All Forum Posts by: Hannah Robie

I usually have the same response for about the first week when I initially advertise a property. I am in Kansas City and I have found that Zillow rent estimates are a little high for our market, but your market may be different.  

I hope it's ok that I post this on here, but I found this article and wanted to share.  If you are exploring new markets or niches Kansas City is definitely worth looking into. We are no longer a fly by type of city! 

 http://www.kcinvest.com/realestateinvestmentinkansascity/ 

What I usually do is have them sign my lease,  just remember if there is something in your lease that is not in their existing lease and they don't agree, you can't hold them to it. I usually stop by the property or post a notice informing them of the new ownership/management and go from there. Sometimes these people have no idea and are shocked when I come knocking on their door.

I wrote my own. You can search for leases for your state online to get some examples of what you need to have in there. Just make you you have an attorney glance through t to make sure there isn't anything that will get you in trouble.

I manage properties and have had some clients that have bought occupied units or I have taken over for their previous managers. First check your local laws. Here in Missouri I have to honor an existing lease unless I can get the tenant to agree to my terms and have them sign my lease. If they do sign my lease, usually don't extend it past the period their lease would have been. I want to know they are good tenants before I lock them into a longer lease. Second, ask he seller for the rent ledger to make sure the tenants are paying on time. Lastly,  and possibly the most important,  make sure the security deposits are transferred to you at the sale. I know in Missouri, deposits are supposed to be held in a separate account.Technically that is not the seller's money, it is the tenant's and you don't want to be responsible for money you never had in your possession. If I know my client never got the deposit I tell the tenant as soon as possible so they can contact the person they paid their deposit to.

From a fellow PM...good luck and I wish you the best!

I agree with what many have said about finding a good PM in the area. When I have clients wanting to invest in a property, I will go check it out for them. I send them pictures and give them a list of any repairs I think it will need and bids so they know an approximate fix up cost. As a property manager I want to make sure my clients are not getting a "lemon", because that turns into me investing more time in order to get it rented.  I have built relationships with my clients and I would never want them to be taken advantage of. You definitely want someone in the area you can trust. 

I have managed several properties in questionable neighborhoods.  Obviously, your biggest challenge will be keeping the property secure when it is vacant. I always recommended to my clients that they installed metal security doors and put cages on their ac units. It's never a 100% guarantee,  but it does help. I also try to meet a few neighbors and give them my contact info. If they see anything questionable going on they can call me. I have had several clients who have been very successful in these areas, but as it was mentioned before they come with their own unique challenges.

Just curious,  did you already tell them you would return their deposit?  If it were me I would keep the deposit and tell them it was forfeited for breaking the lease. Or tell them you are applying it to their March rent since proper notice wasn't given. Either way they should feel that you are doing them a favor for not taking them to court. I manage properties in Kansas City, here we have the right to hold them responsible for the rent loss for the remaining term of the lease or until we get a new tenant. 

I agree with a lot of what is above. I manage properties and I have probably done thousands of showings. One thing that always stood out to me is if they were at the appointment on time, or called 5 mins before to tell me they would be 15 mins late. Sometimes they would call to let me know they were running just a few minutes late or call just to confirm our appointment. Sometimes they would miss their appointment and call me later in the day to reschedule.  I think it is just an example of their character and how responsible and considerate that are. As hard as it is sometimes following my gut instinct has been the best. It seems when I have gone against my instincts it has come back to bite me.