All Forum Posts by: Shelly Doris Milburn

This is potentially a tricky one. You are not talking about a lot of money at the end of the day. You did not change them for many things that it sounds like you potentially could have. However, if they decide to take it further you will likely spend more money and time then it is worth to battle with them. 

My thoughts are:

1. do not text them about it. (1) phone call, (2) email, (3) mail -- so that the communication can be as clear as possible. I feel that prolonged texting about business matters can seem combative due to the abbreviated nature of it.

2. Take steps to always have (1) move in photos, (2) move in inspections signed by both parties, (3) unit inspection upon receipt of notice to vacate accompanied by notice to resident of anticipated move out changes based on condition at that time. supply info on resident responsibility at move out based on lease contract. (4) move out inspection, (5) move out photos,  and (6) deposit reconciliation report and refund/bill as required.

3. I am a proponent of holding up the terms of the lease on both ends. You do your part as landlord and they do their part as resident. If they violate the lease send formal notice (even if you choose not to charge). Sounds like they violated the pet policy, guest policy, and their obligation for timely utility payments. You mentioned an a/c issue at move in. Again, I would document those types of items that they found condition acceptable and timelines were communicated. In researching resident right to withhold payment based on maintenance issues I have found that they are not afforded that right (at least in my area). 

Of course, you want to end on a high note and find a win-win. I think speaking with the resident to find a middle ground is a good idea. Clarify rights and responsibilities and get to a positive end to the relationship.

I have had to remove basketball courts in the past due to a variety of issues. But, primarily they were a magnet for teens that did not live in the neighborhood. I have also struggled with tennis courts due to damage to nets and posts, deteriorated surfaces and trouble w/pooling water. I like the idea of picnic/grilling area but have never seen much use by residents on my properties. 

I like the ideas of soccer, futsal, enclosed play area, and community garden space. 

Definitely agree that the layout and proximity of surrounding amenities are key to making a decision on what to replace the tennis court with. Also, I would be mindful of possible trash generated based on use and the ability to locate receptacles and access to remove trash regularly.

I have looked at AirBnB before. I believe their terms indicate that you cannot participate as a renter. I would review their rules and if that is in fact against their policy contact them to have the posting removed. As an owner I would be more concerned about possible liability.

That area definitely has a lot of rentals. I am sure it is full. That may be a challenging area to find strong management, good contractors and long term renters. I would anticipate a lot of turnover. If the demographics line up w/your target market then go for it. Would definitely do your due diligence, check to be sure there are no codes or other violation issues w/the city.

Happy to share some thoughts. I live in the KC area. Can you share some additional details?

Arianne was inspiring! She knew what her 'one thing' was and she went for it. I really loved that her story embodied the idea that you should be stubborn about your goals and flexible about how you achieve them. She sounds laser focused on her goals but gracefully changed her strategy as she worked through the initial process. I will definitely be listening to that podcast again! Thanks for sharing your journey!

In a nutshell. Yes. What you are asking for takes a lot of work. If you are working with agents that specializes in working with investors they may have some systems in place to streamline the process and/or be able to use one work flow to service multiple investor clients. That would be an ideal setup for the agent.

If they have any hesitation in providing what you are asking for it could be (1) lack of historic relationship with you, (2) what you need is not their main business focus, (3) you are out of state.

I think you can find agents in any location that are ready, willing, and able to service your needs but it may take some time to find the right fit. Also, the comps you want may be part of what is included in the saved search results they are sending you. You might want to ask the Realtors if their MLS allows for saved searches to send all statuses or only active status. If their local MLS limits what you can receive it will take a lot more work on the agents part to get you the comps for ARV.

1. if you go straight through the listing agent you are unrepresented in the deal. so, who is looking out for your interest?

2. if your buyers agent showed it to you initially and then you subsequently buy it w/out his help he may have a claim to a commission unless you get something clearly stating he is waiving his claim to procuring cause.

3. if you are in a buyers agency with any realtor make sure the agency agreement clearly states the mutually agreeable terms. i.e. geographic area, price range, length of time from a showing that they are owed a commission if you purchase, etc. That will help keep relationships professional and amicable. when you invest it is not unusual to work with several agents. Just be sure you are not overly casual or unclear about who you work with and how the relationship functions.

I may be repeating what others have said, but, here goes.

1. Your Realtor will bet on you like you bet on them. See, Golden Rule.

2. Read your contract. Buyer agency in my area states that an agent is owed a commission if they have procured cause. Additionally, our local contract calls for a certain number of days after the agreement expires that if a deal is reached on a  property your agent showed you they are owed a commission.

3. Talk to your Realtor. They are in this game for the long run, repeat business, referrals, etc. They cannot afford to work with clients that snub them. They also cannot afford to be a hothead. So, they know circumstances change.

4. Buyer beware. If a seller is willing to take short cuts to save money on a listing after they entered into a contract they may be willing to take short cuts and potentially deceive you.

5. I got very sound advice from a mentor - Never jump over dollars to pick up pennies. 

Good luck with your deal! As an agent I have walked away from deals where I procured cause because it was best for my buyers. I have also ended relationships with customers who I felt were not treating me w/respect in business deals. Somewhere in this deal there is a win-win...you just have to find it.

Looking for a contractor to apply knockdown to ceilings in residential property. Also, interior painter. Location is Overland Park, KS.