"Deal/paperwork Management"
Not quite sure where this topic falls under. What do you all do for a nice organization structure for your deals, properties, etc? I have approx 14 short sales going on, 5 rental units, retail listings, too many things coming in and out and need to be done! Not to mention accounting.
What do you all do for your paperwork as far as deals in progress, closed deals, etc?
Life is an Excel workbbok. I have 8 or so workbooks that I use on a daily basis.
These are the workbooks that I always have printed and with my in my brief bag.
My ToDo list is a workbook and each night or morning
I update my Todo with the names, properties, reason, and phone numbers of calls to be made or things to be done.
Contact list in a workbook so I always have names and phone numbers.
One workbook for shortsells. There is one property per worksheet. The worksheet is divided into Property addres, Foreclosure procedings, Client information, Lender information, attorney infomation, reinstatemnt and payoff amounts, paperwork checklist, call log, todo, notes. Each worksheet prints on a single page. I print the workbook and take it will me.
One workbook for rehab/retail sale properties. There is one property per worksheet. The worksheet is divided into Property Address, Seller information, Buyer information, todo, notes. Each worksheet prints on a single page. I print the workbook and take it will me.
(When a SS or retail sale is complete, I move the worksheet to an Archive workbook on my C: drive)
One workbook for rentals. There is a column for property address, tenant names, tenant phone numbers, rent amount, move in date, lease renew date.
Of course I also have hard copy in file cabinets per propery and each property has a folder on my hard drive. One nice thing is tha I use efax so that all incomin faxe are a pdf file that I can save t my hard drive for easier retrieval.
It is a struggle to stay organized. I have spent 6 hours today filing, paying bills, faxing, emailing, updating my today list, etc. I do have a very organized woman who works for me full time. I pay he $13 an hour and she works from home. She takes care of most of the tasks such as, get the new insurance policy, why did the monthly payment change from 993 to 1053, get the handyman to pickup the cabinets at home depot, have the roofing company deliever the followin materials to house 4,etc. She does a lot, but still everyday I have to spend about 45 minutes putting toether a very detailed email for her ToDo list.
A good thing is that she does my rental property managment (with a very watchful eye from me) in that she renews the leases, does the inspection, and does the movein. She also has a sister who is a bookkeeper and so she is now learning how to enter my accounting into QUickbooks. So I get her almost for free if you consider what I would have to pay a property manager for my 18 rentals and what I would have to pay a book keeper. Did i meantion that she also does all my mailiings and that her husband speaks spanish?
My system is far from perfect and I work on it everyday.
(Obviously my keyboard batteries are dying)
I also have a Word doc of prospects. People who I am trying to buy their house. Just could not find good, concise format in excel so it is free form in a Word doc.
And a spiral notebook is a must. i am never without the spiral notebook.
I work from home in a room that is 11x11 and just mine. Have a great canon mf5770 all in one laser (the scanner is very good as is the copier and fax).
It is my employee that makes the difference. I had to fire my first employee but this one is great. She was a professional who then stayed at home to raise her girl who is now in kindergarden. She lives close to me so we are always living things by my front door. As I meantioned, we also use efax so that all incoming faxes get sent to us both. Every morning I send a big ToDO email to her. She emails me back at the end of the day as to what was done or needs to be done. Then he next morning I update the email and resend. It takes me about 45 minutes to propertly prepare the email, but 45 minutes also makes me get organized with my Todo list, filing etc. We do talk on the phone 2 or 3 times a day. I never question her about her hours. With 2 kids she can work when she wants as long as it gets done.
I focus on the money, working with sellers (putting together the deals), and managing the rehabs.
BTW - how are your SS going? I have tried to do about 10 this year and have had no success.
My short sales are going fine. My approach is a little different, though. I list and sell them as a real estate agent. That way, most of them turn into sellable deals in which I can make 3-6% on. I find the occasional good deal, example a four-plex thats a good price, that I am actually selling to a family member.
I am rehabbing my personal residence, hoping to have approx $100k in equity in the next 6 months. I put 10% down when I bought it. I am hoping to be able to open up a HELOC for purchasing foreclosures at the sheriff sale auction(fortunately, dealing with a ton of the foreclosures as short sales, I have been inside a lot of the foreclosures).
Have one rehab going right now, 50/50 with my father. It has turned into a nightmare, purchased for $10k, putting approx $45k into, to sell at $90k or so. Luckily we will still have good profit from buying at the right price but definitely has been a huge learning experience, and could have made more had we done things correctly from the git-go.
All in all, real estate has been fun and I have learned more this year than I could have ever imagined.
Here is info on landlord/tenant security deposits. I hope it helps. Please be aware that laws vary from state to state and this is just a general summary.
A landlord has 30 days to either return your deposit or give you an itemized list of what was withheld. If part or all of your security deposit was kept, the itemized list must be a detailed list of exactly what was withheld. Some landlords fail to provide any account of fees that are withheld or use vague terms like "cleaning fees" or "misc. costs." You have a right to know exactly what your security deposit is being spent on. Here are some common reasons that landlords cite for keeping your security deposit:
1. Cleaning fees - Tenants are not responsible for normal "wear and tear" on a residence. You cannot be held accountable for cleaning costs unless the cleaning required is excessive or constitutes some sort of damage. For example, you cannot be charged for carpet cleaning, unless you damaged the carpet. Also, the landlord cannot keep money on the premise that cleaning will be done. Talk to the tenants who moved in after you to see if cleaning was actually done.
2. Unpaid rent/Late fees - A landlord can keep any amount of rent you have not paid. Keep receipts, cancelled checks, and NEVER PAY WITH CASH ! Some leases have a clause that allows them to charge fees if your rent payment was late. However, you cannot be charged late fees if your rent was mailed on time and the postal service was slow. If a large amount of late fees has been withheld from your deposit, you might be able to argue that these costs are punitive and therefore illegitimate.
3. Damage to the apartment/house - A landlord can rightfully withhold any money for damages that tenants cause to the apartment or house. This does not include items like roof repair, broken plumbing (unless tenants broke it), peeling paint/wallpaper, or previous damage. If you fail to tell your landlord immediately about a situation that causes additional damage, a leaking roof that leads to wood rotting for example, you may be held accountable. If repairs are not made and your money is kept, you maybe entitled to sue. When estimates are used to determine how much money will be kept, tenants should assess how reasonable these estimates are. In general, it does not cost $5,000 to replace a door hinge!
4. Missing keys - You must return all the keys you were issued at the beginning of your tenancy to your landlord, otherwise lock chain charges can be assessed. Check your lease to see if there is a specific number of keys listed.
5. Supplies - Occasionally, a landlord will attempt to keep deposit money for items like light bulbs or batteries for smoke detectors. Unless your lease specifically states that tenants are required to supply these items, the landlord is responsible.
6. Waste Disposal - Tenants are responsible for the removal or cleanup of excessive amounts of waste left behind at the end of a tenancy. This includes furniture that a tenant left behind or trash outside in the yard. Your landlord should be explicit in telling you what "trash" you are being charged to remove.
Good luck.
Not a lawyer.
[addsig]
keqwow,
It seems to me that you can notify the tenant in writing that you are withholding the security deposit to cover rent that she owes and should you find a new tenant that begins paying rent before the $300 is exhausted, then you will refund the balance.
The time required to notify tenants that you are withholding security deposit varies from state to state. In CA it is 21 days.
An extreme case of your situation that worked in my favor came about when a lease was signed by a prospective tenant and the tenant never moved in. This property management company that finds some of my tenants withheld the security deposit to cover rent until another tenant was found.
I had a similar situation. I had the tenant sign a letter relinquishing her security deposit in order to break the lease. It was as close to win-win as we good get. She left on good terms without her deposit and I lost a month of rent.
Eric
Here is what I would do.
First, know your landlord-tenant code. Then:
I would immediately run my ad for the property. I would ask my current tenant to cooperate to show the unit (if I trusted/liked her) expaining that the sooner I had a new tenant, the less rent she would be accountable for.
I would be very clear if the code allows a termination fee, allows for termination per 30, 45, 60 days notice, mandates that notices start on the 1st, etc. so that I know what I am legally allowed to charge. Even the most tenant friendly codes usually allow you to collect for actual costs to re-rent. I would also be very, very clear w/my tenant that the more spotless the home is, the quicker someone can move right in. I stress that I can not charge rent to 2 people. I decide how much to return AFTER the dust settles, as late as legally allowed UNLESS I have rerented. I like to create good will, and I oftentimes do, but I have noticed that nobody cares about how much money I loose. And we loose money with vacancies, so I state the laws, let tenants know why they want to do the best that they can, and if I immediately re-rent I get the money to them, if not, I share my pain. ==YOUR debtors give YOU no slack, right?[ Edited by ceinvests on Date 11/12/2006 ]