All Forum Posts by: Zachary Ray

You can make the tenant put it back in the condition it was once they move out but be sure to get everything in writing and be sure its of good quality. 

Just make sue your debt to income is good to go. 

Month to month fees should be charged at a higher rate to help cover the risk of them leaving quickly. Lock them into a long rate to prevent this. 

Coordinate with a local real estate attorney and go over options on the best method for this. Police might need to be involved in this as well. 

I would say three accounts is really all you need, one trust for rents and expenses from owners, one trust for security deposits, and one for the operating mgmt company. Use a software to keep everything separated though. 

It certainly does save a lot of time. Hold yourself and your property to high standards so you will qualify a great renter. No matter what you do be fair and consistent. Offering any service to one person and not the other will get you in trouble quick. Do everything the exact same way. 

Cozy could work as it is a free software that can help with rent collection and marketing. 

Late fees are important as they create urgency in the renter to pay and can add some additional income while going through this kind of situation. Check how much you are able to charge and do so accordingly. I have noticed most companies charging on the 5th day at 5pm. I have also witnessed some companies charging twice like on the 5th and the 14th. 

Pro-rated rent with the deposit is what you need up front. On 10/1 they will pay the full month of rent on that day. Be sure to follow laws regarding deposits and interest. 

Try Buildium, they have improved on the accounting side of things.