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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'>These companies who guaranty rent have come and gone many times over the years. Be careful.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'>The 2 main ones now are Steady and Surevestor and both are licensed insurance companies. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'>The charge to the tenant is often predatory. The owner is supposed to pay it BUT it is passed onto the tenant by way of a “fee”. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'>Another one is a “risk mitigation fee”. Property manager charges an extra $200 to tenant if credit is bad and pockets the money.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'>I know some managers of SFH who are charging tenants $200 a month so the tenant does not have to pay a $1500 security deposit up front and they actually continue the charge when the tenant renews! So tenant in there for 2 years? Property manager pockets $4800 and will use $1500 of it in case there are damages. The property managers are pocketing huge sums each month.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'>It is predatory and the property manager is self insuring the whole deal. The property owner does not even know!<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'>Obligo, Rhino and SureDeposit are all doing this stuff where the tenant does not have to pay a full security deposit. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'>My clients want me to give a stamp of approval on it but I just can’t do it.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'>Harry<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><b><span style='font-family:"Arial","sans-serif";color:#1F497D'>LAW OFFICES OF <br>HEIST, WEISSE & WOLK P.A.<br>PH: 1 800 253 8428<br>FAX: 1 800 367 9038<br>"Serving the Property Management Professional"<br>Website: </span></b><span style='color:#1F497D'><a href="http://www.evict.com/"><b><span style='font-family:"Arial","sans-serif";color:blue'>www.evict.com</span></b></a></span><b><span style='font-family:"Arial","sans-serif";color:#1F497D'> <br>Email: </span></b><span style='color:#1F497D'><a href="mailto:harry@evict.com"><b><span style='font-family:"Arial","sans-serif";color:blue'>harry@evict.com</span></b></a></span><b><span style='font-family:"Arial","sans-serif";color:#1F497D'><o:p></o:p></span></b></p><table class=MsoNormalTable border=0 cellpadding=0 align=left width="100%" style='width:100.0%;margin-left:6.75pt;margin-right:6.75pt;margin-bottom:7.75pt'><tr style='height:19.9pt'><td width="16%" rowspan=2 style='width:16.3%;padding:1.5pt 1.5pt 1.5pt 1.5pt;height:19.9pt'><table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width=360 style='width:3.75in;border-collapse:collapse;border:none'><tr><td width=64 valign=top style='width:48.3pt;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='mso-element:frame;mso-element-frame-hspace:9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:paragraph;mso-element-anchor-horizontal:margin;mso-element-top:4.55pt;mso-height-rule:exactly'><a href="https://www.facebook.com/pages/Heist-Weisse-Wolk-PA/343965575625870"><span style='font-size:10.0pt;font-family:Consolas;color:#1F497D;text-decoration:none'><img border=0 width=37 height=37 id="_x0000_i1026" src="cid:image002.png@01D697FC.A67E34D0"></span></a><span style='font-size:10.5pt;font-family:Consolas;color:#1F497D'><o:p></o:p></span></p></td><td width=296 valign=top style='width:221.7pt;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='mso-element:frame;mso-element-frame-hspace:9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:paragraph;mso-element-anchor-horizontal:margin;mso-element-top:4.55pt;mso-height-rule:exactly'><b><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'><br></span></b><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Visit us on Facebook</span></b><span style='font-size:10.0pt;font-family:"Times New Roman","serif";color:#1F497D'><o:p></o:p></span></p></td></tr></table></td><td width="82%" valign=bottom style='width:82.74%;padding:1.5pt 1.5pt 1.5pt 1.5pt;height:19.9pt'><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:115%'><span style='font-size:10.0pt;line-height:115%;font-family:"Times New Roman","serif";color:#1F497D'><o:p> </o:p></span></p></td></tr><tr style='height:19.85pt'><td width="82%" valign=bottom style='width:82.74%;padding:1.5pt 1.5pt 1.5pt 1.5pt;height:19.85pt'><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:115%;mso-element:frame;mso-element-frame-hspace:9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:paragraph;mso-element-anchor-horizontal:margin;mso-element-top:4.55pt;mso-height-rule:exactly'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></b></p></td></tr></table><p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif";color:#1F497D'>THIS E-MAIL MESSAGE IS CONFIDENTIAL, ATTORNEY-CLIENT PRIVILEGED, AND INTENDED FOR THE PERSONS NAMED ABOVE ONLY. ALL OTHER USE, COPYING, OR DISTRIBUTION IS STRICTLY PROHIBITED.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p></div><p class=MsoNormal><span style='font-size:14.0pt;color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] <b>On Behalf Of </b>RPPTL Real Estate Leasing Committee<br><b>Sent:</b> Thursday, October 01, 2020 1:50 PM<br><b>To:</b> landten@lists.flabarrpptl.org<br><b>Subject:</b> Re: [RPPTL Leasing Committee] Tenant credit enhancement issue [IWOV-Active.FID8106045]<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;font-family:"Times New Roman","serif"'>No. Because this bond is to secure only the payment of rent, it is in the nature of advance rent. It is not a security deposit to cover damages to the premises and such other applications as may be addressed in the lease. The landlord would still want to require a normal security deposit.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif"'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif";color:black'>Warren P. Gammill, Esq.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif";color:black'>Warren Gammill & Associates, P.L.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif";color:black'>Suite 400, Courthouse Plaza<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif";color:black'>28 West Flagler Street<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif";color:black'>Miami, Florida 33130<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif";color:black'>Telephone: 305-579-0000<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif";color:black'>Telecopier: 305-371-6927<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif";color:black'><a href="mailto:Gammill@MiamiLawOffice.com"><span style='color:black'>Gammill@MiamiLawOffice.com</span></a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif";color:black'>Website: <a href="http://www.gammilllaw.com/"><span style='color:black'>www.gammilllaw.com</span></a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif"'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif"'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman","serif"'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> landten-bounces@lists.flabarrpptl.org <landten-bounces@lists.flabarrpptl.org> <b>On Behalf Of </b>RPPTL Real Estate Leasing Committee<br><b>Sent:</b> Thursday, October 1, 2020 1:00 PM<br><b>To:</b> landten@lists.flabarrpptl.org<br><b>Subject:</b> [RPPTL Leasing Committee] Tenant credit enhancement issue [IWOV-Active.FID8106045]<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Greetings! A novel issue has been presented and I would like some thoughts, please.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Residential multi-family landlord wants to lease units to tenants with marginal credit ratings. In order to do so, they have a surety company that for a premium will bond the amount of rent for a year. The landlord proposes to pass the cost of the premium along to the tenant, who will pay that in addition to the market rent. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>This is similar to PMI for a mortgage with a high LTV ratio.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Question: Do the premiums constitute security under 83.49? <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><b><span style='font-size:14.0pt;font-family:"Poor Richard","serif";color:#1F497D'>David Weisman<o:p></o:p></span></b></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Partner<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Board Certified Real Estate Lawyer<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Greenspoon Marder LLP<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>200 E. Broward Blvd., Suite 1800<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Fort Lauderdale, FL 33301 <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Phone 954-491-1120 <b>Ext. 1015</b><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Direct Phone 954-343-6941<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Arial","sans-serif";color:#1F497D'><a href="mailto:David.Weisman@gmlaw.com"><span style='color:blue'>David.Weisman@gmlaw.com</span></a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Arial","sans-serif";color:#1F497D'><a href="http://www.gmlaw.com/"><span style='color:blue'>www.GMlaw.com</span></a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><img border=0 width=192 height=42 id="Picture_x0020_1" src="cid:image003.jpg@01D697FC.A67E34D0" alt="gm-horizontal-bw_nolaw2 (2)"></span><span style='font-size:12.0pt;font-family:"Times New Roman","serif";color:#1F497D'><o:p></o:p></span></p></div><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal>GREENSPOON MARDER LLP LEGAL NOTICE <br>The information contained in this transmission may be attorney/client privileged and confidential. It is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by reply e-mail. <o:p></o:p></p><p>Unless specifically indicated otherwise, any discussion of tax issues contained in this e-mail, including any attachments, is not, and is not intended to be, "written advice" as defined in Section 10.37 of Treasury Department Circular 230.<o:p></o:p></p><p>A portion of our practice involves the collection of debt and any information you provide will be used for that purpose if we are attempting to collect a debt from you.<o:p></o:p></p></div></body></html>