All Forum Posts by: Erik Stern

Thanks for the reply.  I will take the contract advice as I havent thought about that previously.

Hi, does anyone hav any property manager referrals in Montgomery, AL?  I used the tool in BP, but was looking for more of them and also someone who has had a positive experience.

Thanks!

Thanks for the reply Matthew.  I guess my response is what responsibility does the provider or Property manager have?  The other thing is that there is no police report (I asked), so I could only sue the tenant, but then what if the tenant said that they had a verbal agreement with someone to pay it?  In the end, the provider is taking a payment from someone who is not on the lease and can dispute the charges instead of just putting them back on me.  Instead both the provider and the PM just put it back on me.  How is that fair?  Also, why wouldnt all tenants do this?  Pay on someone else's credit card and then after 6 months, just charge back the rent.  The tenant could get like 8 or 9 months living rent free.  Maybe more.  I believe that the provider and the PM have the responsibility to prevent fraud and if it happens, dispute the charges, but they didnt.  I am not asking them to share in my property's losses, but I am holding them responsible for their job.

Hi BP community!  I need some help.  I own a rental in TX and my property manager informed me that there were charge backs for payments between 4-6 months ago and are taking the funds out of my account.  According to the property manager, they accepted payments from someone who wasnt on the lease (I believe the sister) and then the borrower stopped paying and left.  The person whose debit card it was said that they didnt authorize it and now I am out the money.  First, I dont know how this is possible.  I thought using a debit card, you couldnt do this.  Second, why am I responsible?  I didnt take teh payment, or have an agreement with the vendor.  Third, they refunded the money without a police report.  How is this possible?  Fourth, can I sue?  I would assume I could sue the borrower, but I am more interested in suing my property manager as they should be responsible.  Am I wrong?

Thanks for considering!

Erik

(This is a SFR in Harris County)

LOL.  I think you are being generous with the rent.  

If your numbers are right, you make $730k in your worst case if you build 8 units.  You make $300k if you sell now.  I would build the apartment building.

Dan, I dont know of any HELOCs off hand, but you should try bankrate.com (http://www.bankrate.com/home-equity.aspx).  

I have also not used Wells Fargo, but they are the largest mortgage lender in the country, so they must be okay.

I would be interested as well. One of my goals this year is to buy a small apartment complex

Hi!  Need some help on a situation. I need some cash to buy additional rental properties.  I have one house that I bought 5 years ago for 85k and is now worth $245k.  The problem is that it rented for $1200 in 2011 and it rents for $1300 in 2016.  My question is, should I refinance it and take cash out or do I sell it?  Either way I would take the cash and invest in properties with a better price to rent ratio.  Thanks for taking the time to read this.

Erik

Hi guys, I am looking for an accountant who has experience with rental properties and can give me advice that is worth their fees and help with tax returns.  Anyone know of anyone that is good?  Also, how much should I be expecting?  Preferrably in SF, but any where in the Bay Area would do.

Thanks,

Erik