All Forum Posts by: Addy Cash

The "standard agreements" that the service providers (realtors, accountants, dentists, beauty centers, etc.) ask clients to sign are extremely lopsided (i.e. only in the service providers' favor). We cannot have a lawyer by our side at all times. How can I protect myself as a client? 

I am about to sign an Agreement with a Property Manager who I'm hiring to manage my rental property (residential townhome) in Oregon state. The following clauses in the agreement seem a bit weird to me, are these normal:

1. The Property Owner shall obtain and maintain full control of renewal of property and liability insurance coverage naming the Property Manager as co-insured, including fire and a minimum of $100,000 liability coverage; the Manager has no duty or responsibility with respect to any insurance coverage.
2. In the event the Owner enters an agreement for sale of the property, or an agreement to list the property for sale, Owner agrees Manager may terminate this agreement immediately, without any advance notice to the Owner.
3. This Agreement may be terminated without cause at any time by either party with a sixty (60) day written Notice of Termination. If this agreement is terminated by Owner during the term of any Rental Agreement, Owner agrees to pay an amount to Manager equal to 50% of the management fees that would accrue during the remaining term of any rental agreement in effect at the end of the 60 day notice period.

Should I be wary or am I overreacting?

My tenant left the house (after 3 years) in such disarray that I had to pay $1200 for clean-up and $1000 for repair (it is a 1450 square feet townhouse). I only had $300 listed as a cleaning fee listed in the lease so I am planning to only deduct $300 instead of $1200.

However, the cleaning person was unable to restore the stove grates/grills to their previous state (they were like-new when I left) from years of baked-in grime and grease. I myself tried cleaning them 4-5 times (watching YouTube hacks) but they are not clean enough and the DIY products (ammonia etc.) are making me sick now. I am at my wit's end and think the tenant should take some responsibility.

I want to replace these grills instead of spending more time restoring them and this time I am planning to deduct that cost from the tenant's deposit. What do you think?

1. Pictures of the state of the house when they left
2. Pictures of the cooktop grate/grill after my 5th attempt at cleaning it

I was “looking around” at houses for fun and found a perfect house(as a primary residence) that fits my budget. I am planning to place an offer. Do you recommend I get a buyer’s agent at this stage? Or can I pass the cost savings (by not getting an agent) towards my closing cost?

I do not have much experience in real estate.

Wow! I am blown away by the wealth of information you all shared with me. This website is amazing! I didn’t know that I was missing out on such a great community. I have realized that I know too little in this area, I will spend some time educating myself. Thank you everyone for pointing me in the right direction!

I bought a rental property(single-family house) in Oregon for $350K cash and placed it on rent for $1850 per month. I pay $185/month in HOA and $9000/year in property taxes. I had to make a quick decision with buying this property, due to a life event change at that time(divorce, 1031 exchange etc.). However, now that the dust from my life transitions has settled a bit, I am wondering if it is better if I invest my $350K in multiple properties (or at least more than one) instead of putting it all in one. This will mean I may have to take on a loan, though. I am new at investing. What do you experts think?

P.S. I have a full-time job and cannot spend much time managing the properties, looking for a passive investment scenario

I bought a rental property(single-family house) in Oregon for $350K cash and placed it on rent for $1850 per month. I pay $185/month in HOA and $9000/year in property taxes. I had to make a quick decision with buying this property, due to a life event change at that time(divorce, 1031 exchange etc.). However, now that the dust from my life transitions has settled a bit, I am wondering if it is better if I invest my $350K in multiple properties (or at least more than one) instead of putting it all in one. This will mean I may have to take on a loan, though. I am new at investing. What do you experts think?

P.S. I have a full-time job and cannot spend much time managing the properties, looking for a passive investment scenario