All Forum Posts by: Julie Hartman

We just had this happen in one of our units as well. The tenant had entirely too many clothes hanging on the rod and it snapped in two. We made her get it repaired out of her own pocket and now she knows not to do it again. 

I don't know why your PM says they can't send to collections until they secure a new tenant; one doesn't have anything to do with the other. We typically send to a collection agency and have had success with that. Going that route though means you will sacrifice some of the money but it's better than nothing. The company we use takes a 40% cut of the collection but they do all the leg work so it's worth it. They will locate the evicted tenant and go to court on your behalf as well. IF they can locate the tenant and win a judgement, they will most likely garnish their wages (assuming they have a job).  

In CO the laws just changed and we are not allowed to turn down section 8 vouchers because it's now considered discrimination on type of income. With that said, we've had good luck with section 8 tenants. They are always very kind and thankful. As others have said, it comes down to your screening process just like any other applicant. The government pays on time every month and the inspections aren't bad. And as long as the property owner takes good care of the property, there is nothing to worry about. 

I don't know if you need a license to "own" a PM company but I would think so. It wouldn't make any sense to own a PM company and not hold a license, IMO. As an owner you would need to be fluent in the RE rules of your area and know what your employees are doing that could impact your business. I don't know the rules in Canada but in the U.S. most states require a PM hold an RE license because there is much to understand with regard to accounting for money belonging to others and agency rules. 

The seller needs to provide that documentation as part of the due diligence documents and your agent should request this. I wouldn't feel good about a deal if the seller can't prove the income unless you feel good about your independent research on the area, etc. I am sure others will weigh in and give more insight to this as well. 

If the lease is thin then you may only be able to get damages back. Let's hope they indeed move out if the place is in rough shape. You can fix it up and get it rented to someone of your choosing using your lease agreement which will be suited to your needs. Just as @Theresa Harris said, itemize the repairs they were responsible for so you can try to collect on those at the very least. Try to get them to tell you where they are moving to so you have the forwarding address for collections if you need it. We usually lead people on with "we need your forwarding address for any remaining deposit funds". Money is a good motivator. Sorry you are going through this. I hope if works out. 

It depends on what your lease states. Does it allow for the owner to access with reasonable notice for the purposes of showing for sale or rent? Are you selling with the tenant in place or are they vacating at lease end? If they are vacating at lease end and soon, then it may be better to wait until they are out to do what you need to do. If you don't want to wait and have the ability to enter with reasonable notice then do that. If they try to stop you from entering the property then you may have to issue a lease violation and try to evict them on that basis. They must be doing something in there they don't want you to see which doesn't bode well. 

After you confirm the information, I would consult your lease agreement and see what it says about breaking the lease (penalties, etc). I would think they are on the hook for a re-letting fee and possibly rent through the end of their agreement period plus utilities. If they are indeed moving, then be sure to follow the laws of your state in how you treat the deposit. Hopefully they leave it in good condition so you can turn it over quickly. 

I think it depends on the laws of your state but I know here we can't change a lease that is already in play unless the tenants agree to do so. If you are keeping everything the same then I would leave it alone until it's time to renew them. Then they can sign a new lease through you. If you just closed, I would reach out to your agent or the title company and let them know what happened. Surely there was a sign-off about this at the closing table. If the sellers didn't notice they were paid in error, they aren't very observant. Or they were hoping you wouldn't notice. Were the tenants notified that there was a change in ownership/management coming? By law, at least here in CO, that is a requirement ahead of time so the tenants know exactly where to pay rent going forward. 

Denver is a very hot market and has been for quite some time and doesn't look to end soon. Many folks from out of state leaving their own high priced markets to come to Denver where they may pay less but it's putting upward pressure on prices. You may need to get very creative to get a property. Good luck!