Re: Escrow - Landlord Forum thread 341262

Re: Escrow by Katiekate (New York) on November 30, 2015 @15:42

What I have always done is open a new 12 month CD. (Lease period is always 12 months).

It has my name and the tenant name on it...but I am the only signer. Meaning, only I can cash it out.

A receipt is mailed to the tenant. I keep a copy.

I have one per tenant. It stays there until move out.

When I cash it out..I get a complete receipt ...showing interest paid, redeem costs (if cashed out early). This receipt is part of the final reconciliation mailed to tenant within 30 days of leaving.

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Re: Escrow by MissKimmie on December 1, 2015 @13:35	[ Reply ]

Thanks , I will keep it in mind for the future. Right now, I'm "inheriting" Ts that come with the buildings I'm buying. They are m2m. The apartments are a bit worn out but with good bones, in an area that is starting to get revitalized. I'm keeping them m2m, getting rid of the worst one at a time as we slowly upgrade each unit. It may take a few years or more or even longer than that to get the tents that I would like. In the mean while.. how's the best way to hold M2M SDs.

Re: Escrow by CA/OR on December 1, 2015 @21:22	[ Reply ]

That's an excellent way to go about it. Will keep this in mind for the next (hopefully, long distant future) turn-over.