All Forum Posts by: Todd Cook

Thanks for the replies. I shall digest it some more.

Thanks Jon. Yes one of my concerns is seeming to be 'stuck' with a custodian and knowing it will cost more time and money to move the account etc. Good point.

I'm reasonably comfortable with the amount of money and figured we'd tap no more than 80-85% of the funds necessary for the purchase and some minor rehab thus leaving a cushion for the future. But I do follow you on a vacancy and that would be bad.

I'll try to read up on other companies here also and see if we find anything or company that seems to take the lead on this field.

Good morning. As the owner of two investment properties now I'm looking at a third. However cash flow being short I'm looking for alternative means to purchase the property. One of those that I've looked at is the self directed IRA in which case by my wife and I would partake.

I get how it works and have no issues with the nuts and bolts of it all. I understand the limitations on things and feel comfortable working within those rules.

What I don't feel comfortable about is WHO to use to handle this transaction. I spend time at a class offered by Vantage here in Phoenix. I will likely go back and take one of their other workshops also. The real issue for me is this: how do I know they are on the up and up? Has anyone done business with them here that they'd care to talk about? Their management fees seem ok (not cheap, but I get they need to make money too) but I don't see any controls on it that limit them from raising fees in a year or two. Do you negotiate a cap on fees for a given time period?

And feedback on the basics here and Vantage in particular would be greatly appreciated. Thanks for your time.

I recently went to renew my commercial lease that I've had for many years. After some haggling about things we settled on an agreed price and some minor improvements to the property.

When I got the lease it's full of AS-IS verbiage that was never here before. "....lessor makes no warranties....condition of premises....including without limitation those relating to structure, systems, components of.....air quality....no obligation to construct, remodel, repair or improve.....except as set forth...."

It seems as if signing this puts any and all responsibilities on me for any damages or repairs required. I'm not certain this would be legal even in renting a commercial building. If the roof collapses (as it did on a related property) it would appear I'm totally on my own here.

Am I over thinking this??

No sir. Both were purchased at a different time through another Realtor however both have been managed only by them- one of the larger companies in town. And in fairness they have been good to work with over the past three years. I'm just not certain I want to box myself in with this contract change.

Thanks for the input. I've told them that I'd consider a range of rental rates but no way will I open it up to their own rate.

Given circumstances here (location, time, and options) I'm not prepared to dump them just yet. Kinda curious to see where this takes me and there are some limited options in this community also.

I do like to think I don't have SUCKER on my forehead either so we'll see what the reply is this week....

Small time two property owner here. Spend some time reading here but never posted before. So I have a question and will.

Recently received an amendment to my contract with my property management company who is requesting two changes to our agreement on both homes.

1. If the home is put on the market for sale that they be the sole listing agent for the property. *I am ok with this as it seems to keep things under one roof with regards to showings and such. Not that it matters so much as I have little intention of selling it anytime soon.

2. "....right to lease....price or rent is changed to $- at discretion of property management."

I had to go back and read it over again to be certain I had it right: they want me to leave the rental rate to "their discretion"?? I say whoa, hold on here....

I sent a reply indicating that I would agree to a 'range' of rental price be established and that they be allowed to act within that range. I can understand how with multiple properties you'd not want to be calling all the owners with requests for $ variations for time/rates.

On the other hand I don't want my property listed beyond market value and be empty until they find the right tenant. Nor do I want it rented to someone brother-in-law who's down on his luck for a bargain either!

I find the wording to be very open-ended and have requested a review. Can I offer to pay them their fee at my discretion also?! Interested in hearing your thoughts on this.