All Forum Posts by: Ursula B.

Welcome to BP @Justin Horhn ! We're practically neighbors.

A couple of other tips...

Know and understand the contract. My first tenant was through Section 8, and each year I was spending money to fix holes in the walls and abuse to the appliances so that the unit could pass the annual inspection. After about 3 years of this, I reread the contract and realized I could charge tenant damages to the tenant and they would have to pay it or risk losing their voucher. So the next time I charged the tenant damages to the tenant, and although they had to scramble to come up with the money, they did come up with it (about $1,200). The damages decreased after that.

Another tip is to get to know your assigned inspector. My assigned inspector was very hard-nosed and I was spending no less than 1K each year just to get it to pass inspection. He would write up stuff like dust on the window sill. I hired a property manager who has worked with the inspector before, and it's cost me less than $200 over two years to pass inspection.

@Chris Martin Thanks for the feedback. He's been pretty good about offering up his advice in the past to which I have listened, but this time, it's been nada. I have a feeling he's preoccupied (he's also in RE sales). To some extent I do expect someone that manages for others to go above and beyond without having to be told to do so. I'm not an average landlord so I need better than average service for my properties. I know he was disappointed when my high-end turned over and I didn't let him manage it. This is the first issue I've had with him in two years.

I'll try your approach and try to have a face-to-face conversation with him when I'm in town next week.

@Gerald Harris Thanks! I'm trying to be patient, hoping he'll pull through with a tenant any minute now. Just frustrated because I've never had this happen before. My true fear is that I will purchase a property, rehab it and rent it out before he finds a tenant for this condo, and I will feel like I wasted so much time and money waiting on him.

@Edward Burns Thanks! You're right, I've otherwise been happy with his services. The unit that is vacant is not high-end, it rents for $600/month. For some reason I think he's reluctant to use craigslist. I remember posting an ad and forwarding him the referrals when I first gave him the property, and he didn't seem too thrilled about that, although that's how he ultimately secured the tenant.

Maybe I should just draw a line in the sand and say after this date, no more?!?

Welcome to Bigger Pockets!

I've always been too afraid to try it for this very reason. I've also learned to never show a property before it's 100% rent-ready. Even though you say it will have new paint, carpet, etc., some people just cannot see past its current state.

Good morning/afternoon BP:

I think I'm about to fire my property manager. Please talk me off the ledge.

I hired a PM a couple of years ago on a referral from a co-worker. I was an out-of-state landlord and my section 8 rental was turning over. I had just decided I didn't want to deal with the Housing Authority or section 8 tenants directly anymore, so I paid the 10% fee and haven't regretted it.

A few months later, I had a condo turning over. The condo is in a nice area and has never taken me more than 2 weeks to rent, even from out of state. I decided 'why bother' and gave this one to the property manager as well. All was well. Fast-forward about 15 months, and the tenant they found gave notice in November 2013, and I was notified in December. Tenant moved in December but didn't turn in keys until January 2, rent was paid through January 19. I hadn't heard a peep from the PM, so I looked on craigslist for the listing. I can't find it.

I emailed the PM and asked for the status over a week ago, to which he responded they've had 16 or 17 showings, everyone keeps saying they're moving soon but no one has filled out an application yet. For some reason I'm not buying this. I don't believe they've had this kind of traffic without a craigslist ad, and I've only had to show it a maximum of 5 times each vacancy to get it rented - all from craigslist. Also, the address in the MLS is incorrect. Finally, it's like pulling teeth to get the PM to respond sometimes. I replied to his most recent email that maybe I need to update the bathrooms a bit to be more attractive and asked for contractor references. No response as of yet.

I do still manage a property myself from afar because it's so easy to rent and my tenants are usually low-key (higher-end rental) and I'm about to purchase another condo that I intend to also manage myself. My gut is telling me to pull this condo from the PM now and attempt to rent it myself, but I have no desire to pull the SFH with the section 8 tenant.

What do you think? I can feel my stress building each day this condo isn't rented, not because of the money (although that's important) but because I'm not sure the PM is looking out for my best interests. I want to believe the PM and think folks just aren't moving yet because of the weather, but this property should not still be vacant almost 5 weeks later.

I require the security deposit and first month's rent in certified funds when they return the signed lease. No deposit+rent with the paperwork = no lease because I don't sign it. I've always only required the prorated rent amount upfront and have never had an issue, but I like the idea of requiring a full months rent and plan to use that strategy in the future.

Cash Flow Quadrant by Robert Kiyosaki

The Millionaire Real Estate Investor (via audible) by Gary Keller

We also use the term 'under contract' in NC. Usually the process goes something like:

1) Buyer completes an Offer to Purchase form and sends it to the Seller's agent with an Earnest Money Check;

2) Seller can reject the offer, counter the offer (meaning change some of the terms in the buyer's original offer), or accept the offer by signing the contract

3) The seller's agent then communicates the rejection, counter or acceptance to the buyer (or the buyer's agent). At the point of communication of the accepted offer, we are now 'under contract'.

A little oversimplified, but that's the basics of the process we follow.