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All Forum Posts by: Thomas Stanley

Thomas Stanley has started 9 posts and replied 14 times.

Post: Holding Security Deposits for RI Multi Family

Thomas StanleyPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 15
  • Votes 2
Originally posted by @Hideyuki Gojima:

@Thomas Stanley

I understand it is a bothersome it is better to keep the security deposits separated. 

If you are reluctant to open a separate bank account, you should at least separately record the security deposit in your financial statement and label it as a restricted cash and keep the record of incoming wire or check. 

Good luck!

Thanks Hideyuki - I wouldn't call it bothersome at all.  Personally I was just asking to be sure I wasn't going to do it wrong :) 

Post: Professional photos for a rental

Thomas StanleyPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 15
  • Votes 2

Hey BP,

Why are the pros and cons of taking your own photos vs hiring a professional to take pictures to advertise your rental?

Do you hire professionals? Do you specifically do it yourself?

Anyone seen a difference in quality of tenant/applications/higher rents for professional photos?

In the same line of thinking - does anyone find value in providing a top down layout view of a rental as a photo? I’m seeing it more and more in sale listings.

Small touch of color: the unit I am going to photo has a challenging layout for kitchen and bath, both are essentially galley style, long and narrow.

(Caveat - I’m assuming that like me, most are not amateur photographers, etc)

Post: Holding Security Deposits for RI Multi Family

Thomas StanleyPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 15
  • Votes 2

@Colleen F. - Thanks for the steer.  My question actually came up after reading the handbook and not seeing anything about accounts in the deposits section.  Good to know I'm not losing my mind.

Post: Holding Security Deposits for RI Multi Family

Thomas StanleyPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 15
  • Votes 2

Morning BP,

I’m excited to say that I am approaching my first closing for a multi family property in Rhode Island.

Its been a long road with lots of ‘cleaning my truck’ exercises along the way but here I am. Pretty excited and a tinge of nerves all at the same time

Looking for any advice from those with experience:

How do you handle security deposit funds? I believe this varies state by state and was wondering if I need a proper escrow account with a bank, w-9s from tenants etc. or if I can just open a savings account and hold security deposits there.

Thanks,

Tom