All Forum Posts by: Ursula B.

@Micah Brown what was the name of the town? I'm from NC, so just curious.

@Jackie Chiles You should have a copy of the lease with their names, and you know where they reside.  That's enough information to notify the tenants of the change in management.  Ask the PM for all documents and contact information related to the tenants.  Be sure to also ask for the security deposit they are holding (and have an escrow account set up to receive it).

I agree with @Jeremy Tillotson that you should read your management agreement to know what you may be up against in firing the management company.  But don't let it deter you from taking that action if it's warranted.  You may be in for a fight if you're only doing it to save PM fees, but if you have a legitimate reason for firing the PM, you may be able to get out clean from the management agreement.

I had the unfortunate pleasure of firing a PM just yesterday (who I just found out is a member of BP), and here I am at 4 in the morning writing transition notices to my tenants.  It was the last thing I wanted to do, but it had to be done.  Your road ahead won't be easy, but it will be worth it once you get the hang of it.

Good luck to you!

@Jake Kozul I buy them at least for the first year of ownership as a form of insurance for the big ticket items.  I decide on renewal based on the caliber of tenant I have and the number of times I had to actually use the service over the first year.

Last year the home inspector told me that the HVAC for the condo unit I was about to buy wouldn't make it through the summer.  I bought the home warranty.  About three months later, the tenant called and said the HVAC was out.  Home warranty replaced the compressor for $60 trade fee.  At this point, I've paid about $580 for over $800 of services, so the warranty has saved me some money. 

I think the quality of the warranty depends on the company and the local techs.  I've never had a problem in my area of NC with AHS or Old Republic.  I use Old Republic exclusively now.  I had Choice at one point, but they made it so difficult to schedule services that I could never use the warranty.  I'm sure that was intentional.

I used a bank and a credit union for a conventional and commercial loan, respectively, and they both used 75% of the gross rent roll.  I'm sure it varies from lender to lender but this should give you an idea.

Welcome to BP @Linda Gomez !

Great job @Andre Elston Congrats!

@Allison Mayfield I can send you a sample one so that you can see what it says, but it cannot be edited.   Inbox me your email address.

@Eric Bergey 

Ask for a copy of the bylaws and see if it's written there. Ask the community manager or HOA President for a 5 year (or even 10 year) history of HOA dues and assessments. This will give you an idea of how many times the dues have been raised and by what percentage over that time period. Some HOAs cover expenses by raising the dues, some by special assessments, and some do both.

Also ask for the financial statements of the HOA to see how healthy the books are. I was interested in a condo and wondered why the HOA didn't fix the rotten facia boards on the back of the building. I asked for the financial statements and they only had $4,000 on the books...and the HOA dues were $150/month. I sensed a special assessment or HOA increase forthcoming, and walked away.

They can and they do. I've owned a condo unit for 8 years and the dues have been raised 3 times.  It's almost doubled since I purchased it.

@Justen, right.  We chose Stone Mountain because of the proximity to Decatur.  We were advised that if we were going to live here, only live off one specific exit...and nothing else.  Glad we heeded that advice.