All Forum Posts by: Phil Trietsch

Jeanette, 

I manage property in Texas and we have come across this problem as well.  We have not used an ozone machine but I hear good feedback on results.  I have used a fogger with a liquid enzyme and gotten good results.  Here is a link to the one we use:

http://www.namcomfg.com/namco3/shop/item.aspx?item...

Please read instructions carefully so you get best results and stay safe.  

Hope this helps,

Phil

Dave,

Sounds like you will be leasing and managing yourself.  Consider joining your local apartment association (usually by extension you will be joining your state and the national apartment association).  This can help you on several fronts:

1. Should give you access to applications, leases, addendums, and many other forms that will help you.  It is best for these to be state specific vs. some generics that you find online.  If you ever have to evict or take other action, you'll be very happy you used time tested materials designed specifically for your jurisdiction.
2. Should also give you access to Fair Housing training.  It's great that you are aware and want to comply with it.  Many people don't know that in addition to national fair housing law, states and municipalities may have additional protected classes (for example, in Austin TX we have local additions to fair housing that cover sexual orientation, status as a student, and others)
3. There are resources from the national apartment association (and through many state and local associations) specifically geared to educating and supporting independent rental owners (usually regarded as having less than 100 units).  

You might find similar help through a local Realtor who could provide you with limited service for a small fee to help you with screening, applications, drafting lease, etc.  If you are showing and finding the prospective tenant and they are just assisting with paperwork, it might be cost effective.  

For properties that we manage, we screen any applicant that wants to apply but they must sign off on our rental criteria so that they can't claim that they didn't know what was expected to qualify before they put their application fee at risk.

Hope this helps,

Phil

Sorry Shawn...don't know why but my post accidentally pasted your name at the bottom as if you had written it...my bad

Rohan, 

I have an additional perspective that might be helpful as well.  You mentioned having a good relationship with your agent.  What we don't know and you may or may not have asked is...is your agent really qualified to help you with investment property?  Here is what I mean by this:  There are thousands of great Realtors in any given metro area who do wonderful jobs helping owner occupant buyers and sellers transact properties.  However, only a small percentage of them have ever been investors themselves or have ever learned much if anything about investment real estate.  Fewer still have managed enough properties to help you really understand your operating expenses, vacancy/turnover potential, etd.  A Realtor that is also an investor may have brought additional information or experience to help you navigate your situation.  At the very least, as @Shawn Devoid points out, security deposit belongs to the tenant and is held in trust by the owner.  Only if there are damages or unpaid charges that your state's law allows you to withhold from the security deposit does some or all of that deposit then belong to the owner.  Therefore, the seller's risk of losing rent due to keeping a unit vacant at your request should have been limited to the potential rent loss and have nothing to do with a security deposit amount.  

While I too am a fan of investing locally when you start out, if you need to look elsewhere to find viable opportunities...I would spend a lot of time learning the experience and investing philosophy of the professionals that will be guiding you through the process (Realtor, loan officer, inspector, property manager, etc.)  Finally, posting that clause that you were unsure about on BP or running it by a real estate attorney may have helped you avoid some of the loss.  Real estate investing is a team sport.  If you haven't had any "learning deals" then you haven't done many deals, so hang in there!

Shawn Devoid