All Forum Posts by: Al D.

I apologize. I was dealing with a bunch of things at once - you are in Colorado, not Pennsylvania. Here’s what may be able to help you: http://codes.findlaw.com/co/title-13-courts-and-court-procedure/co-rev-st-sect-13-21-111-5.html

Jonathan Dickerson , I am not an attorney. I don’t like being told by a plaintiff’s attorney to not contact their client - you have to collect your rent, etc; it’s part of the course of your business to (be able to) communicate with your tenant. I also don’t trust my insurance company to have MY best interest in mind. There must be a local personal injury attorney who could give you a free consultation. Any attorney should also figure out the legal “weight” of the “no-contact” “order.” In general, given that the location was under the control of the HOA, the HOA’s insurance should be first to take the hit. Depending on the amount of liability coverage the HOA has - and how far the plaintiff’s attorney wants to take the case - your insurance can certainly also take a hit. You also have no idea how the plaintiff’s own actions may have contributed to the injury. States differ on “joint and several liability.” Before you speak with any attorney about this - and for your general education - here is the law in PA on that, that may help you understand your potential exposure better: http://codes.findlaw.com/pa/title-42-pacsa-judiciary-and-judicial-procedure/pa-csa-sect-42-7102.html I cannot “interpret” the law for you. I believe that you should have little to worry about, but you should have the right to deal with your tenant (as long as he remains your tenant. What, does his attorney want to charge you an hourly fee to be the intermediary for the proverbial clogged toilet?) Good luck! (Information here does not constitute legal advice.)

@Eric G. I am so tired of hearing people say, “It isn’t worth it. Just move on.” I am especially irked when such words come from a licensed person (says you are a PM) in the same field. You should understand better than a regular Joe what is at stake. Assuming that this “agent” is licensed to begin with, it appears that he did not perform what he agreed to perform and charged a (professional) fee for. The agent says it’s too much hassle after accepting the money to perform certain tasks? Let’s allow other professionals to drop out of their responsibilities to us in the middle of their performance. Imagine a surgeon... We have no idea whether this agent does this all the time. Barring any extenuating circumstances that none of us are currently aware of on the agent’s side: at worst - if he had no intention to perform from the beginning - it’s fraud; at best, it’s still a type of theft/embezzlement. But maybe he has a legitimate excuse. Maybe I misunderstood the OP. Whatever the case, if little to nothing has been done of what was agreed to, the OP should get 100% of his fee back. Yes, the OP should threaten legal action. I usually reserve that threat for after I am told “no” on my polite demand for reimbursement. I would certainly speak with the managing broker. But if that does not work, instead of giving up and allowing this agent - and broker - to move on to the next victim under the cover of his license, the OP should file a complaint with the Indiana Professional Licensing Agency or directly with the state’s AG office. It may not get far, but there will be some record - the next victim who complains may get somewhere. How about we all try to look out for each other and point out the bad apples before others take a bite?

@James K, please let me know when you should become a certified surgeon. I’ll have how-to questions for you for a brain surgery I intend to perform on myself. I know it’s not as simple as home repairs should be for anyone who gets into the business of being a landlord, but it involves tools, too. At least a drill, I imagine. So far, all the surgeons I’ve spoken with have been telling me it’s not a DIY project. I think they are nuts. Never thought of becoming a surgeon, James K? Too bad! I think you have the right bedside manners. - A (Certified) Landlord.

@Justen Ashcraft: Yes, that’s how it goes with this investor. I embarrass myself almost daily. Despite the colloquial expectation, I have not yet died of it. Sure, it may seem insulting to receive lowballs. But I consider that part of doing business. I’ve been on both ends. “Sometimes you are the bat, sometimes you are the ball.” Or getting lowballed. You say you know the game, yet you are so offended as to laugh at someone for what you described. I practically feel offended by that, since you are so educated in the game. This forum is about sharing knowledge. A beginning investor reading your post may easily get discouraged. One thing I keep seeing repeated as advice on this site is that “you make money when you buy.” I agree. Depending on the specifics of a given market at a given time, my lowballs may have been as much as 40% below listing - and accepted. Specifically, I bought duplexes in a place that, at that time, for some reason, only had SFRs selling. I saw those sitting on the market for close to a year - would you not make a lowball offer? Maybe that’s not your market - right now. Good for you. I once actually had sellers tell me that they were insulted when I came back with a still-lower offer after an inspection (I had that contingency in the contract,) having first accepted my offer, which was already lower than their asking, as if I were already getting an amazing bargain. I had to explain that their listing agent’s describing the properties (it was a package) as “turnkey” - specifically telling me that there was no deferred maintenance when I asked - was in stark contrast to reality: it could be readily seen from the street that some needed new roofs, to start with. The fact that I was in another state may have played a role in trying to play me. (I took it out on the listing agent separately - after negotiating concessions.) I know that this is not your case, but still - I was told I actually insulted someone. I’ve had my (non lowball, yet considerably lower than the asking price) cash offers accepted over other (allegedly-) higher financing offers, even if mine were slightly lower than those. I am always happy to negotiate with anyone interested enough to make even a lowball offer when there are no other offers. (Again not your case.) I’m happy for you that you have other offers, genuinely. It’s business. Don’t ever take or make it personal, unless someone defrauds you.

You have an application and a paid fee. Sounds like you may have no way to prove that you notified the prospective tenants that they were approved. Maybe you do... Everyone here is correct. I would only add that you should keep the returned application for your records, and add notes on how/when you notified the applicants of their approval, but heard nothing back as of X date, and approved next potential tenant on X or Y date. I guess sate laws on statutes of limitation for civil suits (like alleged discrimination, charging fee but not running credit reports, or running credit reports with no application, etc) vary. Then there are the federal laws. I’ve heard lawyers say to keep records for 7 years. Welcome to the club. -Dark cloud.

Going to Legal Aid is fine, as @Colleen F suggested. The amount of time is alarming. So, I would assume that the landlord is dead... Why no one has shown up as part of an estate by now is unknown. Maybe the landlord is in a coma and there is no will/trust/relatives nearby. Or he just lost the will to be a landlord - I’m getting there. Your relatives can continue to not pay the rent, and see how long they can get away with that, while also putting up with no repairs. I’m sure you would not recommend that. Where I would start looking - if you want to find him: You say it’s a quad. Does anyone come by to clean the common area? Cut the grass? Have they been getting paid? Whom do they invoice? I’m also assuming that there is at least common-area electric that must be billed to the landlord. You can call the power company to see if they would (attempt to) contact the landlord at their contact info, which may be different. Schmooze them. If all fails: The address you have for the landlord... If it’s local, ask your relatives to go by and leave a note. If it’s not local, call the law enforcement agency in that area and have it do a “welfare check.” Especially if the landlord is/was elderly... Hopefully, no need to schmooze the dispatcher to get them to go out there - perhaps their computer records may already show what I suspect at the address or under the name. Depending on findings, they may need to notify the next of kin first. But that gets things moving in the right direction for every - ahem - body.

It may just be my app not displaying the info. I like the topic. What is the date/location/cost? Thank you.

Just learned that Bank of the West, which in the East is called BNP, can do non owner occupied HELOCs in the SF Bay Area. They also have branches in the LA Metro. I have not contacted them yet.

No offense to anyone who has chimed in so far, but the OP said that what he has learned on this site so far has not worked for him. I think he is asking for help. In your replies, I do not see how he is supposed to put your wise words into actions - and safely enough for him to not lose his investments when the next correction/recession comes. I can talk about how properties I bought in the SF Bay Area in 2010 quintupled since then - while I was also getting 1-2+% on those. How I exited half of them by now. That is not going to help him today. I’ve been buying exclusively out of state since last year. I am staying away from Stockton, Sacramento, San Bernardino, Fresno, etc - where I have friends who are barely back to the pre-Recession levels (at least as of last time we had these painful for them discussions. Perhaps these areas again have boomed. But that’s even more reason for me to stay away from them.) Those areas got hit hard, and I don’t have enough money for a real crystal ball, having spend a large sum on Miss Cleo in the 90s. We all have opinions, and I know that they differ. I don’t know it all. So, for those who are telling the OP to invest in California - why, where specifically, under what terms? My reading comprehension skills tell me that this is what he’d like to read here. Thank you.