All Forum Posts by: Patricia Steiner

I have many out of market/state/country investor clients (and I also do out-of-state investing for my own portfolio) who self-manage their properties which is the best way to maximize cash flow and retain control of your investment. You'll need a realtor/broker who specializes in investment properties in order to not only acquire the right property in the right market but to gain introductions to vetted contractors and resources.  You'll also need to be well-versed in the Landlord-Tenant Laws of the state you purchase in as well as resources for tenant screening and contracts.  Buying a property is easy...it's the rest that takes it from a cash outlay to a cash inflow experience. 

Hope this helps...and you can do this.  

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No...a 1910 house will require more repairs than ever revealed from an inspection or walk-through.  I own one of these 'historical treasures' so I know first hand the required and continuous maintenance that will come your way. Also your insurance expense will be higher due to the structure's age.  I also caution in taking on more than double the rehab expense you've incurred in the past - especially with a property that isn't tenant friendly from a parking standpoint; it won't be long before the trekking tenant discovers that trolling for street parking isn't the cruise he signed up for and starts parking in the yard, squeezing in the driveway, or starts claiming defects with the property so he can terminate the lease. 

I recommend walking from the property due to its age, rehab expense (which will likely go higher than estimated), and the parking challenges.  Just my two cents...hope this helps.

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If ever there was cause to come together and fight for better enforcement laws, the issue of squatters is it.  How the law 'protects' their 'rights' to breaking the law and stealing possession of a property is beyond me.  The thought of paying them to leave makes me ill but the $2500 spent on doing so was a cheap date considering the other options.  Crazy...

We teach people how to treat us.  Put the trellis back.  Ignore the neighbor - she will up the torment to get a reaction from you and when you refuse to give one, she'll get bored and move on to another victim.  And this:  don't put someone else's selfish needs before yours...there is no award for suffering fools.

To better days to come...

Bottom line: you have to know your state's landlord/tenancy laws.  If the property is located in Tennessee, here's the requirement for a tenant breaking a lease:

"Tenants are required to provide written notice to landlord before breaking a lease in Tennessee. The notice period may vary depending on your lease agreement, but it's typically 30 days. Failure to provide notice may result in additional fees or consequences."  

You're stuck with the current tenant.  Don't be surprised if he attempts to break it again and then hold him to the state's written notice law and the time stipulation in your contract.

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It happens...welcome to real estate.  You don't need to go through the seller for utility history; not everyone is as geeky as me in keeping detailed invoices on file. Call the utility company, share your nightmare with them, and ask for the historical usage needed by your insurance adjuster.  They know the drill and can provide the information.

Hope this helps and hope even more that this is all behind you soon.

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I only do 12 month leases and re-evaluate the rent price based on market conditions at that time. In my market, that means the rent will increase.  I do not do month-to-month leasing as it is a disrupter of cash flow.  As far as when is a good time frame for renting, look at who your renters are and how you acquired them.  If you want to target college students, October misses the mark as would the placement of medical residents.  In your market, it misses the arrival of winter which has got to be a positive.  I hope you'll rethink your lease term to provide you with more stable/predictable cash flow as well as the opportunity to reevaluate pricing annually.  

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Geez...a couple of thoughts here:

1.  Don't parent.  Your expectation of a return response to your text was condescending; it wasn't so much communicating as it was informing them of what you expected from them. What you wanted was the music turned down. That happened.  It was at noon but many of us work from home and loud noise is problematic at that time.  Asking for the volume to be reduced and explaining why diplomatically - rather than just making the demand - makes it a favor to you rather than a complaint. People don't mind helping you out; they mind having the demands of others imposed on them.

2.  Her response was over-the-top and inappropriate - pregnant or not.  I recommend sending a text stating that you're glad to have them as tenants, you look forward to meeting the new addition to their family due in just a few short months, that you appreciate knowing that the stairwell doors have been slamming close and that you will place a note on the door to ask that the doors be hand closed to help reduce that noise. Thank her again for lowering the volume and be done with the drama.

It's important to remember that tenants have the right to the peaceful enjoyment of their units.  It doesn't mean no noise, it doesn't mean they get to control time and space but it does mean that the landlord does not have the right to enter at will and/or impose living standards upon them. 

Fun, huh?

There's a whole lot wrong here.   There are times when a real estate attorney is the only way to proceed and this is one of those. Also, you will want to make sure that the telephone conversation you recorded is within a state that allows for one-party consent (meaning you) as that is not the case in all states including mine.  

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A question for you: on what criteria did you select your realtor? A general residential realtor is not qualified to assist investors in the type of analysis that is needed to gauge ROI or even in determining the scope of work/costs to update a property. Did you and the realtor discuss your buying objectives before viewing properties? Did you review the property condition reports beforehand? Often times I find that it is the buyer who made the wrong choice in selecting the realtor in the first place - and it belabors the process for all parties and makes the buyer appear to be amateurish
at best.  Having said that, the worst part of what I do as an investor and Broker is dealing with unqualified realtors.  It's the same in any profession and it places the burden squarely on you as a buyer to vet resources.

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