All Forum Posts by: Ryan McKelvey

See a lot of shady posts on this thread of people not taking the proper steps to do things the right way to protect their investment. Educate yourself on what it will take you to get your license to manage properties legally. Having the ability to manage properties for family members is part of why I started my own property management company. Last thing you want to do is put your family in a bad situation. Protect yourself and help protect their investment. You can have the best of intentions, but it only takes one little mishap to blow up out of proportion and next thing you know you are done.

Hey Andre, Semper Fi!! I’m right down the road from you in Jacksonville and have networked with a few BP guys in the local area. Feel free to reach out to me. Ryan

In many places if you give them copies of the repair bills they can submit them to the utility company for a one time rate adjustment. Also, many renters insurance policies have utility reimbursement for these types of situations. That’s why my leases state the tenant must carry renter’s insurance. It explicitly states also that it is the tenants responsibility not the landlords for maintaining utilities. Help guide them in the direction so they can get the issue corrected, but this typically is not your responsibility.

Can the ladder easily be detached? May not look the best aesthetically for showings but probably the safest bet or install a pool cover. Or have the buyer’s agent and the parents sign a waiver prior to the showings being approved. I would think they would get the point after that.

Time is money. The amount of time that you will invest in trying find a loophole just to irritate the neighbors isn’t worth the headache. Flip it or live in it for two years and then rent it out.

Heidi, Did you sign lease agreement? Even if he signed and you didn’t there is no fully executed lease agreement. I have had to deal with similar situations. Due to these situations is why I never sign lease agreements until all other parties have signed. You may be able to get him on trespassing without a valid lease agreement. All depends how your state handles those situations though.

Not sure what your state laws indicate, but here in North Carolina our State Bar Association approved forms have it built in to the lease agreement if the tenant files for Bankruptcy, the Landlord has the option to immediately terminate tenancy.  I would definitely consult an attorney regarding your state rental laws.  If this is allowed, there may be a stipulation that you have to terminate within a certain period of time.  Also, if he did lie on his application, this may be grounds for termination of the lease as well.  

You may be able to have the deposit forfeited upon termination of the lease agreement.  Typically rent is not earned until the month it is due, so should be retained in a prepaid account, and/or accounted for as unearned revenue until the month it is earned. Now if you are not able to secure a new tenant until after the current lease starts you may be able to charge rent until a new lease starts.  Again as things differ from state to state, I would definitely consult a local attorney.

Whether you are on the mortgage side or the sales side, we are in the business of providing a service for your clients.  Every client has a specific sets of needs.  No two clients will be the same, especially with investors. Some are a lot more difficult to deal with than others (80/20).  If you are not comfortable with client or how they do business, don't work with them.  If the client makes your job too difficult, let it go and move onto bigger and better things.  Whether you are a lender, mortgage broker, real estate agent, investor, etc in the real estate business, we all have different roles in the game.  I believe it is important that we all have a basic understanding of each others industry, but at the end of the day you get paid to do what you are supposed to do.  Provide the service you were hired to provide.  No one needs a sob story.  No one needs immature provoking comments or cheap shots.  We all put up with a lot of crap in real estate from all sides.  Embrace it.  If not,  I know a very nice national restaurant chain that is always hiring, and just raised the minimum wage to $17/hour.  You even get Sundays off.

  I'll be there.  

Here is some useful information regarding reporting of civil judgements to credit bereaus:

https://www.creditrepair.com/blog/credit-repair/ma...

In lights of this information,  when I evict tenants I only ask for possession of the property back.  For any monies owed, I report to a collection agency, so I can assure the information is accurately recorded.  In 5 years of property management, I have only received one payment of about $75 from a court judgment, but have seen about 12% of collections balances paid in the last two years.  I also offer to set up a payment plan with the past tenant before they are sent to collections,  though many tenants will blow you off, I have experienced quite a few who were willing to make the payment plan in lieu of being sent to collections.