All Forum Posts by: Account Closed

@Sylvia B. I let them know that they are welcome to be there, but not required to be. If they are not, I have them contain their pets during the time of the walk through.

@Herly C. Most tenants will not think to double check. If they find out and approach you about it, just let them know that you always identify yourself as the property manager in order to maintain a good relationship with your tenants. 

@Thomas S. Personally I think it's less of "being afraid to take on responsibilities" (you're still doing all the work, just choosing to go by PM instead of Owner) and "hiding" as much as it is about that separation from you and the tenants. They will often cause much more trouble knowing you're the owner and can change anything you want about the property. This can lead to unnecessary phone calls, requests, sob stories, etc... And when handling a situation like that as a PM, you can easily take the emotion out of it for the tenants when they don't believe they're talking to the owner. It's about working smarter, not harder. Just my thoughts!

Hey Dustin, whatever you do, do not say you're the owner. Tell the tenants you're the Property Manager, and feel free to let them know you live in the unit below at any point. My advice is better sooner than later, but it's up to you. 

Hello Ashton, would a tenant be replacing the one who is leaving? I would have them both apply separately, and if they are approved, sign a jointly and severally liable 12 month lease with them. This would ensure that you can hold either or both responsible for the full amount of rent for the full lease term. If the one tenant leaves and the other tenant would like to take over the full payment, then you can sign a release form with them spelling out the terms of the one leaving, releasing them from all lease obligations. 

If a new tenant is coming in to replace the one leaving, have them apply as well, and write up a tenant replacement addendum, charging a fee to the tenants to have you do this for them. 

 For now, have them both pay you rent however they'd like to, be it together or separately as long as they follow your payment instructions on your lease. 

It sounds like the property manager does not still manage the properties, correct? If they do, fire them immediately. Occasional PMs will not notify owners of a new lease signed, but that never should have happened when the property was for sale, as rental income is a huge factor when purchasing a property. If it was condition on the PA that current leases were to be provided at close of the sale, then you are within your rights to sue the seller for not disclosing the current leases. If it was his property manager, it was his responsibility to ensure that he was providing you with the current leases, especially if he knows his PM does not check with him before signing leases.

For me, it depends on the kind of rentals you have. I currently manage class B rentals that have been renovated within the last 5 years, and most of my tenants are heavily screened young professionals. That said, I walk through the rentals at least every six months, giving my tenants at least a 48 hour notice of the walk through. Most of my properties are also duplexes, so if someone isn't taking good care of their unit, I will get notified by their neighbors! As far as the lease goes, I have a standard clause covering landlord access with reasonable notice (24 hours) in cases of maintenance and inspections. 

@Julie Marquez You can hang your license with a local brokerage as has been mentioned, or you could hang your license with a Property Management company and pay them a small fee. I worked for a management company that  had someone who wanted to do his own thing, so he branched out and managed for separate investors, worked from home, and paid the PM company to continue to hang his license there and use their name. Ultimately it's about clarifying your goals, and creating a plan that allows you to achieve those goals in the best possible way. It sounds like  spending some time working for an established company may be a great start for you. Once you've got a year of that under your belt, it's possible that you'll have made some very beneficial connections and will then have a clearer idea of what it will entail to start your own company!

Hey Scott! If you're receiving that many inquiries on ZIllow, it's possible that your home is under priced. Do some research on similar homes in your area and first make sure that it's properly priced. Second, the point of posting a property for rent is to receive inquiries, so if you are not in a position to promptly respond to them and show the home, you may consider hiring a professional management company to do this for you. If you can only set up showings at certain times, consider putting that in your property description (e. g. "Showings are held Saturdays between 2pm and 5pm"). You can also write a form email, so you can essentially send the same response to all inquiries, saving some time and giving them all the required information and attention.

Some states have laws about how much you can collect in a judgement, I charge a flat $50 late fee on the 2nd day (rent is due on the first, it's late on the 2nd). This is explained at the tenant's lease signing so there are no surprises if they are late. In MI you can collect up to $35 as a late fee in a judgement. 

Granite counter tops can be a nice selling point to renters, however it's usually not a make-or-break item, and you will not get a higher rental amount from using granite instead of laminate in a rental unless it's brand new, in which case granite can be more of a highlight.