Transcript 10 Tricks to easy Property Management Patrick Chomyn

10 Tricks to easy
Property
Management
Patrick Chomyn
4RentDenver.com
Patrick Chomyn
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Purdue University 1985
Arrived in Colorado 1985
REALTOR since 1998
Bought my 1st property in in 1989
Own 41 properties in 2 states
Fix-n-Flip 6-12 properties/year
Manage nearly 160 rental properties
Goal to own 50 properties by age 50
10 Tricks to Easy
Property Management
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Nice properties in Nice Areas
Get-um Rented, Demand
Tenant Screening
A strong Lease Agreement
Charge for every Service
10 Tricks to Easy
Property Management
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Consistency in all procedures
Maintain the properties
Use every technology
available
Security Deposit. The law
Study your trade
Greatest Secret to Success
1. Nice Properties
1. Nice Properties
1. Nice Properties
1. Nice Properties
1. Nice Properties
1. Nice Properties
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Nice homes attract nice tenants
Lower turnover
Lower maintenance cost
Longer renters
Higher rents
Less problems
More income, not less
2. Gettum Rented: Demand
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Create Demand through
advertising
Yard signs w/ flyers front & back
Web site
Link to your website from others
Use internet exclusively
2. Gettum Rented: Demand
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Internet advertising
Rentals.com
Backpage.com
Postlets to Craigslist
RentMarketer.com
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Over 100 websites
Craigslist, Craigslist, Craigslist
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Every Day or twice/ day
3. Tenant Screening
3. Tenant Screening
3. Tenant Screening
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2 recent paystubs
Credit Check
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600 + = 1 month rent deposit
550-599 = 1.5 months rent deposit
549 - = 2 Months Rent deposit
Criminal History
Court Records for Eviction
National Sex Offenders
Social Security # Search
Current Legal ID
3. Tenant Screening
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POB 367191
Bonita Springs FL, 34136 Phone: 239-947-2500
Fax: 239-494-4347
Website: http://www.backgroundinfousa.com
Email: [email protected] Beacon Background Screening
Service Tenant Screening More InfoJennifer Ege
1525 S. Tamiami Trail #603B
42913 Capital Drive, #101
Lancaster CA, 93535 Phone: 800-288-4757
Fax: 800-677-8494
Website: http://www.continfo.com
Email: [email protected] Credit Investigators, LLC Tenant
Screening More InfoCharles Pennington
4200 Meridian Street #208
Bellingham WA, 98226 Phone: 360-332-0078
Fax: 866-614-1444
Website: http://www.e-renter.com
Email: [email protected] Kroll Factual Data Tenant Screening More
InfoMelissa Myers
5200 Hahns Peak Drive
Loveland CO, 80538 Phone: 800-929-3400
Website: http://www.krollfactualdata.com
Email: [email protected] LexisNexis Resident
Screening Tenant Screening More InfoMartin Taylor
3. Tenant Screening
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1100 Alderman Drive
Alpharetta GA, 30005 Phone: 678-694-2471
Fax: 678-694-5912
Website: http://www.residentdata.com
Email: [email protected] MOCO, Inc. Tenant
Screening More InfoTami Bettendorf
219 E Garfield St., #600
Seattle WA, 98102 Phone: 206-505-5301
Website: http://www.moco-inc.com
Email: [email protected] National Tenant Network, Inc. Tenant
Screening More InfoEdward Byczynski
PO Box 1664
Lake Grove OR, 97035 Phone: 800-228-0989
Fax: 800-340-1116
Website: http://www.ntnonline.com
Email: [email protected] On Target Screening, Inc. Tenant
Screening More InfoRonald Bailey
55 Monument Circle 1334
Indianapolis IN, 46204 Phone: 317-423-0470
Website: http://www.ontargetscreening.com
Email: [email protected] Reliable Background
Screening Tenant Screening More InfoRudy Troisi
3. Tenant Screening
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7000 E Shea Blvd., #I201
Scottsdale AZ, 85254 Phone: 602-870-7711
Fax: 602-870-7524
Website: http://www.reliablescreening.com
Email: [email protected] SARMA Tenant
Screening More InfoJanet Curtis
1801 Broadway
San Antonio TX, 78215 Phone: 210-244-4511
Fax: 210-200-6040
Website: http://www.sarma.com
Email: [email protected] StarPoint Screening Tenant Screening More
InfoKelly Gontarski
493 S Main Street, #17
Canandaigua NY, 14424 Phone: 877-255-8413
Fax: 585-394-1388
Website: http://www.backgroundagency.com
Email: [email protected] The Information Source Tenant
Screening More InfoMarlene Robbins
5889 Greenwood Plaza Blvd #201
Greenwood Village CO, 80111 Phone: 888-387-1750
Fax: 303-302-3247
Website: http://www.mysmartmove.com
Email: [email protected] TVS Tenant Verification Service,
In Tenant Screening More Info
3. Tenant Screening
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We DO NOT Call old landlord
Time
 Accuracy
 Fair Housing
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4. Strong Lease Agreement
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INTERNET OR OUT OF STATE LEASES
ARE GARBAGE
Free Lease Agreement
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The Colorado Apartment Association
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www.HTSPC.com
Springman, Braden, Wilson & Pontius
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www.CAAHQ.org
Hopkins Tschetter Sulzer
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www.4RentDenver.com
www.sbwp-law.com
Frascona, Joiner, Goodman & Greenstien
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www.Frascona.com
5.Charge for Everything
**Can’t discuss fee amounts**
 Late Fees
 Posting Fees
 Attorney Fee
 Re inspection Fees
 Release fees
 Cannot Charge for your labor
6. Consistency in procedures
1 Lease Agreement
 1 Management Agreement
 1 Repair Request
 1 Move-in Procedure
 1 Move-out Procedure
**NO EXCEPTIONS**
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Federal Fair Housing Laws
6. Consistency in procedures
Time Lines *NO EXCEPTIONS*
 Rent is due 1st
 Late @ 8:00am on the 4th
 4th is 3-Day Demand
 8th Turn over to the attorney
 With promise to pay we will delay till
the 15th
 We do not accept payment until the
judge grants possession. Optional
7. Maintain Your Properties
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Annual full Inspections
Annual furnace Inspections
Annual Smoke/CO Inspections
Monthly Drive-by Inspections
Respond to repair requests
Warranty on Habitability
Constructive Eviction
7. Maintain Your Properties
7. Maintain Your Properties
8. Use Every Technology
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STOP USING THE PHONE
Use voice mail technology
Online Rent Payments
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Use email
Use smart phones
Use the internet
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www.PayLease.com
Applications
Screening
Repair requests
Move-out notices
Owner’s statements
Use contractors that use technology
8. Use Every Technology
9. CRS 38-12-101 thru 103
Return of Security Deposit
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(1) "Normal wear and tear" means that deterioration which occurs, based upon the use for which the rental unit is intended,
without negligence, carelessness, accident, or abuse of the premises or equipment or chattels by the tenant or members of his
household, or their invitees or guests.
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(2) "Security deposit" means any advance or deposit of money, regardless of its denomination, the primary function of which is to
secure the performance of a rental agreement for residential premises or any part thereof.
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(1) A landlord shall, within one month after the termination of a lease or surrender and acceptance of the premises, whichever
occurs last, return to the tenant the full security deposit deposited with the landlord by the tenant, unless the lease agreement
specifies a longer period of time, but not to exceed sixty days. No security deposit shall be retained to cover normal wear and
tear. In the event that actual cause exists for retaining any portion of the security deposit, the landlord shall provide the tenant
with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is
delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The
landlord is deemed to have complied with this section by mailing said statement and any payment required to the last known
address of the tenant. Nothing in this section shall preclude the landlord from retaining the security deposit for nonpayment of
rent, abandonment of the premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.
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(2) The failure of a landlord to provide a written statement within the required time specified in subsection (1) of this section shall
work a forfeiture of all his rights to withhold any portion of the security deposit under this section.
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(3) (a) The willful retention of a security deposit in violation of this section shall render a landlord liable for treble the amount of
that portion of the security deposit wrongfully withheld from the tenant, together with reasonable attorneys' fees and court costs;
except that the tenant has the obligation to give notice to the landlord of his intention to file legal proceedings a minimum of seven
days prior to filing said action.(b) In any court action brought by a tenant under this section, the landlord shall bear the burden of
proving that his withholding of the security deposit or any portion of it was not wrongful.
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(4) Upon cessation of his interest in the dwelling unit, whether by sale, assignment, death, appointment of a receiver, or
otherwise, the person in possession of the security deposit, including but not limited to the landlord, his agent, or his executor,
shall, within a reasonable time:(a) Transfer the funds, or any remainder after lawful deductions under subsection (1) of this
section, to the landlord's successor in interest and notify the tenant by mail of such transfer and of the transferee's name and
address; or(b) Return the funds, or any remainder after lawful deductions under subsection (1) of this section, to the tenant.
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(5) Upon compliance with subsection (4) of this section, the person in possession of the security deposit shall be relieved of
further liability.
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(6) Upon receipt of transferred funds under subsection (4) (a) of this section, the transferee, in relation to such funds, shall be
deemed to have all of the rights and obligations of a landlord holding the funds as a security deposit.
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(7) Any provision, whether oral or written, in or pertaining to a rental agreement whereby any provision of this section for the
benefit of a tenant or members of his household is waived shall be deemed to be against public policy and shall be void.
9. CRS 38-12-101 thru 103
Return of Security Deposit
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"Normal wear and tear" means that deterioration which occurs, based upon the
use for which the rental unit is intended, without negligence, carelessness,
accident, or abuse of the premises or equipment or chattels by the tenant or members
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of his household, or their invitees or guests.
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(2) "Security deposit" means any advance or deposit of money, regardless of its denomination, the
primary function of which is to secure the performance of a rental agreement for residential premises or
any part thereof.
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(1) A landlord shall,
after the termination of a lease or surrender and
acceptance of the premises, whichever occurs last, return to the tenant the full security deposit deposited
within one month
with the landlord by the tenant, unless the lease agreement specifies a longer period of time, but
not
to exceed sixty days. No security deposit shall be retained to cover normal wear and
tear. In the event that actual cause exists for retaining any portion of the security deposit, the landlord
shall provide the tenant with a written statement listing the exact reasons for the retention of any portion
of the security deposit. When the statement is delivered, it shall be accompanied by payment of the
difference between any sum deposited and the amount retained. The landlord is deemed to have
mailing said statement and any payment required to
the last known address of the tenant. Nothing in this section shall
preclude the landlord from retaining the security deposit for nonpayment of rent,
abandonment of the premises, or nonpayment of
utility charges, repair work, or cleaning contracted for by
complied with this section by
the tenant.
9. CRS 38-12-103
Return of Security Deposit
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failure of a landlord to provide a written statement
within the required time specified in subsection (1) of this section shall work a forfeiture of all his rights to
(2) The
withhold any portion of the security deposit under this section.
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(3) (a) The willful retention of a security deposit in violation of this section shall render a landlord liable for
treble the amount of that portion of the security deposit wrongfully withheld from the tenant, together with
reasonable attorneys' fees and court costs; except that the tenant has the obligation to give notice to the landlord of
his intention to file legal proceedings a minimum of seven days prior to filing said
action.(b) In any court action brought by a tenant under this section, the landlord shall
bear the burden of proving that his withholding of the security
deposit or any portion of it was not wrongful.
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(4) Upon cessation of his interest in the dwelling unit, whether by sale, assignment, death, appointment of a
receiver, or otherwise, the person in possession of the security deposit, including but not limited to the landlord, his
agent, or his executor, shall, within a reasonable time:(a) Transfer the funds, or any remainder after lawful
deductions under subsection (1) of this section, to the landlord's successor in interest and notify the tenant by mail
of such transfer and of the transferee's name and address; or(b) Return the funds, or any remainder after lawful
deductions under subsection (1) of this section, to the tenant.
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(5) Upon compliance with subsection (4) of this section, the person in possession of the security deposit shall be
relieved of further liability.
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(6) Upon receipt of transferred funds under subsection (4) (a) of this section, the transferee, in relation to such
funds, shall be deemed to have all of the rights and obligations of a landlord holding the funds as a security deposit.
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(7) Any provision, whether oral or written, in or pertaining to a rental agreement whereby any provision of this
section for the benefit of a tenant or members of his household is waived shall be deemed to be against public
policy and shall be void.
10. Study Your Trade
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Join Trade Organizations
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Read books
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Landlord Tenant Law
Go to Continuing Ed Classes
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REALTOR
Apartment Association
National Association of Residential Property Managers
(NARPM)
REALTOR RALLY
Hopkins, Tschetter, Sulzer
Oliver Frascona
NARPM
Read Blogs
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www.4RentDenver.com
CRS 38-12-101-103 Security Deposit @
www.Michie.com
10. Study Your Trade
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Books
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Trade Organizations
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www.Michie.com
11. Secret to Success
Give of your self
without
expecting
anything in
return.