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Old 05-28-2020, 06:39 PM
 
72 posts, read 50,366 times
Reputation: 40

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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.
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Old 05-28-2020, 09:35 PM
 
Location: Arizona
3,148 posts, read 2,706,997 times
Reputation: 6060
Have tenants mail a check to your address. I have a P.O. box just for rent collection. ($95 per year). Watch the postmark on the envelopes to determine when the checks were mailed to resolve any disputes about possible late payments.

You say you have a 'lease agreement application'. Do you have an actual LEASE? Are the deposit funds with you or management? Do you have receipts?

You may be in over your head here. A lawyer who does LL/tenant will likely give you a free 15 minute consult.
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Old 05-29-2020, 12:17 AM
 
72 posts, read 50,366 times
Reputation: 40
Quote:
Originally Posted by tommy64 View Post
Have tenants mail a check to your address. I have a P.O. box just for rent collection. ($95 per year). Watch the postmark on the envelopes to determine when the checks were mailed to resolve any disputes about possible late payments.

You say you have a 'lease agreement application'. Do you have an actual LEASE? Are the deposit funds with you or management? Do you have receipts?

You may be in over your head here. A lawyer who does LL/tenant will likely give you a free 15 minute consult.
Yes, I meant it's the actual lease. The tenant has been deposting to the management company system. I can ask the company to send me those two month receipts.
When you say the tenant mail their checks, you mean their personal checks? What if they claim that USPS lost the check so it's not their fault for late payments?
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Old 05-29-2020, 05:47 AM
 
Location: The Triad
34,090 posts, read 82,517,928 times
Reputation: 43648
Quote:
Originally Posted by fandi View Post
I don't know anything about managing my property.
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.
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Old 05-29-2020, 06:06 AM
 
10,746 posts, read 25,885,060 times
Reputation: 16023
Find another property manager, but interview them before hiring them and read the contract before signing it.

Repairs for your home are going to come out of your pocket unless your lease states otherwise. Many PMs have their own repair division or at least great contacts. Are you sure there’s mark ups or is that you don’t agree with the cost??

It’s customary for the tenant to pay the property manager and who then deducts his portion and you get the rest. That’s how it works. You can have them mail you their rentals payments or you can set a time and day for pick up, but just showing up on the property isn’t a good idea.

Did you read the contract with your property manager??

A PM will advertise and vet all applicants... YOU get to set your rental criteria. They won’t put anyone in your unit that you don’t approve of, as long as you make that part of your contract.

Read your states landlord/tenant laws... read them, learn them and make sure you have a good lawyer for legal questions.

Good luck.
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Old 05-29-2020, 10:08 AM
 
72 posts, read 50,366 times
Reputation: 40
Quote:
Originally Posted by Kim in FL View Post
Find another property manager, but interview them before hiring them and read the contract before signing it.

Repairs for your home are going to come out of your pocket unless your lease states otherwise. Many PMs have their own repair division or at least great contacts. Are you sure there’s mark ups or is that you don’t agree with the cost??

It’s customary for the tenant to pay the property manager and who then deducts his portion and you get the rest. That’s how it works. You can have them mail you their rentals payments or you can set a time and day for pick up, but just showing up on the property isn’t a good idea.

Did you read the contract with your property manager??

A PM will advertise and vet all applicants... YOU get to set your rental criteria. They won’t put anyone in your unit that you don’t approve of, as long as you make that part of your contract.

Read your states landlord/tenant laws... read them, learn them and make sure you have a good lawyer for legal questions.

Good luck.
Thanks for all the suggestions. The tenant is existing and still pay on time during COVID-19. I read and signed the lease with my PM. And I can't stand another PM. I have my own and good handyman who was temporarily busy but now his schedule is back to normal. The payment method is one of the important items so if we could talk more about it then is great. So it's either online payment or have them send me their personal check/cashier's check/money order to an address, preferably a PO box.
I know when I ask them to send me a money order, they will ask me back if a personal check is OK with me?
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Old 05-29-2020, 10:19 AM
 
10,746 posts, read 25,885,060 times
Reputation: 16023
Quote:
Originally Posted by fandi View Post
Thanks for all the suggestions. The tenant is existing and still pay on time during COVID-19. I read and signed the lease with my PM. And I can't stand another PM. I have my own and good handyman who was temporarily busy but now his schedule is back to normal. The payment method is one of the important items so if we could talk more about it then is great. So it's either online payment or have them send me their personal check/cashier's check/money order to an address, preferably a PO box.
I know when I ask them to send me a money order, they will ask me back if a personal check is OK with me?
What does your lease say about making payment? Does it cover late payments? Bounced checks and the fees associated with it? There’s nothing wrong with a personal check and nothing wrong with them sending it to your home... your address is public record so it’s not like they can’t find it. No need for a P.O. Box .
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Old 05-29-2020, 11:49 AM
 
Location: West Virginia
13,912 posts, read 39,111,696 times
Reputation: 10234
Have the TENANTS MAIL the RENT with a RETURN RECIEIPT from the PO. OR Add Tracking to it. That way IF it does get lost there are records. Hopefully the PO can track it down.
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Old 05-29-2020, 02:05 PM
 
Location: North Idaho
32,503 posts, read 47,500,455 times
Reputation: 77808
Best to get them to make an automatic payment, bank to bank. Do not, under any circumstances, set it up so that you go by the rental to collect rent.



Be sure you get all of the security deposit money back from the management company.



All management companies charges fees and commissions and are always looking for another opportunity to charge your account.


You'd better get busy and study your local landlord /tenant law if you are going to take over managing.


I manage my own rentals. Rental management companies that do a good job are far and few between and nobody cares about my property like I do.
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Old 05-29-2020, 06:33 PM
 
72 posts, read 50,366 times
Reputation: 40
Should I open a separate checking account just for rental purpose, then give the tenant the account and routing numbers?
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