All Forum Posts by: Russ B.

There may be a separate move in inspection form - lots of landlords / PMs will walk through with you on the day of, and go through a checklist in each room. 

If not, you can do your own move in "inspection" - walk around and get a video of the whole property before your stuff is moved in. Let them know if you find something, so they know you didn't cause it (note that they won't necessarily come fix it though, unless it's a leak or something). 

As for the mailing address, I wonder if the PM just wants to make sure you don't try to go around them / rent directly from the owner without them getting paid? That seems like the most likely explanation.. 

It does make sense to share an insurance policy for liability. Otherwise, they may decide that the cheapest way to defend you, is by throwing your PM under the bus. 

In a situation like this, would it make sense to write an agreement with the lienholder, stating that $XXXX will be accepted as payment in full, if paid before xx/xx/xx?

To put things in perspective, I knew someone a few years ago, with garnishments from defaulted student loans.. Her credit score was still about 500.

Then there was a family member who I helped buy a car years ago (maybe 2003).. She had collections galore - defaulted utility bills, a repo, a closed checking account with a negative $1000 balance, etc. on her credit. Her credit score was somehow still in the mid-high 5's (maybe because the bad stuff was all a couple years old by then). 

To get your credit score down to the 450s is actually kind of impressive.. It's a lot of work to screw up that bad. I'd be worried that this person is a professional deadbeat with a score like that.

I would just make sure you do everything required in your state / city... don't miss any steps. 

For example, in some states, you need to send them a written accounting of where their deposit went within X days.. If so, it's critical that you actually do so. 

If you get a judgement, it'll be there forever until it's handled. If she wants to buy a house years down the road, she'll have to deal with you. It will also tip off future landlords (and every other type of creditor), so they know to avoid her. 

As for the security, I'm pretty certain the "can't be used for rent" thing only applies during the lease - unpaid rent after they're already out is fair game. MA is a super tenant friendly state, so maybe ask a lawyer or somebody local, but I would be shocked if you really had to give it back... that would just be absolutely bizarre in my mind, to have to return it. 

However, if you did return it, she might be able to use that as a defense if you sued her - giving her deposit back can be construed as you agreeing that she was entitled to it. 

My concern would be, this person is eventually going to get caught if she's driving without a license.. which could easily lead to her not being able to pay rent.

I'd personally try to be nice about it, especially if they've been there for some time / you like them. If they haven't been there long, or have been difficult / destructive, then it's a different story.. 

You're going to have to re-rent the place in the near future no matter what you do.. you might as well give them reason to leave it sparkling clean. 

They might try to argue that the window was random, but a hole in a door is definitely on them. 

I would fix it, take pictures, document the cost, and send them the bill. You may or may not be able to make them pay it now, but if not, you should have no problem withholding it from the deposit. 

My guess is, you could do better by selling and buying something else - although I might double check that the rent you would get is really that low. If the area is really taking off, you might be pleasantly surprised. 

I have a house like this myself - a former home that I keep mostly because I'm renting it to immediate family. Granted, this is something everyone tells you not to do for good reason, but in this case it's been trouble free for years. 

It doesn't cash flow at all, but when equity is brought into the equation, I'm actually turning a decent profit on it - especially since I bought it on a 15 year note.