All Forum Posts by: David B.

I have a room in basement apartment in my home that I am renting out.  I verbally accepted applicant but we have not signed lease or accepted any monies. The applicant is currently living with a friend.   I have gotten serious cold feet because the applicant has made comments that would indicate they are financially stretched (.. need to  wait for their next pay check to have security and 1st month rent....they would like early access to space so they can take small loads because they don't have enough money to rent a uhaul.) 

Is it too late to back out if we have not signed anything , but I did tell them via text they were approved?

I have a similar problem. Cast iron, roots in line, earth , etc...
They snaked the line and the water is flowing again.
This house is set back (like 500ft from the road) so I'm expecting a huge expense once this thing finally does break.

What is the community thoughts on putting  service line insurance on it?  Any particular company to go with?

I'm not sure .  They speak of a new sewer line being installed.

What I think worries me the most are the words "Just Compensation".  Makes me feel as if they are going to be doing something that I will need to be compensated for.  Sort of feel like a victim, before the accident.

I received a letter letting me know that Permanent Sewer Easement and temporary construction easement is going to impact my property. The letter speaks of "rights to be acquired' and "Just Compensation"

Is this something that typically requires or is recommend to have legal counsel present?

Is this something worth fighting? 

I am unsure of how much the easement impacts my property, but I'm wondering if I should have representation from day one.

Quote from @David B.:

Quote from @Drew Sygit:

@David B. you are correct that there are "31 flavors", maybe more!

To address the subject line of your post, the tenant "belongs" to the property owner. The lease should state that and identify the PMC as the agent of the owner. But, we've seen many PMC's get this wrong - some that have been in business for years and should know better.

What you are really referring to is the Termination Fee.

These can be ANYTHING that both parties agree on.

It is very common for PMC's to protect themselves with Termination Fees. Otherwise, what's to stop an owner from hiring a PMC to find them a tenant, and then terminating the PMC to avoid paying the monthly management fees?

 Seems to be the norm in Virginia Beach. Spoken with 3 PMs so far and they all say if they procure the tenant they expect to receive PM fees.

Quote from @Drew Sygit:

@David B. you are correct that there are "31 flavors", maybe more!

To address the subject line of your post, the tenant "belongs" to the property owner. The lease should state that and identify the PMC as the agent of the owner. But, we've seen many PMC's get this wrong - some that have been in business for years and should know better.

What you are really referring to is the Termination Fee.

These can be ANYTHING that both parties agree on.

It is very common for PMC's to protect themselves with Termination Fees. Otherwise, what's to stop an owner from hiring a PMC to find them a tenant, and then terminating the PMC to avoid paying the monthly management fees?

So far it seems like every PM company does their own thing. Feels like Baskin Robbins 31 flavors.

I just want simple chocolate.

 I noticed that in the property management agreement it states the landlord has to continue paying the property management fee if the property management company is the ones that procured the tenants.

Property Management company charges $350 finders fee, then $145 a month management fee. 

If after the year lease we don't want to continue with the PM,  we cannot keep the tenant without continuing to pay the property management company if they procured the tenant.

Is that common that the tenant is attached to the property management company?

Still trying to identify a property management company to use.  I thought I had one, except the agreement is stating that we have to remain in the contract even if they have not leased the property in 6 months.  


If, after the original 180 days of this Agreement, the Property
remains unleased, either Agent or Landlord may, with 14 days written
notice to all parties, terminate this Agreement.



Is that standard? That seems like an awfully long time that I can not take other actions if I'm not satisfied with their service.

Quote from @Maranda Tucker:

We require that we are named at "Additional Insured" on our clients policies. This will give us the ability to quarterback any claims without needing to use the Owner as a middle man. Saves time and frustration. We have never asked for mortgage statements.