About Michelle Mangen Expertise Wisconsin Landlord/Tenant Questions.
Experience Having been in the property management industry for over 13 years in Wisconsin and working quite closely with attorneys I have learned a great deal of information regarding landlord/tenant relationships. Additionally my previous experience included assuring that the company I worked for was compliant with regards to the law.
Education/Credentials Attended several seminars regarding landlord/tenant laws. Over 13 years in the industry.
Past/Present Clients New Land Enterprises, LLP - Milwaukee, WI. EA Properties - Green Bay, WI. Fox Valley Housing - Appleton, WI. Kevin Zimmerman, Wendy Scheels, Dave Anderson and other independent owners throughout the state of Wisconsin.
Question QUESTION: I am a landlord, own a house in CA (bay area), but live out of state. I want to manage my property long distance. I have a potential tenant who wants to move in.
How can I manage to have the monthly rent paid regularly on time? I mean, other than having checks mailed to me every month, is there any other way? I don't want to consider Paypal, or Google as my first options, as they have large transfer fee per transaction.
Can I do post- dated checks, or Direct deposits? Will this make the tenant uncomfortable, obviously she does not know me to just hand over checks, or give me her account info. What else can i do?
I have had property management services until now, but my experience has not been good. I've usually done all the work, and paid them the fee! So pl don't suggest them to me, I'd like to handle it on my own this time, and feel I can.
I am insisting on a security deposit of more than 1 month, just to be sure I don't get swindled. Plus have a contract in place.
My main concern is the finance part, how to handle the monthly transactions without having her mail checks, and maybe site excuses for not reaching them to me in time - it's in the mail, or something like that! :)
Thanks in advance!!
ANSWER: Pri:
You've done a great job thinking through all the various choices you have!
She could use PayPal and have it sent as an instant transfer IF you also have a "personal" PayPal account as then you will not have to pay the fees.
The other option would be to have her wire the money to you each month. Though you may want to check with your bank as there may be a fee for incoming wires.
That way 1) you don't have to have mailed checks 2) she doesn't have to give you her account info as she will give all info to her bank.
QUESTION: Hi Michelle!!
Thank you so much for your prompt help!
Just to let you know, I found a solution! I called the bank near my house, BOA, and they said we could do a Person to Person transfer (online transfer)! The potential tenant also has an account with them, so we'll open one for this purpose!!
I had just one more question if you don't mind! This is on security deposit.
She has a credit score of 678. Is one month's rent adequate, or will I be better off with 1.5 months? She also has a cat, we are asking a separate $300 for pet deposit. Any advices pl?
Thank you again very very much Michelle!!
Answer Hi again!
Right now 678 is pretty good for renters. However, I would ask for 1.5 if she'll do it and certainly get a deposit or non-refundable pet fee.
Where I used to work we did a $150 non refundable fee and an additional $25/month for pet rent.
The nice thing is with non-refundable fees is that those do not need to be returned.
