new multi-unit apartment leases and etc

[vdo]

burlingame, ca

i am to self-manage a multi-unit apt in burlingame, california i wanted to know what the steps from taking over the existing leases. my agent told me that i only sign new leases as new tenants come in and that the ones in place will serve thier purpose. anything else would be added through an addenum. the most basic thing is, how do i have then send the checks to me what about rent increases?

other things i want to implement would be : ratio utility billing requires proof of renter insurance direct deposit of funds instead of checks (will mandate a fee for check processing) etc...

 

[Zigner]

You should speak to a local attorney for the best way to handle this. You also ought to join a landlord association.

 

[Just Blue]

burlingame, ca

i am to self-manage a multi-unit apt in burlingame, california i wanted to know what the steps from taking over the existing leases. my agent told me that i only sign new leases as new tenants come in and that the ones in place will serve thier purpose. anything else would be added through an addenum. the most basic thing is, how do i have then send the checks to me what about rent increases?

other things i want to implement would be : ratio utility billing requires proof of renter insurance direct deposit of funds instead of checks (will mandate a fee for check processing) etc...

Based on your post^....You need someone that knows what they are doing to manage the apartment bldg.

 

[xylene]

You should have had ROCK SOLID answers to these questions before even considering this business venture.

Get a lawyer and get a property manager.

 

[FarmerJ]

Im aware that many landlords have fallen in love with electronic payments BUT you should look into the pitfalls of accepting electronic payments and include in your list of things to talk with a real estate attorney wanting to know what the pitfalls are verus say having a near by bank create a rental payment account for you where tenants can go in and make payment to that account. Since you are going to be dealing with tenants who have lived there for more than a year you should familiarize your self with post office certificates of mailing and confirmed mil delivery and certified mail so when you send tenants that proper notice that you are refusing to renew a lease ( with in the time lines of what the lease says must be followed for notices between landlord and tenant . Lastly if your going to apportion utility cost to tenants I can tell you if I was a tenant again I wouldn't be interested in staying on with you but in stead would choose to move when lease allowed, I say this because I still think splitting up utilities between tenants is not fair since that means I would be forced to pay for the shower queen of the north to take her 30 minute shower , where I would do it a lot faster. ( yes I was one of those tenants who got mad at neighbors who let faucets trickle a tiny stream of water because kitty kat had to have fresh water all day long or things like tenants who left windows open with the heat on because they wanted fresh air.) If you really want tenants to pay for the hot and cold water and sewer and heat they might use if heat is included then search around for companies that not only install submetering systems but manage them and do the bills to the tenants for you . WHY because I suspect that many prospective tenants would be more willing to pay for their own utility use if they knew they were not going to pay for wasteful neighbors. Last Keep in mind this property is in a very tenant friendly place when it comes to state laws so this is why you really need to have a attorney and join a group such as landlord type of associations that offer seminars for things like application screening and how to do things and that includes newsletter items about law changes.

 

[LdiJ]

burlingame, ca

i am to self-manage a multi-unit apt in burlingame, california i wanted to know what the steps from taking over the existing leases. my agent told me that i only sign new leases as new tenants come in and that the ones in place will serve thier purpose. anything else would be added through an addenum. the most basic thing is, how do i have then send the checks to me what about rent increases?

FarmerJ gave you some good advice on payments, but I will add a few things. Mailing payments to you isn't a very good idea. Mail service is hit or miss lately, and you would have to go by the postmark date even if it takes 10 days to get to you. You need a method where you will get the rent immediately. You can collect it from the tenants directly. You could install a drop box in the unit for the rent, you could arrange for them to deposit the rent in a certain bank account, etc.

You cannot raise the rent however until a tenant renews a lease, and you must follow state/local rules about raising rent, particularly if the building is under rent control or has Section 8 tenants.

other things i want to implement would be : ratio utility billing requires proof of renter insurance direct deposit of funds instead of checks (will mandate a fee for check processing) etc...

FarmerJ gave you good advice about ratio billing. Again, you cannot add proof of renter's insurance unless you do it at least renewal time, unless the tenants current leases require them to have rental insurance.