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Updated over 4 years ago,

User Stats

12
Posts
4
Votes
Reba Vera
  • Investor
  • Bakersfield CA
4
Votes |
12
Posts

Newbie question for landlords

Reba Vera
  • Investor
  • Bakersfield CA
Posted

Hi BP community,

I am a new investor. Just closed on my first SFH. This deal came with tenants. Now I have the option of keeping the same property management company and thought this was a good idea but now I have a couple of concerns regarding their terms.

This property is in Bakersfield, CA. The property management company first sent an addendum that wasn't clear about how they run their business as the middle guy between me and the tenant. I reached out and asked if she could include in writing the steps taken on our behalf. Like when they collect, when they send out a late fee notice, and when I can expect payment to my account.

So the first Addendum starts with "The following terms and conditions are hereby incorporated in and made part of the", the box that was checked said "Other" and they only listed their company name and requested that their name be added to the liability insurance. 

During our phone conversation she asked if I was a first time investor and I said yes. She then agreed that it wasn't clear and said she would send a new one for review.

Well, the revised Addendum does have the breakdown of the steps and procedures, however, I noticed the Terms and Conditions changed from "Other" to now being "Part of the Purchase Agreement". 

So my question is, should this concern me? And would this affect me if I decide to stop using them in the future?

Your thoughts and advice is great appreciated.

- Reba

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