All Forum Posts by: Robert Gilstrap

Once again I'm glad many of the responders aren't managing any of my property...So you are getting an extra $50/mo in income each month and that's a problem how?

I also love how people are quick to point out the PM is "not doing their job."  I'm just curious but for all the experts out there exactly how do you force someone to pay on time? I've only been doing this 24 years and I must be missing something. From your comments the PM is doing their job exactly; they are filing notices each month, they are collecting the agreed upon fees and you are making an extra $50. I assume the filing costs are 100% reimbursed by the tenant when they pay late each month. If they aren't then you have a problem but I assume they are.

Why in the world would you get rid of people who are voluntarily paying you more money than you asked for each month?  The process should be that you file each month and if they pay the rent and all fees before court then great, if not then you evict and move on.

The blame lies squarely on the shoulders of the voters who elect these idiots into office and who fail to run them out of office when they pass dumb laws. 

And if anybody knows landlording and house buying it's this guy! @Douglas Skipworth is a true Professional.

Agree with @Patti Robertson you need to check out the duties and read the entire agreement thoroughly. There should be a breach and cure clause somewhere. You give notice of the breach of contract, give them the required time to cure, if they don't then you terminate for cause.  Of course agency can be terminated at any time regardless of the contract provisions although you may have to deal with those after the fact. 

@Jenn A. It blows me away that an attorney gave you advice to not have your assets legally protected. You need a better attorney!  Insurance is great but just like @Jessica Zolotorofe said that doesn't shield you at all. Your example of an attorney "going after your insurance first" isn't how it works. When a lawsuit is filed it is filed against the owner (thats you personally) and maybe insurance kicks in to defend and pay and maybe it doesn't. Either way 100% of your personal assets are at risk of loss and held in limbo until the lawsuit is concluded. So think about that for a second; lawsuit is filed next year and your plan to exit the CA market is now on hold indefinitely bc you can't sell anything, you can't borrow from anyone, and every possession you own personally has a lien against it. 

By the way every state including CA recognizes foreign (out of state LLC's)

@Account Closed give me a shout and I can put you with one of my guys to help you locate some stuff.

@Lauren M. when you said they accepted half a months rent that is your sign that the mgmt. company doesn't know what they are doing.  Check your local state laws because an affirmative defense to eviction in many states is acceptance of partial payment in any month bars eviction in that month (meaning if you accept anything other than the full amount you must be OK with that partial amount being rent for that month).

Can you get in your car and drive to their office? If so do it. If not check the agreement closely about termination issues and get the full story (assuming they will ever answer the phone). Then move quickly to fire them if necessary.

@Rochell Montaie, I'm a broker in Kennesaw, give me a shout if I can help.

@Tyson Hosey on the first one we stepped in as 50/50 owners in return for the renovation. It was a duplex, the guy didn't really have any equity but we're always looking for long term upside so that was OK with me. We split all income and expenses after that initial rehab. Has worked out pretty good thus far. I think he was just in a bad spot financially and couldn't stomach the major expense. We see that a LOT in the PM business. I have bought many properties from owners that we manage for because they just wanted out in a big way.

So you're saying Bigger Pockets put this list out of things that PM's "should" do?

Sounds like more uninformed bloggers giving advice about topics they have little knowledge of...

I always love how investors always want someone to be responsible for the downside of their investments but when asked about how they would share the upside you get crickets...

About the closest you will find on covering eviction costs comes in the form of eviction protection programs where for a fee the PM will cover all/partial costs. Runs about $20/mo in my area but depending on where you are in the country covers varying amounts. Either way it's usually a bargain since 1 eviction is far more costly than $20x12 (using my area for example).