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Frequently Asked Questions

Browse Some of Our Most Frequently Asked Owner Questions

Vacancy & Leasing

What happens if the security deposit does not cover the damages?

Mynd will send the resident an invoice for any deficit.  If the resident does not pay, Mynd will send the resident to a third-party collection agency.  You, the investor, will need to cover the cost of damages above the security deposit to get all work completed.

Mynd will cover up to $5,000 in damages above the security deposit if you are on the Peace of Mynd Plan.  To learn more about the Peace of Mynd plan click here

Do you market my property while the resident is still living in the property?

Mynd Pre-lists the property while occupied.  Pre-listing the property is advertising the property that it is coming soon and that we are accepting applications.  Mynd does not show occupied properties.

What are the damages that the resident is responsible for?

Typical damages a resident is responsible for include cleaning, carpet cleaning and landscaping.  

Landlords cannot charge a resident for normal wear and tear.

Please review the Wear & Tear VS Damages sheet.

How does Mynd determine what is needed to get the home ready for a new resident?

Mynd reviews the latest assessment report to determine what work is needed to get the property ready for the next resident.  Mynd sends the report to a trusted vendor to get an estimate based on the report.  Once the estimate is received Mynd will determine what is damage (resident charge) and what is wear and tear (investor charge).

If the wear and tear estimate exceeds the maintenance limit, your property manager will review the assessment with you for your approval and funding.  If the wear and tear estimate does not exceed the maintenance limit, the property manager will approve the work to begin.

What does Mynd do to limit the number of vacant days?

Mynd pre-lists the property while the unit is occupied. Mynd is in constant contact with the resident during the last 30 days to ensure the resident leaves the property in the condition they received it and does not occupy the property after the scheduled move out date. Mynd schedules rekey, utilities, landscaping and maintenance weeks before the scheduled move out date to ensure all work is completed as soon as the resident moves out. Once the home is vacant and being shown, Mynd conducts a weekly analysis of the market to ensure that leasing traffic is sufficient in order to secure a lease. Mynd may reach out with pricing recommendations in an effort to increase traffic/applications.

As the property owner, what can I do to limit the number of vacant days?

The best way to limit vacant days is to allow Mynd to do what we do best which is to manage and lease properties. By following our recommendations you can limit the vacant days. Approving upgrades, contributing funds in a timely manner (if needed), allowing pets and accepting our rental price recommendation are all examples of what you can do to help reduce vacant days.

Do you rekey the house after the resident moves out?

Each time a resident moves out and prior to a new resident taking occupance, the locks will be changed. This will reduce your liability and give your resident peace of mind.

Will you let me know when my home has been leased?

An automated email notification will be sent to you once a lease has been executed on your home.

How are turnover expenses billed?

The expenses will be paid directly from the property’s operating account and, if applicable, the resident’s security deposit will be applied towards the property’s operating account for reimbursement of resident-responsible charges.

What are the damages that the resident is responsible for?

  • Typical damages a resident is responsible for include cleaning, carpet cleaning and landscaping.  
  • Landlords cannot charge a resident for normal wear and tear.
  • Please review the Wear & Tear VS Damages sheet.

Can the resident use their security deposit to pay the last month rent?

No. The security deposit covers any damages caused by the resident and their guests and to pay any outstanding administrative fees. The security deposit is processed by Mynd Management according to State Law.

How many days notice does the resident have to give to move out?

The standard Mynd procedure is the resident must give 30 days notice, the procedure may change depending upon state law or non-Mynd lease. If they do not give appropriate notice, they are rent responsible for the amount of time stated in the lease.

Why does Mynd change the locks each time a new resident moves in?

In most markets, the state property code mandates that locks are changed upon move out for safety reasons. Also, changing locks in between Residents shields you from liability and helps residents feel safe in their new home. Therefore, Mynd’s policy is to always change the locks each time a new resident moves in. 


What criteria does Mynd use to qualify applicants?

What is Mynd’s rental application process?

Each person 18 years or older is required to apply. We do a thorough background, credit, income, and rental history check.  We require the applicant make 2.5x the monthly rent and there is no history of rental debt on their credit. We also have credit thresholds that the applicant has to fall within to qualify for the home. In some instances, we require an additional deposit to lease the property if the applicant has a marginal Resident Score (a combination of background, credit, rental history). We collect a hold fee once approved and this takes the home off the market. If the applicant cancels and the cancellation is not due to the home condition or ready date being adjusted, we take a daily prorated amount out of the applicant's hold fee.


Can I lease the property myself?

We are a full-service Leasing and Property Management company. We have policies and procedures in place to ensure we are in compliance with fair housing guidelines. For liability reasons, we do not allow owners to lease homes themselves. 


Can my agent list the property for lease while Mynd is managing the property?

In certain markets, we work with outside agents to get our homes leased. Historically, we find that we lease homes faster if the listing stays in-house and it costs the owner less money as well.  For this reason, we encourage owners to use our services before employing outside agents to list their homes. 


Does Mynd adhere to Federal Fair Housing Guidelines?

Yes, Mynd abides by the National Fair Housing Act, the Fair Credit Act, and follows the same screening and application process for all properties and applicants. 


How long can a resident hold a property?

A resident can put down a security deposit to hold a property up to two weeks.  If a resident would like to hold the property greater than two weeks, Mynd will contact the owner for approval.


Does Mynd require residents to have tenant insurance?

Yes. Residents must provide a copy of their tenant insurance before Mynd will give the resident access to the property.


Does Mynd require residents to have utilities in their name?

For any property that utilities are not provided by the landlord or the home owners association, the resident must provide proof of utilities before Mynd will give the resident  access to the property.


Does Mynd make the final decision on application approvals?

Yes, Mynd has complete ownership over application approvals. As a Mynd client, you do not have to worry about reviewing and screening applications. Mynd performs all of the heavy lifting for you. Mynd abides by the federal Fair Housing Act when selecting applicants. By leaving the entire application process in our hands, it allows us to shield you from potential fair housing claims or lawsuits.

Can I receive a copy of the applicant’s credit report?

The Fair Credit Act prevents us from divulging personal information about any applicant, so we’re unfortunately unable to provide you this information.


Who holds the security deposit?

Mynd holds the security deposit. Mynd also accepts the risk and responsibility of performing the security deposit disposition when the resident moves out.  


Rent & Residents

Can the resident use their security deposit to pay the last month rent?

No.  The security deposit is to cover any damages caused by the resident and their guests and to pay any outstanding administrative fees.  The security deposit is processed by Mynd Management according to State Law.

How many days notice does the resident have to give to move out?

The standard Mynd procedure is the resident must give 30 days notice, the procedure may change depending upon state law or non-Mynd lease.  If they do not give appropriate notice, they are rent responsible for the amount of time stated in the lease.

Is my resident going to renew?

Mynd starts the renewal process 90 days before your home’s expiration month. Mynd will notify the owner of the recommended renewal plan and you’ll receive an automated email notification once the renewal lease has been executed.

How do I know if my resident paid rent yet?

You may visit the “Properties” tab on the Mynd owner portal to view the real-time rent collection status for your home.

Distributions & Accounting

How do I update my ACH account for distributions?

Please visit the Mynd Owner Portal and go to Account & Settings. Go to Entities and then click on the pencil on the top right corner of your entity name. You can change your banking information on this page. Please note we will request a security code that is sent to your email to prevent any fraud.

When will I receive my distribution?

Mynd offers a weekly distribution schedule so that our owners receive rent quickly no matter when the resident pays. The first distribution of the month is initiated on the 10th (or next business day if the 10th is on a weekend or holiday). Any remaining distributions for the month, if applicable, will be sent on the following Wednesday of each week. Please note, depending on your bank, it may take 1-2 business days for the funds to process and show up in your account.

Can I receive additional or different reporting?

Please visit the Mynd Owner Portal and go to the Documents tab. You may click +New Reports and generate custom reporting through our most popular reports such as cash flow and income statements.

My property account needs more funding, how do I contribute?

Your Mynd representative must request the amount needed through our internal system. Once the request is made, you will see the request in the middle of the main dashboard of your Mynd Owner Portal. Once you click approve, you can enter your banking details which will be saved for future use. Please note that the third party charges a 2.75% fee for using a credit or debit card but it is a free transaction if you use your checking or savings account banking details.

Other Common Questions

Why do you require a reserve for my property?

A required reserve is an industry standard and allows Mynd to operate your home more efficiently. Reserves are used if an invoice is received after a rent distribution has already been sent to the owner rather than needing to ask for an owner to contribute money.

How do I receive copies of invoices for monthly expenses?

Copies of invoices are included in the email with your earnings report.

What is a Repairs & Maintenance (R&M) Limit? Will you contact me to approve every service request?

The Repairs & Maintenance limit is the monetary amount where Mynd will reach out to you for required approval on a repair. If a repair is over the approval limit and not considered an immediate emergency, Mynd will require approval from the owner. If a repair is lower than the approval limit, Mynd will proceed with the repair without owner approval. This limit is included in order for Mynd to efficiently manage your property and create a happy home for your resident. You may also update your automated notifications in the Account & Settings section of the Mynd Owner Portal to notify you when any service request has been created.

How do I contact my portfolio management team?

The most efficient way to communicate with your portfolio management team is using the Mynd portal messaging or e-mailing owners@mynd.co. You may also call 833-FOR-MYND.