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All Forum Posts by: Lisa Doud

Lisa Doud has started 0 posts and replied 68 times.

Post: nightmare in Virginia Beach, VA

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

Well Xavier,  You have just meet your professional Tenant.... Did you do a back ground check on the tenant before they moved in?  Did you get rental history?  This are the big things that owners miss when they go to rent their own property.  What I mean as a "Professional Tenant" is that they know the buzz words to say.  If they do get to court you not knowing how the VRLTA works, get shafted because the tenant says that you are not doing repairs, and the Judges don't even know the laws either.  It is very irritating when I or one of my staff members have to request that the tenant pay rent in escrow in court before she may obtain a continuance for a trial, but the judges don't know that that is required...  Again most of my owners come to me when they are in your situation because they just don't know what they can and what they can't do.  

1st you need to know if your lease is set up as common law or under the VRLTA (Virginia Residential Landlord Tenant ACT).  If you lease doesn't explicitly say that it is under  the VRLTA, since the property is in the Commonwealth of Virginia it would fall under Common law.  You will need to google common law requirements.  I personally can only speak to the VRLTA because as a Licensed Broker, I can only operate under VLRTA.  

VRLTA provides tenants and landlords with rights and remedies, but it is never the right of a tenant to withhold rent if they believe that their properties are not being repaired.  They must file a Tenant Assertion, which requires them to place their rent in Escrow with the court in the city/county where the property is located.  Most tenants don't know this.  

In court the judge is  not supposed to entertain any ideas that the tenant is holding the rent because of repairs, but depending on which city (Portsmouth is the best at this, Virginia Beach not so good, Norfolk more than often sides with the tenant), however  when it comes to proving that the tenant holding the rent has nothing to do with why they are not paying their rent all comes down to documentation.  If you can prove that when the tenant reports a maintenance item to you you send a vendor than you are fine... Most home owners can't really prove this because there is no instruction in the lease on how a tenant is supposed to report maintenance, and no tracking mechanism to prove it.  

As a property manager we have an online property management software that tracks everything including every maintenance request from the time a tenant puts in the maintenance when the vendor is notified, when the vendor fixes the and when the invoice comes in.  

Since you don't have a specific way of being notified, she could say I left you a message, I texted you, I emailed you, but you have no specific no way to dispute her trying to put doubt in the judges mind that you the landlord did everything in your power to get the issues fixed.  

Also being you are the owner, I can speak for personal experience, you are personally invested in this court case, and your emotions will show through and as soon as a judge sees that you have no chance of winning the case.  I always send one of my staff members for one of my properties because they have no personal interest in the property.  

You have 2 choices you can hire an attorney, to handle this court case for you, or you can hire a property manager to manage your so that you don't have to put your self in the position of getting emotionally involved in the situation and making a bad decisions.  A lot of the times all tenants just need to be scared in to following the rules, and when you hire a property manager they can no longer get away with the crap because they know we know what we are doing and will go to court and evict them without hesitation...

Again if you have any further questions you may email me.  

Hope this helps.

Post: Need Property Manager in Hampton Roads, VA

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

Thanks @Prince Dhillonfor the recommendation, I appreciate that. @Robert Melcher is absolutely right about checking with your local NARPM Chapter (National Association of Residential Property Managers) is very important. For many of you that don't know about NARPM Check out Why use a NARPM Member to manage your Rental Property.   Remember not every property manager is ethical and fair, but being a NARPM member we are held to a different standard.  

As far as myself, I have been apart of the South Eastern Virginia Chapter of NARPM for 6 Years and as of January 1st, I switched up to the Virginia Peninsula NARPM Chapter to help them grow.  I Received my NARPM Designation of Residential Management Professional in October of 2015, and I am the Education chair for both the Virginia Peninsula NARPM Chapter as well as the Virginia State NARPM Chapter.  

My staff and I (4 full time employees not independent contractors) manage all of our properties as a team so that you can always talk with someone during our office hours 9am-4pm M-F.  

I have a number of video blogs on Pet policy information, all the way down to what you should rent your property for and why on my website, which in encourage anyone to look at. I believe in transparency and you should know what is going on with your property, we use Appfolio as our property management software and as many of you know each owner has his/her owner portal where they can see their documents. 

 I would love the opportunity to speak with anyone about property management or investment real estate.

Post: 4 unit complex deal

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

Good Morning Ken,

  The only way you have to honer the lease is if it is still valid.  Meaning if the lease is still under the contract time.  If they are on a lease renewal, then you need to find out when that lease renewal is up and change it at that price.  The way we have to look at it is that a lease supersedes the sale of a property, and if a tenant is in the unit they have every right to stay as long as they are paying the required rent and living with in the restrictions of the lease.  You are going to need look at the leases closely some people put in auto renewals for month to month, if this is the case then you can give them a 30 or 60 day notice (what ever their current lease calls for) to either sign a new lease or vacate the unit.  

Let me know if you have any further questions.

Lisa Doud
Principal Broker/Owner
Doud Realty Services, Inc.
533 County St
Portsmouth VA 23704
757-295-8007 Opt 2
Fax 888-839-4118

Post: Norfolk, VA Section 8 Rental Property

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

I just got ride of a lady (april 30) in That had lived in a 2br duplex for 10 years, we had to go in and do 6K worth of work to the property, I made a joke with the owner, that it looks like our tenant took all her crawling friends with her, because I don't see any more sign of roaches in the place. I went over Tuesday put our Rently  lock box (this is so anyone can register on my website and go and look at the property on their own) on the door, and was very pleased to see the condition of the property.  I just had a tenant look at at 6:30 pm last night and fill out their application.  I Sent off the lease for digital signature, and now have a signed contract all within 3 days on the market.

I wish the landlord let me vacate that tenant a long time ago...  No more section 8 inspection headache...

Post: Newport News - Hampton - Norfolk Property Manager Referral

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

I would love to talk to you, my team and I currently manage 213 units, and we started using some pretty great software to facilitate quicker occupancy. But it is one of those things I can reccmend myself all day but that is just first person.  You are more than welcome to look at my website, I believe yelp and Google+ for the reviews or I can send you a list of clients that are willing to speak to you about the services I provide.

If you have a chance to call today, I will be at a NARPM (Nathional Association of Residential Property Managers) meeting this morning, but I should be in the office by 10:30.

I look forward to talking with you.

Sincerely

Post: Cold call a Quad in Norfolk

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

check this tax record before you make an offer also go to Norfolk air and check code violations as well to see if it is in a rental inspection zone all before you offer to purchase.

You may need some leverage to get the price resonable before you take on all the problems.

Post: New to the site from Norfolk, VA

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

good evening Gregory,

JThere are many different ways to approach purchasing property with the intent to rent, but it is all where your budget can handle and where you feel comfortable. One thing you have to realize is that the more doors you have you have a higher income stream (duplex, triplex, quad), however some of the tenants you get are transient and don't stay very long. However the risk with single family properties, is that when they are empty there is no income until you re-rent the property.

As your fist purchase, I would tell you can get a much better rate on any multi-family with a residential loan if you intend to occupy one unit for at least one year. This is the only way to get in with a minimum down payment and cut your living expenses so you can save up for the next one.

When my husband and I got married 12 years ago we each had our own properties, I had a town house, and he had a single family home. We ended up purchasing our house together after we got married and started purchasing from there. We have quite a mix 2 6 unit buildings, 3 unit + Commercial space (my office), Triplex, 2 townhouses, and 5 single family's, for a total of 26 rental units. I am my largest client, however I over 200 rental units for my clients.

If you ever want to talk you are more than welcome to visit my office and see how we run our property management division. My husband Eric focuses on selling investments, and my speciality is the property management side.

Look forward to hearing from you.

Post: Brand Spankin New!

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

Good Morning Tim,

  It really depends on what type of property you are looking at, and the locations in which you are looking to buy in.  

As you know there are lots of places to stay away from here in our area, but maybe we could chat about those.  

Sincerely

Lisa Doud

Post: Firm to hang my license in Hampton Roads

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

@Gary Alford @Robert Barnes

My business model might be something you are looking for, however my company is associated with the realtors association so that would be a requirement to hang your licenses under my licenses, but I am not going to charge anyone an arm and leg.  

give me a call and we can talk.

Sincerely

Lisa Doud

Post: Property Managers in Hampton Roads

Lisa Doud
Posted
  • Investor
  • Portsmouth, VA
  • Posts 75
  • Votes 72

good morning mark,

Weather you choose to call me or not, keep these things in mind when selecting a property manager....

1.  Ask how many rental properties they own, most of the time they will change the answer to how many properties they manage.  If a property manager doesn't have rental property then they really don't understand the urgency of getting your property rented.

2.  What kind of fees can you expect... A lot of companies have miselanious fees, and you will never know exactly what your monthly costs are.

 3. How long is the management agreement and what happens if you feel the manager is not working in your best interest any more.  A lot of companies like to lock you in for 1-3 years in a management agreement.

4.  How is maintenance handled? Are you able to do your own property maintenance?

5. How are emergency repairs taken care of.

6.  When can I expect to receive my rental proceeds?  A lot of companies don't pay owners until the 15-20 th of the month.

I could go through a list of much more, but I would love to have the opportunity to speak with you.

Sincerely