All Forum Posts by: Phil Earley

If I knew then what I know now, I never would have sold any of the homes I bought and would have moved every 2 years until my wife told me enough was enough.  

I'm not a finance person but if you bought the home with little money down, the 20% you didn't have to come up with along with the primary residence interest rate you have should be considered.    

My take is that everyone makes us happy.  Some when we meet them, some when they leave.   

Closing on a property in December when the world goes on vacation may have something to do with  the delay.  

Also, if you close on a property in Georgia the first week of deer season, put extra time in your spreadsheet to get contractors out to your property:)

You can return the partial payment and continue with the eviction process.  

If she's been a good tenant, working with her this one time is ok.  

Late rent increases in January because of the Holiday spending from my experience.  

No, it is not common without a discussion with the owner unless they know something you don't and were looking out for your best interests.  The rent concession may have been better than the alternative.  Give them a call to see what prompted that decision.  

Everything above is correct on paper.   In the real world, there are no absolutes and every situation is different when it comes to repairs.    

All cosmetic repairs or preventative maintenance should be approved by landlord regardless of the cost.  Some owners care more than others about condition.  We keep our clients informed every quarter of how the home is aging.  It is their responsibility to be proactive or not with the reports.   It's their investment at the end of the day.  

For reactionary or mechanical repairs to keep the home in habitable condition, hire a company that will react as you would under the same circumstance.    

Did the management company look out for your best interests by protecting the property?  

Were the repairs done in accordance to state law/responsibilites of the landlord?

Would you have agreed with the repairs regardless of notification and price?

Hopefully the management company was looking out for your best interests by repairing something quickly and efficiently that ultimately saved you money.  

Appfolio is what we use for a pretty large portfolio.   Over all, it gets an A rating from us.   The automation for you, your staff, your tenants, and owners will saves you 2 salaries in the long run. It can handle as many properties as you can throw at it so you won't have to reinvent the wheel in another 50 homes.  

Showmojo and Rently are automated showing services you can look into.    

This is why hiring a professional property manager nets owners more money.  Our leases are strong and we know what the laws are so one party doesn't take advantage of the other.   

If the lease doesn't have the detail, the answer will be in your states law.  I would bet at bare minimum the security deposit is forfeited by the tenants for early termination .   

Don't upgrade your lease.  Buy a leasing kit from the best property management company in your city.  It will cost less and save you more from the start.     

Assuming you need to be licensed to manage properties for others in Wisconsin, make a formal complaint to the real estate commission there.  Mishandling trust funds can close a business down fast.