All Forum Posts by: Anna L.

@Nathan Gesner

I want to work with you when I have a chance.

I really appreciate your guidance. 

@Bjorn Ahlblad

Thank you for your response.

Do you manage the property by yourself then?

How do you handle the late fee? 

When you need to ad your property for rent, how do you screen the tenant? 

As a first time rental property investor with long distance, I made many mistakes.

Recently, I realized my management company over charged me a lot even though with minor issues and suggested some installation which is not necessary. On top of that it caused lots of miscommunication and I can't trust them anymore. 

So I decided to terminate the contract with current management company and will collect the payment from the tenant directly.

I don't see any term agreement on my contract with the management company.

1. Is it possible to terminate the contract anytime if I want?

2. Any suggestions to collect the payment from the tenant directly?

3. Do they transfer the security deposit and other documents to me? 

I found a general contractor who will fix any issue on the property and I will have maintenance insurance plan. 

Any suggestions or experience would like to share? I'd appreciate that. 

Thank you for the all information @Mario Dattilo

My property had a water damage because of the air conditioner pipe of the above unit.

The water leaked from the ceiling, carpet all wet, so I called the construction company and the dried the wall, floor and need to get replaced the carpet.

I claimed to the insurance company so they will handle it, but it looks like the insurance company don't claim to the owner of the above unit and I need to pay the deductible.

What the insurance company says is the water damage is an accident, it is not the owner's fault. 

Is there any way I can claim to the owner of the above unit to get paid deductible and the tenant's damage? 

Is my insurance cost will be increased next year because of this?

Can you tell me what the general process to get a contract? Without knowing the selling price, it is not easy to offer for contract. 

Mobile home park with mobile homes (28 units)

I know one lady who is preparing retiring and want to sell her mobile home park.

I want to wholesale the property if possible.

Can any one explain how would be the wholesale process or any resources to study wholesale a house process?

She gave me some numbers, and some interesting parties contacted me.

@Nathan G. @Matt Devincenzo @James Martin @John Mocker

@Terez Jones @Drew Sygit

@Terez JonesThank you for all your advice. I really appreciate that. The construction company that I searched and called found out the issue came from the above unit, not from my unit. The heat was very high recently and the air conditioner above unit had some issue and the water dipped from the pipe of that unit and damaged my unit.

So I requested clarification to my property management company how they provided a quote without identifying the root cause, but haven't got any response yet. I claimed to the my insurance company and they will figure it out how it will processed. As a novice investor, all your responses are very helpful to move forward with this issue.

Terez, do you provide management service in Memphis area? I don't see that area on your website.

Thanks

I purchased the small condo 3 months ago in Memphis are, and my first tenant moved in this month.

I spend amount of money for repair the unit.

Within a month after the tenant moved in, two issues happened already and today I got a call that main water pipe line has issue so the water is leaking from the ceiling and estimate $4000 to fix it. 

Can anyone answer the questions? 

1. I am not sure how the inspection company didn't find this major issue.

2. I got insurance last week, I am not sure if the insurance company will pay for that or should I call to HOA?

3. The management company didn't provide the quote in detail, they just say it will cost $3900. I am worried about their integrity. I experienced the same thing during the rehab. They didn't provide receipt or nothing, they just listed the items need to be fixed. Is this normal or what should I do with this? 

4. As a first time buyer of investment property with long distance, I am already exhausted with this headache and want to cry.  Anyone can share how you resolve all this issues and survive?

Thanks,