Archive for April, 2012
Returning Your Tenant’s Security Deposit
Many people don’t know that if you fail to return your Tenant’s security deposit within the time frame allotted by your particular state . . . there can be some very serious consequences. As an example, the state of California mandates that you are to return your Tenant’s security deposit to them within 21 days (3 weeks). In California as in many states, if you fail to return the deposit within that time frame then first, you will lose the right to charge the Tenant for anything! It doesn’t matter if your Tenant owes you for three months of rent, late charges and they tore up your property . . . by returning the money late . . . you waive your right to charge the Tenant for anything at all! But wait . . . there’s more! Also, in many states if you miss the deadline, your Tenant is entitled to TWO TIMES the amount of security deposit. Translation: if the Tenant paid a $2,000 security deposit and you miss the return date, you could have to pay them $4,000 AND not be able to charge them for any back rent or late fees owed or for repairing any damage they may have done to your property!
The requirements for returning security deposits varies widely from state to state. I suggest that you Google “Tenant-Landlord” of “Returning Security Deposit” and add the name of your state; example: Tenant-Landlord Kansas or Returning Security Deposit Texas to get the specific information for your state.
Thank you for reading!
Pat and Kris
This tip is part of the scores of information contained in the new Property Management Training Program; Manage to Make Money . . . . the Real Estate Series. This new series has been developed around the book: Manage to make Money . . . Your Guide to Profitably Managing Rental Properties written by Pat and Kris Larkin and is being offered at various locations throughout California and in Kansas City this spring. For a schedule of workshops CLICK HERE.
To visit our website and review our Property Management Training products ranging from books to forms click on this link: ManageToMakeMoney.com
Do You Have a Pet Policy?
We recommend that you include a “pet clause” (pun intended!) in every lease or rental agreement you enter into. It doesn’t matter whether or not you allow pets in your property . . . always include language concerning conditions for having a pet. If you don’t allow pets and you lease it with that condition, Tenants have been known to bring pets in anyway (say it isn’t true!). Seriously, a Tenant may get the emotional tug at their heart strings by a cute, sad-eyed puppy and they simply can’t resist. They buy the dog and decide to hide it from you. If that dog . . . especially if it is a puppy, causes damage to your rental property, and you have no terms and conditions the Tenants have agreed to, recouping costs for repairing damage caused by the animal can become fuzzy at best. If you allow pets and your Tenant signs your agreement regarding pets all the better!
Our pet clause was crafted by one of our owners who was an attorney and this is the best pet clause I have seen . . . you might say it has “claws” . . . sorry . . . I couldn’t help it! To download our documents forms and checklists (including our killer pet clause) or to order a CD with the same information or if you just want more tips on how to effectively manage your investment property, visit our web site at: http://www.ManageToMakeMoney.com or call 949-689-4344.
To view a short video on this subject click on this link: WATCH VIDEO
Thank you for reading! Best of luck with your properties!
Pat and Kris
How Do You Find A Good Property Manager?
So you decided you don’t want to manage your own rental property . . . learning that you may not be cut out to manage rental property is a good thing! It’s much better to find out now than when you find your self in a difficult situation because you didn’t know what you were doing!
Finding a good and reputable property manger isn’t as difficult as it may seem. We recommend that you start by contacting your local Board of Realtors and get a list of managers from them. If that doesn’t work or isn’t convenient, then Google for property managers: “property management any town, any state”. A third option is personal referrals, contact your realtor friends or others who may know a property manager.
Once you have your list, visit their web site and then narrow the list to 2 or 3 and visit their place of business and interview them personally. When you go for the interview, note how organized they seem to be . . . or not. Then, ask questions to see if the two of you communicate well and on the same level and if you have the same values of money. The right manager for your property will become apparent to you.
See what Kris Larkin has to say about finding a good property manager . . . VIEW VIDEO
For more tips on how to profitably manage your rental property and about finding a good property manager visit our website at: www.ManageToMakeMoney.com or call 949-689-4344. Our book devotes an entire section to this subject.
Thank you for reading!