Updated over 2 years ago on . Most recent reply
PM QUITING ON ME
I have a fourplex in Houston, TX and I live in SoCal. I have been going back and forth in legal matters trying to renegotiate our lease rates with my tenants. They are using it as an Airbnb Arbitrage, which is violating the lease agreement. When I purchased this property, the rent includes utilities and it's putting me in a negative every month. Since they don't want to renegotiate, I've decided to evict them.
Suddenly, today, when I tell my PM to put up Eviction Notices on their units, they send me an email giving me 30 days notice that they will end our contract on August 18th because they don't want to be part of the litigations. They're telling me since I have my attorneys helping me with the eviction process, they should be the ones to put up the notices.
What is the best way to go about finding new tenants and who can help me in this process? I have a well-qualified attorney, separate from this case, that is planning to partner up and create a new management company. I want to use her to manage my property but it's not up and running yet.... although she is helping me and giving me advise as I go thru this case, I wanted to get more insights from my fellow investors here in BP.
1. Should I have a RE agent help me find tenants? screen tenants and check their background?
2. Should I hire a new PM in the meantime to just help with finding tenants?
3. Should I try to connect with Harris County Housing Authority to find tenants?
Ahhh!!! Don't know what to do!
Most Popular Reply
#4 All Forums Contributor
- Honolulu, HI
Aloha,
Why, if you have a PM, are YOU now dealing with Rental Agreements and evictions? Who is named on the Agreements, you or your PM company? If you, the Tenants should have been notified of a "change in Management", and been dealing direct with the PM.
Of course, depending on Local Laws and the terms of your "Management" Agreement, maybe this is acceptable, but ours always state that we are contracted "To Manage" the described premises, so I would probably be firing you too. Sorry, I know that is not what you want to hear.