All Forum Posts by: David Moudy

I agree the PM should definitely be fired and has not done a great job for you thus far.

In fact we have been terrible. I am grateful for the feedback as this allows us to improve. Our communication has been sub par. We dropped the ball on this one hard.

I think we deserve every but of getting fired however think we can improve moving forward.

Please give me a call at your earliest convenience. If you decide to move on there will be no hard feelings. I think we can make this better though.

@Matthew Olszak I think we could have had contingency in place for tenants to stay with property.

Other suggestions we have been presented would be to use an estoppel which was first time ever hearing about this type of document as have never ran across this situation before.

@Matthew Olszak we got copies of the leases and lease ledger.

Also asked for prorated rents and security deposits to be transferred.

We know leases transfer however previous PM told them to vacate without our knowledge

Would love to hear thoughts on this:

TL/DR: First Key Homes lied and took our tenants. A learning experience.

Want to share something that has recently happened.

We closed on a home recently that had a tenant in place.

During due diligence we asked for lease ledgers, copies of leases.

Everything looked good, and during walkthrough of property talked with tenants, they let us know that they wanted to stay with the property which was great.

During escrow period our buyers and us were asked not to communicate with tenants until after closing about change in property management or anything about transaction. Understandably so we thought because don’t want to confuse tenants about who property management was just in case we didn’t close. Perfectly reasonable request.

Per contract we stated prorated rent amounts were to be transferred to us at closing as well as security deposits.

We honored request to not reach out to tenants until after closing. The tenants lease was up in September(next month) so we knew we would need to reach out to renew leases directly after closing.

Day of closing we reached out to the tenants to inform them that we had indeed closed on the house, as well as wanted to offer lease renewal for them. When received a response back from them:

“THANK YOU FOR THE OFFER BUT FIRST KEY HOMES TOLD US TO VACATE DUE TO SELLING HOME WOULD NOT LET US KNOW IF THE NEW OWNERS WAS A RENTAL CO. SORRY , WE HAVE MOVED AS OF FRIDAY”

We later found out that the tenants were placed into another First Key Homes Rental property.

Can anyone say Tenant Placement Fees?

Leaving the property at close vacant, which is not the product we intended to close on and we were told not to contact tenants until after close.

Tenant snatchers?

Where not ideal, we now have to turn the property and didn’t have the luxury doing a move-out with the tenants. Can only move forward from here.

Moving forward action steps to help prevent this from happing again a few thoughts:

Further condition:

Current tenant(s) to sign lease with new property management company prior to closing.

Tenants to be informed of property management change 7 days prior to closing.

Closing contingent upon current tenants remaining with the property post closing.

Would love to know what your reactions to and or response would be to this.

Depends on what’s in the lease. Follow through on terms put together with tenant in lease.

If you have 4 applicants - sort by who is most likely to pay on time every time. High Credit Score, Highest Income, Dual vs Single Income, etc.

10k good for a live in downpayment to a house hack

@Erin Culp would be glad to give you contact information for our contractor that we use - hit me up with a DM

@Megan Davis Free App

@Nick Giulioni appreciate the shout out

@Dylan Bair would love to see if there is anyway could help from our end. Shoot me a PM if/when you would want to talk and can discuss further.