All Forum Posts by: Marc Winter

If you are waiting 21 days to even hear back from your tenant, who is in control?  Take your control back and do the following: 

What does your lease state in terms of rent due date?  Ours is rent due on the 1st, late if not received by the 5th, and we post notice on the 10th.  Period.  The tenant is charged for our posting legal notice, as per lease.

While posting notice (or before) we can check the unit to see if it's still occupied.

Unless the tenant has made written arrangements with you regarding payment, ALWAYS stick to your policy, and make sure your PM follows your directions, per your lease.

@Sai T.,

First, and most importantly, it's best to re-read the PA L/T laws.  OK, so now for the answers to your questions:

You do not have to be present at eviction, however, I believe it's a good practice to be there.  

Be prepared to have the locks changed.  Make sure to close and lock all windows, and any other access that can be gained without a key. 

Inspect and take detailed photos of every room in the unit, and the exterior as well.  Include basement and attic as existing.

Turn off the water (if not needed for heating) at the street, and transfer all utilities into the owner's name.

You may remove and properly store any tenant items left behind, and that is at tenant's expense (collect that amount before you release the items).  You may leave the items in the property, or move them into one area of the unit.

Hold the items for 30 days as per law.  After that, do as you want with those items.  However--READ THE L/T LAW AGAIN.

@Jalen Greenlee,

This is a tough row to hoe.  

I feel compelled to be brutally honest with you: an experienced investors will see about -$0- equity, and no cash flow.  With capex included, it's a negative.

Also, I'm unaware of FHA changing their underwriting requirements, so if you have not lived in one apartment in the property for a year or longer, you are in violation of FHA mortgage regulations. They have no sense of humor for what they consider mortgage fraud.

Further, when the assignee defaults on your mortgage, you will still be responsible. 

Unless the market rent is way above what you are now receiving, IDK who your potential buyer would be.  Perhaps an inexperienced person who will bolt as soon as they realize they have nothing but negative cash flow and they have no liability on the mortgage/note side.  

Speak with your legal professional before doing this deal.

@Ned Marz,

To answer your question, you must answer one; what price are you willing to pay for a 'feeling of more security' for you and your assets?

Is a good night's sleep worth the price/hassle of additional bookkeeping and fees?  

And/Or

@Stuart Udis's prudent advice (I certainly agree with) should be followed re: effective, pro-active management to reduce your overall risk.

For more button-down: umbrella insurance policy. No muss, no fuss, just a payment. 

We never charged any client just to get a maintenance quote.  Now I see $75 is 'acceptable'?!  

Well, never too old to learn, I suppose.

(Still, I won't do that.)

Check you state laws to see if your property manager can go to court in your stead.  In PA we as property managers can legally represent the seller, assuming proper documentation proving the relationship.

I do not take threats of court from a tenant seriously.  Number of times those many dozen of threats have resulted in an actual suit? Zero ( 0 ) in the last 20+ years.

@Stephen De Vita,

An experienced buyer knows property values.  If they are sophisticated enough to properly structure seller financing, they should not muck it up with an appraisal contingency, imho. 

It's good to have a maintenance schedule.  Just stick to it.  Do not leave it up to a tenant.

True:  when the leaves clog the gutters and you have an ice dam form that ruins the interior ceiling, the tenant will NOT be paying for that.

Keep up the schedule for all your regular maintenance. It will cost a few more dollars in prevention, but it will save many, many dollars in cure.

For the record, the tenant should be held responsible for maintenance issues they caused.  Our rules are simple:  if a toilet clog is due to normal wear and tear, that's on the owner.  If we find a toothbrush or other odd item caused the problem, that's on the tenant.

How would you classify the neighborhood?  

If it's A+++, you may consider making a couple, two-tree adjustments.  Anything less than A+++ location--just say "Next!"

Definitely install a washer & dryer.  

Things to keep in mind:  1. clean the dryer vents right through to the exterior exit.  2. make sure the tenant is paying for water and electric--if not, boost the rent to compensate for your higher utility bills. 3. have it professionally installed. 4. install an electronic leak detector. 5. make sure your lease explicitly states your appliance condition and repair rules (whatever they may be).