All Forum Posts by: Elena Koyun

Hello,

The story: my friend has a house that she wanted to rent out. She was afraid to do it by herself even though I told her I will help to manage. She hired a management company. Everything was fine for a few weeks. They charged her $600 addition to the agreed fee for removing garbage and mowing lawn. Then, next month they charged over $300 to remove some wire in a house. They never contacted her to discuss this "repairs"

She is breaking the contract with them and I already agreed to manage the house for her. My question to the experienced property owners that hire property management companies and management companies owners - how can a management company charge that much without even communicating expenses with the owner. Was this an exception or this is a rule? 

@Jason Hammond Yes, we are contacting the contractor before we discuss anything further with the tenant. Thank you for your advice! 

@Junior Soares We do not think they would take us to court for it. We agree that the window company should have cleaned after work was completed and not unplug their surveillance camera, more - say something to us when they broke the figurine. We were there, we were back and force between two units and didn't look at the shelf before letting the company go. 

But we also do not know what they would want for reimbursement for the figurine. It sounds as it is priceless from the message. It makes us feel a little uncomfortable. We didn't ask yet, but we will after we hear from the window installation company. 

Thank you for your comment! Thank you, everyone! 

@Shawn Coverdell Please, tell me why? This is the first time they complained. But this is the first time we had someone do something in their unit. Usually, we fix everything ourselves. 

@Mary M. Thank you, Mary. Yes, we are contacting the company tomorrow about this incident. And yes, from now on we will be there overseeing the work. 

These are good tenants. :) 

@Caleb Heimsoth  Thank you! We will mention that in our response! 

We have installed a new window in our tenant's apartment. Tenant sent us the following email "We would like to address an incident resulting from the window installation. We noticed today that some of our property was damaged I have attached pictures. One of the figurines that was on top of our wedding cake made by a friend has been permanently damaged and I don't think it could be fixed. We were not notified of the damages. The workers left a bunch of metal and screws on our bookshelf as well as a bunch of dust and some of it was placed directly on one of our wooden pictures. Another thing that is concerning to us is our camera was unplugged while they were working. I understand if this needs to be dealt with after the holidays. I just wanted to touch base before I forgot."

This is the first time for us please advise what to do and how to respond? We did notify them that we will have people coming to install a new window way in advance and a day before the event. Yes, we assumed that they would move stuff away from the window but looks like they didn't. 

We appreciate all the suggestions! Thank you!

@John Warren Thank you very much for your response! I was reading everything I could find last night about refinancing! Happy to hear that we simply will need a different lender :) Will definitelly check out lenders on BP! Amazing site, we've learned so much on here. 

Hello,

The situation: About to close on our first multifamily Duplex. We will be living on one side and rent out another. We didn't have 20% down, so will be refinancing in about a year to get rid of PMI.

The plan: To pay into equity to be able to refinance without PMI and take an equaty loan on the property.

The problem: Our mortgage company told us that if we want to take the equity loan we will have to live on our first property for another year... That was not our plan, we were planning to move into the next one. 

Question: How does equity loan work? I read so much about buying multiple investment properties by taking equity loans on investment properties. Do I just need to find a different lender at that time or am I missing a big chunk of important information? We live in WI. 

Thank you, everyone, in advance!

@Cameron Don Meals we did negotiate price down :) The seller didn’t object at all.