All Forum Posts by: Tracy Minick

Best action is to document an early termination agreement.  Security deposit is for damages and unpaid rent. Additionally, in our state (WA) tenant is responsible for duration of lease until re-rented and the cost to re-rent. Document, document, document and don't vary from your contracts.

The beauty of having rental criteria and the ability to decline. Well done. You staved off future drama. 

Welcome Gloria 

I am a veteran long term hold investor.

My expertise is in SFR, duplex and 4 plexes.

Welcome Gloria 

I am a veteran long term hold investor.

My expertise is in SFR, duplex and 4 plexes.

Simply the cost to repair the damage, backed up with the handyman's invoice as part of the move out and security deposit refund flow.

All communication is good communication. A phone call followed up by a text if needed is completely appropriate. An introduction to who you are and setting the stage for communication is ideal and I would suggest a tenant would appreciate a personal heads up to what they can expect in the mail from you.  

@Mel Park I wholeheartedly agree with Brandon! Is it the best use of your time? Can you be efficient at it? Do you have time to set up processes and efficiencies? Can you afford to NOT be protected by a property manager who is aware of changing laws and requirements? Your best option would be to oversee a property manager with all the tools, skills and knowledge.

@Maxim Yershov I like to do a little bit of pre-screen prior to appt to view then if they like the unit that can officially apply! Be a source of knowledge for them about the renting process in general, guide them, educate them! Create an opportunity for you to understand their situation and at the same time give them value in the conversation!

This analysis was found at the Rental Housing Association of Washington! Too good to not share!

Breaking down one dollar of rent:

COST

BREAKDOWN

EXAMPLES OF WHAT IT COVERS

38 cents

Pays for the mortgage

Avoids foreclosure of the property

16 cents

Operating expenses

Property and liability insurance, utilities and ongoing maintenance

14 cents

Property taxes

Supports the community through financing for schools, teachers, emergency service and other important local needs

12 cents

Capital expenditures

Such as the roof and HVAC replacement and other important repairs that help ensure quality housing

10 cents

Payroll expenses

Includes pay for employees who operate and maintain the community

10 cents

Returned to owner

Includes the many apartment owners who are themselves small businesses and rely on this revenue to make ends meet, and investors, which include public pensions and 401ks, on which many Americans rely on

Rising Property Taxes

@Conor Livingston I like the idea of leveraging.

I leveraged my funds to grow a small portfolio of 30

doors. Most of my clients use the same method!

#leverage