Posts Tagged Tenant Move Out

RENTAL PROPERTY MANAGEMENT – ALWAYS COLLECT MOVE IN FUNDS IN REAL MONEY!

ALWAYS Collect Move In Funds in REAL Money

By: Pat Larkin

Don’t take unnecessary risks with people you don’t know. When you have a Tenant moving into one of your properties ALWAYS collect the move in funds in Cashier’s Check or Money Order.

When you have someone getting ready to move into one of your properties ALWAYS collect the move-in monies in “Real Money”. When you have a Tenant getting ready to move into your property, typically you will trade them the keys to the property for their final balances due; deposits and first month’s rent, etc. Always collect these funds in what we call “real money”… cashier’s check or money order. To help your case, be sure that you state in their lease agreement that “only cashier’s check or money order will be accepted when paying final move in amounts.” This way, you have discussed the issue with them and they have signed off agreeing to that. In fact, depending on how much time is between them paying their holding deposit and their move in, if there is not sufficient time for a personal check to clear their bank, you may want to require that all funds paid by them are “real” money also. If you do allow for the holding deposit to be a personal check, make sure that it has cleared their bank before you give them the keys to your property.

Why go through all this “dain bramage”? Well, unscrupulous Tenants have been known to pay their move-in funds with a personal check, get their keys and promptly stop payment on their check. Then the Landlord (you) have given possession to the Tenant, have no money, no income and a couple of months of legal wrangling to look forward to before you can get your property back. And don’t forget about the make ready costs to market your property again!

In summary, don’t take unnecessary risks with your property. Always collect move in funds in REAL Money.

To view a short video on this same subject CLICK HERE

Thank you for reading!

Pat & Kris

For more tips and forms and educational tools to help you to effectively manage your rental property, please visit our web site at: ManageToMakeMoney.com

RENTAL PROPERTY WORKSHOPS:

Don’t forget that we are in California for the next couple of weeks doing these very affordable rental property workshops all over the state.  If you or anyone you know could benefit from learning more about the day-to-day management and how to profitably deal with the challenges of managing rental property . . . these workshops are just what the doctor ordered!  CLICK HERE to find a workshop in a location near you.  We hope to see you there!

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RENTAL PROPERTY MANAGEMENT – RETURNING YOUR TENANT’S SECURITY DEPOSIT ON TIME!

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.

To view a short video about returning your Tenant’s security deposit click on this icon:      

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

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RENTAL PROPERTY MANAGEMENT – TENANTS BREAKING THEIR LEASE

Tenant Breaking Their Lease

Life happens and Tenants break their leases for many reasons . . . they can’t pay any longer and are skipping out or something as innocent as getting a great deal on a short sale and just learning that they have to close in 2 weeks . . . YIKES!!  Either way, you have to know the Tenant’s and your responsibilities when this happens.

As you probably already know, the Tenant has the responsibility for the rent through the end of the term of the lease as stated in their lease agreement . . . and to leave all the utilities on and pay for them until the property is re-leased (if you used our lease form).  You, as the Landlord, if you want to be able to collect any rent through the end of their lease term, must immediately and diligently market the property for lease again.  Be careful not to market the property at a higher rent amount than the previous Tenant paid or you may have difficulty in collecting money for lost rent in court if . . . you “Jacked the Price up” which is how a judge may see it.  You will only be entitled to the lost rent between the time your previous Tenant vacated or last paid rent and the beginning of a new lease with your new Tenant . . . no double dipping!

One other very important detail, as soon as the Tenant vacates the property, do an “Estimated” final accounting of their security deposit . . . or Move Out Statement.  Of course you won’t know all the final numbers when you prepare this and that is why it is called an “estimated” statement.  But, in this statement, you are going to assume that you will not find another Tenant for the property before the end of the lease term.  You will also estimate the costs of any repairs over and above “normal wear and tear” the Tenant may have caused.  This will show a worse case scenario.  Send the statement out within 21 calendar days (in the State of California) of the Tenant moving out with a check for any amounts left over from the funds (typically security deposit) you are holding for the Tenant.

Within 21 days (calendar) of all the repairs having been completed and either the end of the lease term has come or your new Tenant has moved into the property, you will need to do what I call a “True-Up” Move out statement.  This will show all of the actual costs to your Tenant, giving them credit for any time of their lease that the new Tenant will be in the property (you can’t double dip on rent) and cut a check for any differences.  Oh yeah, be sure to include copies of receipts for all work performed that you are charging the Tenant for.

The subject of Tenants breaking their lease along with many other property management challenges are covered extensively 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 (available for California, Oklahoma, Kansas or Missouri) written by Pat and Kris Larkin who are seasoned real estate professionals and specialists in the area of Property Management.

 To visit their website and see the full spectrum of Rental Property resources; Books, E-Books, Documents, Forms, Form Letters for nearly every occasion, Checklists, Videos more money saving tips and tools . . . and the list goes on and on, go to: ManageToMakeMoney.com

 For a short video on this subject CLICK HERE

Thank you for reading!

Pat and Kris Larkin

 

 

 

Bit.ly:  http://bit.ly/dTTI0W

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RENTAL PROPERTY MANAGEMENT – RETURNING SECURITY DEPOSITS

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, let’s assume that your state mandates that you are to return your Tenant’s security deposit to them within 21 days (3 weeks).  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!   So be sure to check the specific laws in your state.  A good place to start is to google “tenant landlord laws (insert your state’s name)”

This tip is part of the scores of information contained in our Property Management Training Program; Manage to Make Money . . . . the Real Estate Series.  This new series has been developed around our book: Manage to make Money . . . Your Guide to Profitably Managing Rental Properties 2nd Edition.

To view a short video about returning security deposits click on this link.

To visit our website and see our large selection of books, e-books, downloadable forms and documents, videos and tips go to: www.ManageToMakeMoney.com

Thank you for Reading!

Pat and Kris

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RENTAL PROPERTY MANAGEMENT – TENANTS BREAKING THEIR LEASE

Tenants Breaking Their Lease

One thing which occurs more often in Rental Property Management is Tenants breaking their lease.

Let’s face it, life happens and Tenants break their leases for many reasons . . . they can’t pay any longer and are skipping out or, it is generally something less sinister like . . .  getting a great deal on a short sale and just learning that they have to close in 2 weeks . . . YIKES!!  Either way, you have to know the Tenant’s and your responsibilities when this happens.

As you probably already know, the Tenant has the responsibility for the rent through the end of the term of the lease as stated in their lease agreement . . . and to leave all the utilities on and pay for them until the property is re-leased (if you used our lease form).  You, as the Landlord, if you want to be able to collect any rent through the end of their lease term, must immediately and diligently market the property for lease again.  Be careful not to market the property at a higher rent amount than the previous Tenant paid or you may have difficulty in collecting money for lost rent in court if . . . you “Jacked the Price up” which is how a judge may see it.  You will only be entitled to the lost rent between the time your previous Tenant vacated or last paid rent and the beginning of a new lease with your new Tenant . . . no double dipping!

The subject of Tenants breaking their lease along with many other property management challenges are covered extensively in our new Property Management Training Program; Manage to Make Money . . . . the Real Estate Series.  Click here for a workshop near you: Workshop.  This new series has been developed around one of our books: Manage to make Money . . . Your Guide to Profitably Managing Rental Properties which is now available for California laws as well as many states in the Midwest.  It is a virtual Survival Guide for anyone managing Rental Properties!

Imagine yourself having challenges with your rental property . . . NOW imagine yourself having a solution to nearly all of your rental property issues!   Visit our website at http://www.ManageToMakeMoney.com and check our books, e-books, documents, forms and checklists and much much more!  You never knew that life managing rental properties could be this easy!

Click on this link for a short video about what to do when Tenants break their lease:  Tenants Breaking Their Lease

Thank you for reading!

Pat and Kris

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ALWAYS Collect Move in Funds in “Real Money”

Always collect move-in monies from your Tenant in “Real Money” When you have a Tenant getting ready to move into your property, typically you will trade them the keys to the property for their final balances due; deposits and first month’s rent.  Always collect these funds in what we call “real money” . . . cashier’s check or money order.  Unscrupulous Tenants have been known to pay their move-in funds with a personal check, get their keys and stop payment on their check.  Then the Landlord (you) have given possession to the Tenant, have no money, no income and a couple of months of legal wrangling to look forward to before you can get your property back.  And don’t forget about the make ready costs to market your property again!

See the video:  http://bit.ly/ba3i8W

 For more tips and forms and educational tools to help you to effectively manage your rental property, visit our web site at: http://www.ManageToMakeMoney.com or call 949-689-4344.

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