All Forum Posts by: Tracy Minick

Security deposit funds available to pay? It is a legit charge.

If they have exceeded the security deposit, then yes to small claims court however that will be limited to hard costs and not your time.

Keep in mind:

Renter's insurance is for the tenant's belongings. I always strongly suggest they have this.

What you need to have is: Landlord Liability insurance from your tenant. We require $100k

Congratulations! You are doing great. I would suggest making sure you know your local laws.

For example: In Washington state you have to disclose your rental criteria in the advertisement. Of course your property manager will know the rules, but it is always good to understand them :)

It would likely be best to offer to end the lease early (mutually agreed termination) to gain access to your property. I would suggest that you should have your property manager manage all communications.

Love this! Yes to online payments!

Exterior upkeep is essential

Have enough machines for laundry timeslots to not matter, but great idea!

Agree 100% of marked parking :)

Section 8 can bring great benefits. You should be prepared to have your unit pass a section 8 inspection. You can also expect that you will have a handful of paperwork to complete and receiving your 1st payment could take a month, as they have to enter you into the system and likely have set pay out dates.

This is a great time and scenario to think about how to avoid these scenarios.

1. Yes post 24 hour notice to have vendor enter.

2. Establish a way for vendors to be able to enter for cases like this (a lockbox mounted in a safe place at the property for vendors to access)

3. Based on the information provided about the tenant being on disability and history of hospitalization I would suggest having the local authorities do a wellness check.

I think that it honestly depends on the size of the portfolio. I have experience with both Buildium and Appfolio. Buildium will be your best bet if you manage under 50 units.

Section 8 can be a godsend. It does not eliminate you doing a thorough background screening.

Are you using a property management software? If yes, use work orders to track the work done and completed and paid.