All Forum Posts by: Phil Earley

Fannie Mae has a great publication I send out to 90% of people who inquire about our services. Easy read that helps people through the process of what is best for them.  Hire management, self manage,  to be or not to be a landlord at all.   If someone hires me after reading this, there is a very strong chance we will work great together.   If I never hear back from someone I send it too, I know it just saved both of us from lots of headaches down the road:) 

Even if you are a seasoned landlord, its a great refresher course to go through.

Google "becoming a landlord by Fannie Mae" and you should find a pdf copy pretty easily.   

My gut tells me that if push comes to shove, you would be responsible for past charges during your ownership.   I would imagine there was a document in the stack of paperwork at closing or in a disclosure statement given to the buyer that says owner verifies that there are no outstanding balances/liens tied to the house. 

If in your management agreement it states that the property management company is responsible for turning on and off your utilities,  you most likely have some recourse with them.  

It is a good practice as a Landlord to have all utilities scheduled for shut off within 3 days after a move in.  Let the approved applicant know that the utilities have been scheduled to be shut off the day of move in (don't tell them about your 3 day grace period) along with having that verbiage in the lease they sign off on.   

.....And then it never hurts to call the utility companies to verify all is good a week after move-in.   

The writ has an expiration date so dbl check what that is.  

Sounds like the judgement states that if she pays, she is good so everything resets.

You don't have to accept late rent now though so you can refile and get her out and not  repeat the cycle

If all of the major systems/hvac/appliances in the home are coming to the end of their useful life and your cash flow is low, a home warranty can be peace of mind for the short term.  Once cash reserves are built back up, you can discontinue the warranty.     

Read the fine print for roof leaks, outside plumbing issues, flooded basements, washer/dryer, and fridge.    These are typically not covered in the basic plan but for a very small fee, they can be and may be well worth it.   

If a realtor is bird dogging these deals, I wouldn't cut off the hand that feeds me.  From what we see here on bigger pockets, finding investors with money isn't the hard part.   The trick is finding the deals. 

If the realtor is brought in after the fact to get the deal to the closing table, a rebate at closing from the commission sounds like a win win. 

@Rashad Jones Jennings  excuse typos.  

Hey Rashad, if she hasnt filed the bk, act quickly. Send her the 3 day pay or quit first. Then file if no response depending on the county may be able to do online. Once she files you will be handcuffed with the bk court. If she files, you wont be able to send collections letters or call to collect.  File on the 6th unless her due date was the 2nd and you gave her the 3 day. You have to wait until 3 days after you issues the letter. She could respond that she wasnt given proper notice. That IS a defense to the filing

Rently.   They sell/lease lockboxes that allow for showings without having to be there.  We don't personally use them but this could be an option.   Fyi....If you do contact them, they will follow up ALOT   

The largest expense every landlord should guard against are vacancy costs.  Most of the ancillary fees don't come into play if the home is in great shape, the screening is done properly, and whoever is managing is good at managing.

Ask about tenant retention percentages, turn key expenses, the percentages of delinquent accounts, eviction percentages, etc.. to really determine what company is going to be better for your cash flow. 

One missed rent check just doubled our expenses.

If the same due diligence of hiring a property management company is as detailed as buying another rental or screening the next tenant, you should be fine.   

The most important role of a real estate broker is handling the funds of others.   

The goal should be to shake hands, part ways,  and wish each other well.

Talk to the property manager and come to a reasonable solution to move prior to the lease ending without penalties under the circumstances presented here.   

Moving out without an agreement will come back to bite you and the management not allowing you to move out will probably come back to bite them.   

An amicable win win solution sounds like the best bet for all parties.