Keys, Deposit, and Rent Recieved!

Here it is Nov. 7th, and the keys to Zavala are in my grubby little hands. I did not have as much time as I would have liked to paw through all the units like I did with Arlene two weeks ago. So I made a quick tour again of the apartment that I’ll be moving into on Monday.

I knew I already needed to paint the apartment, and knew that I would have to replace the laminate in the kitchen and both bathrooms, paint the cabinets, and clean the carpet if not replace it. Not that I really care about the carpet, but it’s on the list. I had planned on painting the unit on Sunday. And, then I moved the refrigerator to unplug it. Then there it was… the laminate pulled right off the floor. Awesome. Looks like I am going to learn how to do laminate this weekend. Wonderful.

Let’s backtrack a little first, when I went to get the keys from the previous property manager, I got a chance to talk a little to the office manager:
She commented on “have fun with those tenants”…
I raised my eyebrow and looked at her quizzically. “Tenants?” I said.
“Yah, the lady in there is a nightmare, paying late and always complaining about something.”
“Huh, I was pretty sure there was only one tenant in there.”
“Oh” she said softly, “whose still there?”
At that point the conversation became boring and rather uninteresting to the relevance of this post. It boggled me that for someone who has worked with a property that they wouldn’t know that a ‘trouble’ tenant had moved out. What is apparent is that the property management company never built those relationships that are so important to property manager. Let me make this perfectly clear; a great property manager is going to have a personal relationship with the tenant. They are going to know about them, and stay up to date with them, and know what is going on. I am glad that we decided on not using these people for our management team. Even if I have to deal with it by myself for the next couple of months.

After chatting with the Office Manager for a bit about the property and the tenant(s) she handed me the little sandwich bag of keys. And then an envelope. Greedily I opened up the envelope to get at its content. It had some pretty nice prizes inside. Two checks and a 6 page lease. One was the rent check for November: $600! Ca-ching! The numbers that we had crunched were at a piddle $525! That’s a 15% increase! $75 x 4 units x 12 months, means we are adding $3600 a year! I had a pretty big smile on my face after seeing that check. Then there was a second one.

Deposit Check. I knew from my long time in Washington State:

RCW 59.18.270
Moneys paid as deposit or security for performance by tenant — Deposit by landlord in trust account — Receipt — Remedies under foreclosure — Claims.

All moneys paid to the landlord by the tenant as a deposit as security for performance of the tenant’s obligations in a lease or rental agreement shall promptly be deposited by the landlord in a trust account, maintained by the landlord for the purpose of holding such security deposits for tenants of the landlord, in a financial institution as defined by RCW 30.22.041 or licensed escrow agent located in Washington. Unless otherwise agreed in writing, the landlord shall be entitled to receipt of interest paid on such trust account deposits. The landlord shall provide the tenant with a written receipt for the deposit and shall provide written notice of the name and address and location of the depository and any subsequent change thereof…

I assumed that the law would be similar in Nevada. So I called the Partner and explained that we needed to open up an escrow account to handle the deposit. (On Hopkins, we assume the PM is handling this. So it is new to the Partner and I.) Good thing I decided to look into it. Because according to the NRS (Nevada Revised Statues) there is no stipulation of how the deposit is supposed to be held. This makes life a little easier!

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