or privileges. 

I build "education time" into my schedule its usually first thing in the morning before the family gets up or last thing at night once everyone goes to bed rarely in the middle of the day but occasionally. I move it around a little as I once read that its difficult to recall subject material if you only study in a single location at the same time. Then when you are being quizzed on a subject during a coffee conversation the recall isn't there because you aren't in that same setting. Speaking of recall... I take copious notes during reading time or pod cast time and I try to stick to a single topic for a few weeks at a time. 

I strongly recommend reading The Surprising Truth About How We Learn and Why It Happens by Benedict Carey. 

First congratulations on having a plan and understanding the need for saving to buy. I would suggest starting small and make small mistakes first. If you start with a large quadplex any mistakes will be multiplied 4 times.... As prepared as you may think you are there is a steep learning curve you are getting ready to undertake. Save every penny you make this year, maintain as much cash as you can through the purchase process, find great renters. That's my advice. 

Best of luck tho I don't think you'll need it as you have plenty of time to prepare yourself.