All Forum Posts by: Elenis Camargo

@Jeff Mills I'm pretty sure section 8 tenants have strict guidelines about not being late on rent and that they have to pay their rent or else section 8 will stop helping them. As @James Wachob said, call MHA and talk to them about this tenant if you're wanting to keep it as a section 8 property. The other option is let them know you'll be renovating the property and give them time to move out, then sign an annual lease with the next tenant. I don't like the idea of month to month leases. They can leave you at any time and you have to pick up the pieces. I'd personally go with option 1: move them out, renovate and raise the rent. But just make sure that there are other properties with the same standards in your area before doing this. For example, you don't want to put the $10k in and then find out all other properties around you are outdated and rent for less. 

@Alan Pederson Love it!! People will always call others crazy who they don't understand or who are taking risks. If they want to play it "safe" and work at a job and not invest in their futures, then that's their problem. Love how you tune them out and keep on going!

@Deepak Bhadauria How long does the PM have to rent the property before you can cancel? Or is it a one year contract whether or not they rent out the property? I would ask them for hard feedback. Ask how many times they have shown the property each week for the past 3 months. Ask what are the potential tenants telling the PM as to why they are not applying. Ask where they are marketing the property. You are entitled to some answers here. My PM took 3 weeks to get my property rented out. He gave me updates on a weekly basis. Just when I was about to ask for an update, I had one in my inbox. I thought 3 weeks was a long time but 3 months is pretty ridiculous assuming your property is in good condition and at a reasonable price. Best of luck! 

Congrats @Vijaianand Thirunageswaram! You ran into issues but you still came out of it with a profit. Some projects go better than others but it seems like this one was a success for you either way.

@Steve Mitrano I don't see why you'd spend the time and money to remove a working appliance. I would leave it alone. I like @Mike Hurney's suggestion on adding coin W/D in the basement! 

@Alina Vengerov We considered purchasing an apt to live in in Brooklyn but then realized we would need to save over 100k for this. We purchased two single family homes in Florida, where we are originally from. Those are our rental properties. We would looooove to house hack but seeing as it’s so expensive to buy in Brooklyn and we aren’t going to stay here long term, it doesn’t make sense for us. I’ve heard Long Island is a bit more affordable. Is it true? We moved to Brooklyn 2 years ago so we are still pretty new to NY. How long have you been here?

@Christopher Cadenhead the formatting got all screwed up in my response but I put my interpretation of each line and then the line from the contract in quotes after. There’s 6 lines. Best of luck!

@Christopher Cadenhead If you take it line by line, it’s a bit easier to read. I’m not a lawyer but this is what I get from the terms. I hope this helps. You can contact the PM and confirm if you cancel the contract today, is XYZ true. They will have to tell you. Make sure you get a signed termination so they won’t come back later asking you to pay anything. 1. You have a one year contract with them that automatically renews. To stop it from automatically renewing you need to physically give them written notice 30 days before it renews. “The term shall begin on the _____ day of _________, 2017 and will be in effect for one year and will automatically renew for successive year periods at the anniversary date so long as there has not been at least a thirty (30) day written notice prior to the next term given by either party to terminate.” 2. You may terminate, again has to be written and physically given to the PM, but you will have to keep paying the PM the monthly commission that you’re paying them now. You would pay them this until the tenants they put in the property leave or until their lease is up. “Termination by LANDLORD is effective when actually physically received by BROKER. In the event this agreement is terminated by LANDLORD, the BROKER shall continue to receive the rental commission set forth below as long as the TENANT(S) placed on the property by BROKER shall remain in the unit until the end of the current lease.” 3. I am not sure I have paragraphs 15 through 18 to explain the next part. “In the event this agreement is terminated by LANDLORD, the BROKER'S rights provided for in paragraph 15 THROUGH 18 shall survive such termination.” 4. If the PM has spent any money on maintenance, for example, and you haven’t paid them yet, then you would have to pay before cancelling the contract. “All monies expended by BROKER shall be paid to BROKER prior to this cancellation and BROKER is authorized to withhold any sums owed to BROKER from monies held prior to the final disbursement to LANDLORD.” 5. If you don’t have a tenant in the property now or if it’s been less than 3 months since the PM placed a tenant, you owe the PM an extra $125. “An additional cancellation fee of $125.00 will be charged to LANDLORD should LANDLORD terminate this agreement prior to TENANT(S) being placed and for a period of 3 months after TENANT(S) placement.” 6. And of course they always put a clause in there that allows them to cancel at any time within 30 days notice without any penalties to them. “BROKER reserves the right to terminate this agreement with 30 days written notice to LANDLORD at any time, or, immediately with written or verbal notice if in the opinion of BROKER'S legal counsel, LANDLORD'S actions or inactions violate the terms of this management agreement or are illegal, improper, jeopardize the safety or welfare of any TENANT(S) or other persons, interfere with this management agreement and/or a foreclosure action is filed against the LANDLORD.”

@Michelle Hansley No problem! No, they just require you to open an account and have a $5 balance. Anyone can open an account. I will be doing a HELOC at the end of the year but everything sounded super possible.

@Addam Driver Ah got it! Your profile made it sound like this was your first deal. Seems like natural next step then if you already have multifamilies  :)  Best of luck!!