All Forum Posts by: Patricia Steiner

If ever there were a case to be made to require Renter's Insurance with Landlord As Additionally Insured - this is it.  I recommend a couple of things not already offered by those who posted before me:

1. Don't let the tenant get a way with this unscathed. File a Small Claim's action against them for the damages; you can file online -and even if you never collect, the record will follow them for about 7 years.  I would also have the PM report any unpaid rent to the credit bureau (or you can do it as the landlord).  

2.  Know your insurance policy. I personally would cancel with any carrier who kept me waiting for months to respond to a claim. 

3. I would make the repairs right away - and I would NOT use the PM to do so unless you're contractually obligated to...it will simply cost you more to go that route.  Also, a tenant who trashes the place at exit wasn't a good tenant while living there. It's a good time to up your tenant standards, require renter's insurance going forward, and manage to the lease without exception.

Move on with the repairs - I agree with that counsel - but be sure to correct all that got you in this position in the first place.  I'm sorry this happened to you...it's an 'entertaining' business we're in.

Best.

You don't have to prove a thing...send them a Notice To Quit (lease violation letter) which will give them - depending on the state - 3 to 7 days to not only stop the violation but cure it.  Don't listen to excuses or denials.  You smelled it, it exists, it is happening, and they can stop immediately or you can proceed with terminating their lease.  Remember, tenants will attempt to retain control but challenging you; by managing to the lease, it remains 'your ball, your court.'  

Send the Notice today but email/door posting - AND by USPS with proof of delivery required.  The air will get a lot cleaner very quickly if you do.  

Best.

Go through an insurance broker who represents multiple lines; And, have a new 4-Point and Wind Mit completed.  We're not having any trouble securing coverage but the cost is up 40% this year from last.  Without having a clean 4-point and a current wind mit, the cost will be ugly and the carriers limited to none.  

Fun times in the sunshine state...it's truly my fear that it will be the insurance crisis that kills our real estate market.  

That tenant has your back...go fix it.  And, thank her for letting you know.  If there's a tenant related issue discovered from the contractor visit, you can take it up with her afterwards.  The fastest way to ensure that a tenant never reports a problem and let's your cost / property go in the wrong direction is to not appreciate the reporting.

Your experience isn't her's ...call the AC contractor.

Let's face it, the tenant is the LLC so without his personal guarantee, you got a whole lot of nothing. He may want to limit his risk exposure but that's not in your best interest. Keep him personally on the hook for the lease.

Best...

There is a lot on this topic already on BP.  Please do a search (on the BP tool bar above) and you'll get more information than you can get through a single post.  Section 8 is a great option for investors - and you're smart to knowledge up about it before proceeding.  Also, the Housing Authorities who participate in Section 8 have New Landlord Training Classes (in some communities it is a requirement of new landlords) - and I recommend you take it online so you can know who the players are and how they play the game.  A missed deadline could cost you a rental increase for an entire year...so search away above and you'll be the expert on the topic in the near future.  

Best...

You need to know what the mill rate is for that property tax office in order to compute the taxes; what you're being told is customary. You can't use a previous/historical property tax as a gauge.  Go to the property appraiser's office for the county the property is located in to obtain the mill rate; they will most likely have a tax estimator option that you can actually do the calculation on right there.

Here's an article on mill rates and how they are used in property tax assessments:

https://www.investopedia.com/t...

It's not going to happen...it doesn't work that way.  And, the only person that the foreclosing attorney/trustee can speak with is the defendent (owner in foreclosure).  Once it gets to this point, it's pretty much game over.  

They are no longer tenants. They have no right to access the property. They do have the right to know how damages were assessed.  They do not have the right to have full access to you.  Here's what I recommend:

1.  Send the tenants a letter - not email/not text - by certified mail and/or by 'proof of delivery required (available from USPS or overnight mail carriers).  Send a photo of the damage - even if you did previously.  Send an invoice or an estimate on the cost of repairs.  Be factual - no digs - 'just herein is the photo of the damages to which offset to your security deposit was required. That expense was determined by (whatever method; and attach some document). This is in keeping with State Landlord/Tenant Laws."  And, here's the BIGGIE: "All future communication must be remitted in writing and delivered via the USPS."  Sign your name...see #2 below. 

2.  BLOCK, SPAM, SLAM THE DOOR ON THESE FOLKS.  Why are you giving them access to you?  They're creating chaos in hopes of wearing you down, tormenting you - to the point that you'll give them back their money and more.  Don't play with crazy.

And, don't rent to anyone without requiring Renter's Insurance with Landlord As Additionally Insured.  It avoids all the security deposit offset drama.  Do regular inspections and have any damage repaired under that policy at the time it occurs.  It is well documented that tenants who have this insurance coverage are more likely to respect the property because any claim also comes with a deductible - and the landlord can also file against the policy.

Take the trash to the curb and leave it there; don't let them drag themselves back into your life.  Keep everything as documentation - and I think you'll fast discover that if you stop giving them an audience, they'll find someone else to torment.

Know this:  financial institutions don't want to foreclose.  They don't want to own property.  Guess why?  They suck at it.  More than likely, the issue is that your FIL hasn't been responsive in dealing with the credit union - and because the credit union sucks at dealing with issues like these, they're going slow because they're figuring out their next steps.  Some big time assertiveness is needed here.  Hire a real estate attorney to step in and negotiate with the credit union.  Get on with it before there is nothing to get on with.  This can be corrected/renegotiated but at this point your FIL doesn't have the best track record in acting in a timely manner with them.  Hiring a real estate attorney is not as expensive as most think (but hiring an attorney who doesn't know the drill could be very expensive so it has to be real estate attorney) and you need some fire power here.  This is only hopeless if you fail to act now.  First step is for you and/or your wife to intervene and support your FIL in moving forward.  Time is of the essence.  Worrying is useless.  Take action now.