All Forum Posts by: Rick T.

Thanks Simmon and Brandon.   Using an accountant would be nice but expensive.

Does anyone in this forum use software for CAM, insurance and tax statements.  If so, which one?  Any books you would recommend for someone familiar with residential, but not commercial rentals would be helpful.

Your time is appreciated. 

My company manages apartments and 1 retail location for over 10 years.  The retail location is just a fixed rent payment with no reimbursements.

I'm looking to manage a small strip mall that has NNN leases. From what I heard for this property, the tenants pay an estimated amount of taxes, insurance and exterior maintenance every month. At the end of the year, they settle up (clear the balances). I heard this is typical with NNN leases.

Does anyone know of any software that can generate statements to provide to my future retail NNN tenants (for the reimbursement arrangement I described)? The amount of taxes and insurance will go up when we take it over. How about any books that highlight the differences in managing commercial property and generate bills etc- any suggestions?

Thank You so much!

Clause regarding mediation before litigation sounds interesting.   If you don't mind, could you share that clause from your lease?

If you are experienced landlord, I would recommend bump up rent to market rent so tenants would leave.  Rent apt to new tenants who start out good with new lease and your lease terms.  Old tenants will complaint about you anyways because tenants ALWAYS hate new management and retaliate. 

Since you are new in renting, I would recommend either keep rent same and do short term lease or increase very little.  It will take you time to learn other landlord issues.  You don't need finding new tenants headache right off the bat.  Plus most of time when tenants leave, they leave mess and vandalize apartment.  Keep your life simpler in beginning of trade. Do short term lease.

We have some tenants that move out and owes us balance.  Which collections company do you use to collect debt so they can report on credit as well?

According to Landlord Tenant Act, tenant has to give you repair request in "writing".  If you do not fix it or make serious effort to try to fix it in 14 days then tenant can withhold rent to make repairs.  You need to fight this with code enforcement that tenant never gave you written notice per Landlord Tenant Act.  Since you know of complaint now, you are happy to make any repairs.  Document, take pictures when you go to tenant's apartment and they do not let you in.  They can not sue you for something, tenant is not allowing you to fix.  

Not sure of Landlord Tenant Act in your state but look into that.

Fair Housing called for meeting next week.

We recently took over distressed property and doing renovation.  She lived on bottom floor and never had anyone above her.  Few months ago, we rehabbed unit above and a family moved in.  Existing tenant is African American and new upstairs tenant is Asian.  

She always complained that upstairs 4 year old child always bothered her.  I have written record of conversations with both tenants that we tried to investigate both ways.  She would harass new tenant upstairs even if they would vacuum at 1pm on Sunday.  Her lease was expiring and we sent her 30 days notice required by Landlord Tenant Act.   She broke her lease and moved out without giving us any notice.  

Now she filed with fair housing that upstairs tenants were bothering her disability (which she never noticed office of any disability) and we discriminated for race since management is Asian.  Also, she said she will meet with Real Estate commission for property management policies not followed.  

Boyfriend should do application and pay application fees.  So, you can make sure he doesn't have criminal records or things you don't allow.