All Forum Posts by: Patricia Steiner

Nooooooooo.  The tenant needs to remain a tenant.  Show him how to use it and you've changed the relationship from Tenant/Landlord - to something else. Even if he doesn't get hurt on your property, if he injures someone else or damages someone else's property through its use...do I need to say it?  Minimize risk by not exposing yourself to needless risk.  Keep your toys for yourself.

You don't need a forwarding address; document that they refused/failed to provide one per your request and send any documentation/notices to the last known address with this notation across the face of the envelope:  "ADDRESS CORRECTION REQUESTED.'  Per the USPS:  " Address Service Requested provides forwarding and address correction services when possible. If the mail is undeliverable and not forwardable, it is returned to the sender with the reason identified on the mailpiece." (End).

Retain any returned mail as documentation of your efforts to comply with Tenant/Landlord Law and move on happily that the 'wandering ex-tenants' are gone.  Your legal obligation ends with sending the notice to the last known address.  

Don't worry. Be happy. The jerks are soon 'MIA' and that's all good!

You're going to hate this so brace yourself:  how about you?  Before I let my property sit vacant, I would be painting that floor and putting in that stair rail.  Email your friends and find how who knows how to install a window - or if they know 'a guy' who does - and get it done.  Depending on the scope of the vent, you could hire a specific trade to do it versus trying to find a handyman who would be willing to take on such a wide set of tasks.  Everyone is booked solid in my market too...and I find that creating my own team works best.  Trade school students, retirees, the guy across the street from the property who works on  his house all the time - are all potential candidates; I work beside them to assess skill level and make sure we're on the same page.  The loyalty that comes from that ensures that when I need them, they show.  Putting people in business for themselves is pretty powerful.

Best...and congrats on your investment.

Great saying but it doesn't always work out...I get contacted by BPers on a regular and routine basis who are looking to survive a first deal gone so horribly wrong.  I'm thrilled for your experience and for sharing your confidence...but not everyone is you.  Sometimes diving in head first results in a broken neck.  

Taking risk is a requirement for doing anything; taking managed risk is the stuff of wealth building.

Best...

I recommend putting them in your name. Investors need to retain control of their properties even when a PM is engaged. By turning it 'all' over to the PM, it's extremely difficult to regain control should that relationship fail - and they do fail on a regular and routine basis. Also make sure that you have regular communication with the PM so - not only are you well informed - but in order to make it well known that you are an active and ROI oriented owner.

Hope this helps...

Why are you calling?  What expertise do you need that you don't possess?  What do you want/need to achieve?  What services are you going to need - inspector, insurance, lender?  Are you willing to sign an agreement with that agent to exclusively represent you?  

And, on the other side, the agent is going to be wondering whether you're the right person to invest their time and expertise in.  If you want someone to take you serious and see you as the 'real deal,' be prepared to share your business goals and seek their input into how it can be achieved.  

It's not the conversation that matters.  It's the content.

Look to see if the contractor holds a license and if there are any complaints filed against it.  You can find this on your state's department of business and professional regulation.  Online reviews can be helpful but beware of those who have all 5 ratings as it probably indicates they have a lot of cousins.  Pull up court filings on the county's clerk of the court online site; it will show you if there were any outstanding lawsuits, criminal charges, more.  

All this is important and not just because you're giving someone access to your property and turning over your hard-earned money. It's also to make sure that you are affiliating yourself - your reputation - with someone who is deserving of that affiliation.  Warren Buffett has shared many times that the best thing you can do is get rid of all the toxic people in your life.  It's killer to get rid of those folks once their in.  Hope this helps...(and I'm proud of you for doing this vetting).

@Eric W.

Call your property tax office.  I own property in the state and the reset isn't immediate - it's effective on January 1st of each year.  You need to know the impact and the amount in order to determine the impact on cash flow.  And, welcome to becoming a landlord...higher taxes included.

Just say no...advise that you will not be renewing and move forward with finding a new tenant who will respect you and your lease.  Let's face it, she isn't going to comply.  Don't make excuses for her...she is choosing the behavior.  It's your turn now...

Consult a real estate attorney now.  Asset protection strategies that are done just before a legal challenge are usually thrown out by the court.  If you were to get an Umbrella Policy and fail to disclose an impending lawsuit, you'll be cancelled and claims denied.  The best course of action is taking the offensive and seeing if the lawsuit can be avoided altogether.  

Please don't wait...time is of the essence.