All Forum Posts by: Sergey A. Petrov

@David Lao - understood! long term strategizing, I feel, is the best approach for most of us in the real estate game! Hope all goes well!

It is usually pretty easy to tell if the window was broken from the inside or from the outside. Where are the glass shards? Ask for pics if you aren’t nearby. 

Good luck and hope all goes well! 

Call the broker who helped you buy it. They’ll tell you!

20-25% is on the low end…other things to consider - who pays to resupply the toilet paper, laundry detergent, and all the other “consumable” things one might expect to find in a vacation rental? If your manager does, 20-25% is most definitely on the very low end. If you do, the numbers might start looking a bit different. 

Being affiliated with an HOA has no bearing on whether the property owner or the property renter is responsible for landscaping. That would be in the lease between the owner and the renter. If the HOA is saying the property is out of compliance, the owner is always ultimately responsible but may be able to get the tenant to pay if the lease allows.

Assuming your PSA is properly written, I’d tell the seller we aren’t closing until they are able to deliver as is written in the contract (with that unit vacant). They can then figure out the best strategy on getting the tenants out

Is the neighboring property a rental or owner occupied? If rented, the owner / landlord may not even be aware of what is going on and will take their own action once they know. You should know your neighbors - makes life much much easier before you start calling law / code enforcement, paying attorneys, or building fences. Are you self managing your rental? If not, let your manager manage the relationship with the tenants and guide you through this.

What @Scott Trench said especially on your first purchase. There is so much more to buying an investment property just having a template PSA. 

 Quality, the ability to rely on the contractor, warranty, and overall trust goes a long way. I can pull a phone number from a quick google search and be promised to have a job done for half the price and on a much better schedule only to find out later that they need to be micromanaged, can’t really deliver, don’t have proper licensing and insurance, etc etc etc. The list goes on. If you are willing to accept all those risks go for it, just know it is YOUR risk. Don’t just send a phone number to your manager and expect then to assume all the risks that come with not pre-vetting your contractors. You might get lucky. All that said, your manager really should have a more robust list of trusted service providers so you aren’t waiting weeks or months to turn a unit…