Security Deposits: 11 Step Checklist for Accepting Security Deposits During a New Acquisition or Property Transfer

How Should You Handle a Security Deposit Upon the Transfer of a New Property or Property Manager? You have negotiated a hard bargain on your newest rental property purchase. There have been days and nights of endless due diligence, crunching the numbers, working with contractors to estimate repairs, pouring over lead and inspection reports and you finally have a signed P&S and a closing date. But wait! In your due diligence you have uncovered that the Seller is currently holding Security Deposits for their residents and you have never had to deal with these before. You want to do the right thing, but not sure what to do next. In[…]

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Security Deposits: 13 Step Checklist for Returning the Security Deposit

How Should You Return the Security Deposit at the End of the Tenancy? You have had a resident follow the proper protocol you outlined in your written lease agreement to give you proper Notice To Quit. Things are ending amiably with a great resident, probably buying a new house for their family, but regardless, they are moving out of your rental and you currently hold a Security Deposit. What do you do now? Below we have outlined the steps you need to take to safely and securely return the remaining Security Deposit back to your resident when they move out of your rental property. Disclaimer: Before we continue, we must[…]

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Security Deposits: Do’s and Don’ts Steps To Follow

Steps to Follow When Taking a Security Deposit When handling Security Deposits there are a few steps that need to occur to avoid getting into trouble and if you miss a step the penalties can be steep. If you miss one of the criteria for your Security Deposits the damages amount to the landlord may be three-fold. Security Deposits are always a concern for landlords. Some landlords are comfortable taking the deposit while other avoid them like the plague. The Security Deposit is an amount of money set aside to indemnify the landlord the costs for repairs or damages should the resident not return the apartment in the condition they received[…]

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Security Deposits: So You Have a New Resident! What Now?

Managing Your Security Deposits Can Be a Real Balancing Act Of the two scenarios for receiving a Security Deposit for a rental property, this version is the most straight forward situation. In our resident move-in kits, we have over 50+ pages of documents and forms to be filled out in order to properly and legally accept a Security Deposit from the resident. Along with the checklist, there are a few other details required to keep the rental legal. For example, I am sure with all of your rentals you have supplied the blue booklet from the EPA “How to Protect Your Family from Lead in Your Home”, which by the[…]

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Apartment Renter Tip: Mom & Pop Landlord vs. Professional Property Management: Vol. 3 Resident Resolutions and Retention

Do Mom & Pop Landlords Differ From Professional Managers in Conflict Resolution & Tenant Retention? Snidely Whiplash tying Nell Fenwick to the train tracks because she can’t pay the rent, is not quite what we have in mind here. In fact, some practices still in action today by both Mom & Pop shops and some Professional Property Managers can both borderline on some pretty unethical and unlawful resolutions. There are laws to protect tenants from unscrupulous landlords on both sides of the tracks. So if you cannot pay the rent and your landlord decides to change the locks, put your stuff in boxes on the curb, or decide to remove[…]

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Apartment Renter Tip: Mom & Pop Landlord vs. Professional Property Management: Vol. 2 Rent Collection and Property Maintenance

In Volume 1 of our blog series we talked about the Types of Landlords and the impact this can have on Tenant Screening. Here in Volume 2 we will dig deeper in the different options and features that you will find in the smaller Mom & Pop Landlord Shops vs. a Professional Property Management company. Again, it is not our goal to sway you towards one or the other. Your specific needs as a resident may vary as widely as the services and amenities offered by both types of landlords. This is all about you trying to weigh the differences between a smaller, live-in landlord as opposed to possibly a larger[…]

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Apartment Renter Tip: Mom & Pop Landlord vs. Professional Property Management: Vol. 1 Tenant Screening

So you are looking for a new apartment to call your home. But you cannot decide which style of apartment living is going to be the right choice for you. With all of the factors flying around in your head like, commute time to work, great school systems, nice neighborhoods, amount of rent you will pay, and how long it will take you to go pick up a gallon of milk; now you need to decide what type of building and landlord do I want to have that will best suit my rental needs? I do not intend to finish up this blog with a recommendation of which one is better[…]

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