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All Forum Posts by: Cindy Meyer

Cindy Meyer has started 1 posts and replied 52 times.

Post: Property manager pocketing late fees

Cindy MeyerPosted
  • Investor
  • Bastrop, TX
  • Posts 53
  • Votes 28

The man that manages my properties is also my boss. He charges flat 8% for all rent collected, so he makes nothing if my tenants don’t pay. He does get a fee for tenant placement, but he is a broker so the money he makes is not something that any other broker would not make in getting a place rented: Typical fee is one month’s rent, but the majority of that goes to the agents involved and he puts in quite a bit of time himself making sure the right people get in the unit.

He does keep any Late Fees charged (typical for the area), however he also often does what one poster suggested and covers the unpaid rent out of his pocket, reimbursing himself when the tenant pays. He does not count on the Late Fees as extra income and never cares one way or the amount of money late payments bring in. If he didn’t get that money any more he wouldn’t care one way or the other, BUT it would be a nightmare for me. Majority of my job is dealing with tenants to bring in the rent and Late Fees are one of my big bargaining chips. I work with the tenants to make sure the money comes in and being able to waive or lower the fees lets them know I am being fair. If that money had to go to the owners I would have no choice but to enforce them fully.

Not only that, you have to realize the tenants don’t always willingly or immediately pay the Late Fee. Out leases here normally state that any money they pay goes first outstanding fees or charges and then to rent; therefore, when they don’t give extra to cover the Late Fee it means they are not paying the full rent. We would be posting notices left and right for nominal amounts of money, which would really tick off the tenants!

This all said, the most important point is that he manages my properties because I trust him. If you question the actions or motives of the person in charge of your investment then you either have to have a sit down with them or you must move on to someone else.

Post: Friend and His Grandma are Moving Into my Rental

Cindy MeyerPosted
  • Investor
  • Bastrop, TX
  • Posts 53
  • Votes 28

Be sure to make sure he has signing power on Grandma's accounts.  If she ends up in the hospital for an extended period, you want to make sure he will have access to her money to pay the Rent.  Just like lending a friend money and knowing you won't get it back, go into this with the mindset that you will most likely loose a few thousand (unpaid rent, eviction and repairs) on this deal.  Preparing yourself for this now will save you time stressing out about it in the future.

Also take the time NOW to read and study the steps for eviction in Florida.  If it does get to the point where you would have to evict him, you want to make sure you do it correctly and know what to anticipate up front (keeping in mind that nothing ever goes "by the book" in landlording and you have to  know how to handle the inevitable curve balls).  

Although, I am not sure why you are confident in your ability to evict him in the future if you cannot say "No" to him renting from you in the first place.

Post: I NEED HELP! WHAT DO I DO?

Cindy MeyerPosted
  • Investor
  • Bastrop, TX
  • Posts 53
  • Votes 28

  Think you gave them great options @Kurt Stein and am glad to see that you installed the chains and Charlie Bar,  Don't have any opinions/experience regarding the security cameras, but will be interested to hear from others.

The only thing I would suggest strongly is that you get final approval of whomever they pick to sublease.  Tell them the individual must fill out an application and have a background check run.  You always want to know the people living in your house. 

Post: I NEED HELP! WHAT DO I DO?

Cindy MeyerPosted
  • Investor
  • Bastrop, TX
  • Posts 53
  • Votes 28

According to Nolo (link below) looks like a Florida LL does not have a duty to mitigate damages, but you cannot enforce any sort of early termination fee without specific language in your lease

http://www.nolo.com/legal-encyclopedia/tenants-rig...

Here is the specific statue referenced http://www.leg.state.fl.us/Statutes/index.cfm?App_...

Get a copy of the police report and talk to the officer(s) involved.  i would want confirmation or clarification of the following:

1) A cop telling a victim of a B&E that they should move.  Most people are not going to be able to pack up and leave, so telling them to do so is irresponsible.

2) A gang that roams an A/B area to joyride and steal a laptop that would most likely get them $25 on the street (why is the neighbor leaving it in their car?)

3) If your Tenant's personal information was stolen, why did she leave her Facebook account open to the public?

4) So there is a hoodlum that is so stupid that he threatens someone via Facebook, simultaneously giving their name and documented proof of their crime?  Is that an indication of laziness or efficiency? (Well, I guess without the car he couldn't drive over to threaten her in person).

Post: Disagreement w/ Property Manager

Cindy MeyerPosted
  • Investor
  • Bastrop, TX
  • Posts 53
  • Votes 28

The portion of the contract you posted addresses what will happen if you cancel.  I assume that it also shows an end date as you say it is a 1 year contract.  Are there any portions that address why contract would not end after 1 year (i.e., "contract continues until Tenant leaves premises" like our Leases that become month to month if no notice is given)? 

If the above is not in the contract I would read that section as applying only if the contract is cancelled prior to the end date and ask them to give me the specific section of the contract that supports what they are claiming.

Post: 78744 area?

Cindy MeyerPosted
  • Investor
  • Bastrop, TX
  • Posts 53
  • Votes 28

@Teo W.

This is a good website to check the types of crimes in the Austin area http://spotcrime.com/tx/austin You can also check the Austin PD site.

I have limited knowledge of the area, but know someone that bought a brand new stand alone condo there in summer of 2015.  She decided to sell as she is a single mom with a toddler and her upstairs neighbor had his bedroom window shot out by a random bullet.  Additionally, someone's car was shot up on New Year's (I think that was a vehicle just chosen at random).

Prior to selling, she had spoken with my PM (and boss) regarding possible rents vs. selling. She would not get enough in rent to cover the monthly payment and it would cost her about $200 a month just to rent it out (but note that her payment includes HOA fees).

Despite much appreciation for the Austin area, she was only able to barely breakeven and ended up selling for what he thought it would (about $25k less than what it was listed for).  He feels that there is a lot of gentrification going on in the neighborhood, but a true turn around is still about 4 -5 years out.

Hope that helps!

Post: Rent Documents to sign for Texas house

Cindy MeyerPosted
  • Investor
  • Bastrop, TX
  • Posts 53
  • Votes 28

Hi @Denita Ozenne ~

Not sure if this applies to the agreement @Steve Rozenberg or not, but just a heads-up that the TAR form in Section 33 AGREEMENT OF PARTIES has the following item G:

  1. Copyright: If an active REALTOR® member of the Texas Association of REALTORS® or an active member of the State Bar of Texas does not negotiate this lease as a party or for one of the parties, either as a party’s broker or attorney, this lease is voidable at will by Tenant.

Of course, if you are an agent or an attorney you are OK.  

Post: Anatomy of an Eviction

Cindy MeyerPosted
  • Investor
  • Bastrop, TX
  • Posts 53
  • Votes 28

Oh WOW @Linda Weygant!  Big gold star to your husband for talking you through it AND you for listening to him.  Knowing everything you have been through, reading that email made my head explode.  Can't even imagine how I would react if it was directed at me.

Does make you wonder what kind of parents could create such evil spawn.

Hang in there!

@Brenda Logan

I would send an email to BOTH of them, avoiding having her relay information (aka, being your "representative").  As it is near the end of their lease, send notification as you normally would at lease renewal.  Reference in the notice that they both have the right to be in the property until the end of the term.  Ask them to notify you by X date whether or not they wish to renew.  Let them know if one of them is leaving and a new tenant is moving in that person will have to submit a complete application along with your application fee by X date.

As it seems that she is the only one that told you he would only be paying half the rent, don't address that issue until he actually does it.  If he does only pay half, send notice reminding them that they are "jointly and severally liable" and that if full rent is not received, you will be serving them a three day notice (include late fee if after the 3rd).  Don't accuse him of an intention of not paying in full.  If you do, he will assume you are listening to her and on her side, thus keeping you enmeshed in their relationship.

Hope that helps!

Post: Average Cost of Demolition

Cindy MeyerPosted
  • Investor
  • Bastrop, TX
  • Posts 53
  • Votes 28