All Forum Posts by: John Meirose

Hello Daniel,

In my opinion, I recommend using an attorney to write the lease.  If something should happen to go wrong with the tenant you will be involved in the dispute.   Always use caution with leases, to many loopholes in the real estate laws.

Good luck

Hello Leo,

In my opinion, I would let the property pay for the majority of the rehab over a 2 to 3 year period.  Keep the cash on hand for the next potential investment. Good luck

Hello Robert,

In my opinion the most user friendly software is Appfolio.  I've used most of the other systems and we get more positive comments from our clients with Appfolio than any of the other system used before.  Good Luck!

Hello Steven,

Sounds like you have a fun tenant on your hands.  Regarding giving notice, it is hard to say with out reading the lease but most leases give either party the ability to terminate the lease with a certain notice.  With this only being 10 days into your agreement and it sounds like there may be an issue with the electrical outlet, which would need to be fixed prior to renting it again, my recommendation is to try and work it out with the tenant for the remainder of the month and see how everything goes before giving notice.  Just my opinion.  Good luck.

Hello Emily,

In today's world we can't take anything for chance and must assume the worst case scenario to ensure everyone involved is safe.  I recommend notifying your attorney regarding the situation and start the process to get him out.  Good luck!

Hello Neil,

I recommend checking for companies that invest in themselves by being members of local realtor boards , local and national associations like NARPM (National Association Residential Property Management).  By being involved in organizations shows there commitment to being up to date on all the changes laws and market trends.  Also check reviews like Google and Zillow.  Good luck! 

Hello Ryan,

Welcome to BP.  I recommend joining NARPM (National Association of Residential Property Managers).  Being a member gives you a lot of resources and helps network within your local area as well as state and national contacts.  Check it out: www.narpm.org

Hello Matt,

Selecting a property manager is one of the most important pieces to becoming an investor.  My recommendation is to look for a company that invest in it self by belonging to professional organizations, like NARPM (National Association of Residential Property Managers).  In addition, check their reviews on google as well as Zillow to see what clients are saying .  To often I see investors only focus on cost and not the over all value you get from a top notch PM company.  Good luck!

Hello Pablo,

The legal side of this is all based on the current agreement and what your options are based on agreed upon terms.  My recommendation is to send a renewal offer for the new rent amount and let them decide is they want to accept it or not, at which time the tenants should give notice to vacate.  If they don't give notice within the terms of the lease and don't agree to the new amount, than you will have to give notice to vacate.  if they don't vacate at the end of the lease then you will have to start to eviction process.  Good luck

Hello Jeff,

Welcome to BP. I would recommend speaking with your mortgage company first to see if its possible to transfer the loan into an LLC with causing the "due on sale clause" requiring you to pay off the mortgage and find new financing.

It would be a good idea to get a real estate attorney and CPA involved to ensure you are in a good position to transfer to a LLC.