All Forum Posts by: Kim Meredith Hampton

@Sendil Thangavelu you really need to hire a professional property manager or real estate attorney to help direct you in the right direction from now and the future

@Bill B. i think he did this himself without a PM

Sendil

In order to withhold rent they need to have notified you in writing about any issues and allowed you seven days to rectify. In addition, if they withhold rent, it has to be placed with the registry of the court where the property is located. If they have not done those two items, there should be no reason why the courts will holdup the eviction. 

Not sure what the interior will look like, but hopefully you have photos of prior to occupancy, so that you will be able to claim against their security deposit, and a judgement for past due rents and any damages

@Glen Michael. I have purchased several PM companies over the years and am happy to discuss, just message me

you are almost to the finish line!! give the tenant notice that you will have the car towed if they don’t remove by xxx date, and make sure you address problems right away instead of avoiding them. As they say, if you give and inch, they will take a mile. Hopefully you have learned some valuable lessons about being a landlord. 

Make sure to go ahead and give proper notice of non renewal per your lease and state statutes, so you don’t have anymore headaches 

@Don G. What is the price point on this property and what type of loan and down payment?

Hi Ran,

I would probably ask around locally for a PM to see if they have backoffice services that they offer, other than that, there are a lot of accounting type of services available with third party vendors through the national association of residential property managers. The reason I say local, because they probably understand your state laws with regard to postings, late rents, how many days grace, eviction laws etc...

 I would file a claim an insurance claim right away. You will probably have some sort of limit regarding mold/medical, but thee things can turn into a mess, trust me, I manage a lot of units and have done so for almost 30 years. 

Make sure that you have all your notes, pictures, work orders reports etc...keeep copious notes, its one of the most important items. The PM should have dates and times that everything has been performed. 

Not sure who can see mold in the lungs?? Tenants will try anything to get money. The sadest part about these frivilious law suits and/or claims is that the insurance comapnies almost always give them something, this is why they continue to do this

@Tommy Brant I agree with you. Im in Florida and sell multi family and some JV on deals, but our rates have increased significantly over the last two years 50-100%, BUT the most recent renewals are more around the 5-10% increases as 8 new insurance companies entered the state this past year. I am one to be more cautious in my underwriting. Would much rather be over than under in my numbers!

AGREE 100%, not every deal is a good deal and move on......

@Brittany Guimond Has been the slowest summer I have seen in decades! And now the sales have slowed too, so hopefully turning the corner for a buyers market.

Don't forget its an election year and inflation isout of control. Our renewal stats this year at 82%, people are staying put! Going to have to reduce to cut down on vacancy. 

On the other hand, my short term company has done better than usual for a slow summer market. This year is just weird.