All Forum Posts by: Alberto Furet

Have her read the contract again. A typical property management contract usually has an "out" for either party if they are dissatisfied with the other party. It's usually 30 days notice. It might be cheaper to just part ways rather than involve a lawyer. I would contact the state and the BBB and alert them to his practices.

I agree with Dawn A., paying for half the cost will go a long way with your tenant and you can always deduct the cost from your taxes.

Gary,
If you still have the emails from the people that came to look at your property, email them and ask them why they didn't choose it. Another thing you can do when you find someone that's really interested is to sweeten the pot. Tell them that the full amount for the security doesn't have to be paid at the same time as the first months rent and that you're willing to work with them. I always tell prospective tenants that I'm willing to spread out the security deposit over 2 or 3 months. Lets face it, a person that has the cash for first and last month's rent just laying around would be owning and not renting.

Renting to illegal aliens can be risky, due to the fact that a lot of times they may or may not use their real names or they might be using a stolen identy. Since they sometimes have no real roots in the area, you run the risk that they might just up and leave... Good luck trying to track down a Juan Fulano De Tal. Another thing to consider is, what if they are picked up and deported by the government? Good luck getting any money from your Uncle especially after admitting that you new they were illegals. I'm not saying to descriminate against non english speakers. Just do your homework before you turn over the keys.

Amie,

Check your contract to see if there is anything that outlines what can be done in the event that either party has broken the contract or not lived up to the terms. Also check to see if there are any fees to him if he places a tenant.

I'm an out of state owner as well and I had to fire my property management company about a year ago. I called them and told them that I didn't believe that they had my property's best interest at hand and that I didn't trust them with my property and that I didn't feel that we should continue with our business relationship. I then wrote them an email which referenced the phone conversation and told them that I would be flying into town the following week and to have the keys to the property, which was vacant, and any fees that I owed ready.

Everything worked out fine. Document everything, take pictures of the lawn and anything in disrepair and send a certified letter stating your intentions and why. If you go to the property, it will give you a chance to meet your choices for new management in person and do a walk through of the property with them and see what needs to be fixed. You can deduct everything off your taxes ( flight, lodging, rental car, gas and food).
Good Luck

Hi Lars,

Congratulations on the beginning of your real estate investment journey. I started the same way you did and after the last eight years being a landlord, I can say that there can be a lot of ups and downs, but It's all doable.

There are a lot of resources that are free that can be very helpful. I use Craigslist to advertise my property and I use Yelp to find service providers in the event you're not too handy with tools or you don't have the time. When you use a good service provider that you like the quality of work and price, save their contact info and talk to them about them doing all future repairs for a discounted price.

If you don't mind fielding calls and setting up the logistics to deal with problems that arise or if you're not within driving distance I would hire a property manager. Depending on where you're at you'll you'll save a bit of money managing it yourself. I've been seriously thinking about ditching my property manager in Az, because of the easy time I've had managing my property here in San Diego.

Depending on the age of your condo, I would suggest getting a home warranty plan. They definitely come in handy when you have to replace big ticket items like central A\C units and hot water heaters. The monthly fee and service costs are tax deductible.

Does anyone know a good website to track mortgage rates?

I live in San Diego, but I have a rental property in the Chandler area. My first property manager left a lot to be desired so I'm looking for a new one. Thanks for all your input.