All Forum Posts by: Craig Janet

How in the world did you determine it was lasagna? 

If the previous owner had the deposit you should have received a credit on the sale making you the holder of the deposit. If the property management company has the deposit you shouldn't have to do anything.

I agree with JJ P this sounds very fishy that they all of sudden moved out 5 days after you purchased it. Did they have a lease? Did you at least get paid for the 5 days? What are the damages and why weren't they seen on the inspection?

I'm willing to bet you have a leak some where around the door frame or maybe the roof. Did your PM seriously pay a plumber to check this out? That's the tragedy of this story.  

File the eviction ASAP. You can always drop it if she moves out on her own. 

I'm a licensed contractor. Passing the test will give you very little skills for a rehab. Most of the questions will be about codes and business laws. In Louisiana to obtain your license will you need expensive liability and works comp coverage (even if you don't have any employees). There is no substitute for hands on experience. You could watch some youtube videos and do some projects around the house and gain more skills than passing the test. 

As others have said painting an entire house and new floors isn't "tenant turnover" this is capex that you should have budgeted for when you bought the place. Ask yourself if these are really needed. How bad is it really? Can the place rent as is at a lower rent? The PM doesn't care. The more money you spend, the easier the PM's job is and the more money they make. 

I require the deposit and first months rent due at the lease signing. Do not pay in advance. Meet the owner or agent at the property, sign the lease, get the keys, pay the monies due, get a receipt and a copy of the lease. Do it all in person. 99% scammers you will never meet face to face. You can't completely protect yourself but it's pretty hard to get burnt with this process.

I would still serve a notice on their door and start the eviction process. You technically haven't evicted them until after the court date, which could take weeks. You can always postpone the court date if you think the assistance is coming down the pipe. This would also light a fire under your tenant to get the assistance moving along.  

This is a long post but no actual numbers except for doors. How much did you invest? How much do you own? What's the ROI on "owning" a percentage of a building vs a SFH? What are the details of the partnerships?

Someone that needs to move in right now, is a huge red flag. Someone who plans to move in when their current lease ends, shows me that this person is responsible and a good planner. I will usually hold the unit for them.