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No, you can just give them deposit slips with the account number on them, then the rent can be deposited directly into that account.
I think that's what I meant: open a separate checking account under my name. Then give the tenant the deposit slip so they know where to transfer money to.
My friend said that's OK. He also said the only thing is it's hard to take the property back after the lease ended because the tenant added a guy John Doe and it's him who actually has been paying the rent but I didn't know because all I see is the money in my account, not knowing where the money comes from.
If I told the judge that John Doe wasn't on the lease in the first place then the tenants could say that I verbally agreed that an addendum to add his name to the lease was not needed and I accepted the money from John Doe.
Hello,
I don't know anything about managing my property. And I'm already tired with my management company for their markup repair costs so when they inform me and the tenant that they'll quit after 30 days, I don't bother ask them to stay. What do I need to ask them while they're still managing the property (the one year lease has just started for 2 months)?
Currently they give me:
- Lease agreement application that has the signatures of both landlord and tenant.
- Move-in condition's photos.
I need to figure out how to collect the rent also. https://resources.hemlane.com/venmo-...-deposit-rent/
Per the above website, the problems with Zelle, Venmo, or Cozy is they accept partial payments so I can't evict them. Also I read somewhere that a bounced physical check for rental is a felony but the online payment is not.
To avoid partial payments, can I put a small mailbox style in front of their front door (the real mailbox is actually on the fence where anyone on the street can access to it) and I can personally go pick it up when I can since I have the key to that rental payment box?
Thanks a lot.
Make sure you get the security deposit.
Give tenant a physical address to mail the check. The lease can be amended for payment as the management company is quitting.
You can go there the day the rent is due and pick it up personally.
Should I open a separate checking account just for rental purpose, then give the tenant the account and routing numbers?
NO!!!! DO NOT!!!!
If your account takes a partial payment it can stall any eviction proceedings. Insist on a paper check that you can physically open to visually verify the correct amount before cashing/depositing. And again, do NOT accept anything other than full payment.
You wouldn't need a separate account to take rent deposits. I'd worry 'bout the other stuff.
OP, MrRational asked some good and relevant questions that you seem to have missed ...
Quote:
Originally Posted by MrRational
Did you inherit it? Or did you really buy without knowing how to?
Had you asked then...
I'd have told you to SELL the inherited property or to NOT BUY for yourself.
Next up is to find an old school small time landlord who does it for himself...
who will tolerate having an apprentice pester him for advice so YOU can manage yourself.
And I say that because your posts indicate that you are pretty clueless about managing the property (which makes me think you inherited it) ... like this one ...
Quote:
Originally Posted by fandi
I think that's what I meant: open a separate checking account under my name. Then give the tenant the deposit slip so they know where to transfer money to.
RE: checks, I've been a LL for 8 years and have always accepted personal checks sent to my home address. (I mean, you trust the tenants enough to rent them a huge item that they could destroy if they were so inclined ... but you don't trust them enough to mail a check to your home address?) Also, in 8 years, 2 rent checks bounced, and the tenants apologized profusely and made them good immediately (including the late fee).
Quote:
Originally Posted by fandi
My friend said that's OK. He also said the only thing is it's hard to take the property back after the lease ended because the tenant added a guy John Doe and it's him who actually has been paying the rent but I didn't know because all I see is the money in my account, not knowing where the money comes from.
If I told the judge that John Doe wasn't on the lease in the first place then the tenants could say that I verbally agreed that an addendum to add his name to the lease was not needed and I accepted the money from John Doe.
Your property management company didn't let you know when they were suddenly getting payment from someone who's not even listed as living in the house?!!
OP, maybe it's just time for you to sell the property so you don't have to deal with it any more?
Thanks for your advice. I just wanted to clarify that John Doe was only added after the management company had quit. But anyway, it's clear to me now: have personal checks sent to my address.
Thanks for your advice. I just wanted to clarify that John Doe was only added after the management company had quit. But anyway, it's clear to me now: have personal checks sent to my address.
I’m confused.... who exactly is living in the house? If anyone other than who listed on the lease is living there, paying rent or not, you have two choices: evict who isn’t on the lease or vet them and add them to the lease.
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