All Forum Posts by: Jacob Price

That's like asking whether or not you want a licensed attorney to draft the lease agreement or a leasing agent. Which would your client prefer if we aren't concerned about pricing? 

This feels like an idealistic conversation comparing two different things.

Our clients pay us to rent their property, by offering self showings we are able to have more showings and then rent their property faster. 

Yes, tenants are valuable and I'm not disputing that. Do you think not having a remote system is the industry norm? I think most of the NARPM conferences and other conventions would disagree. 

We use them in our business and feel like it would be impossible to scale without them. It's a win-win for all parties involved. Prospects get more time-slots and we don't need to use our time to do showings. 

As for the risk, our showing system requires that they submit a driver's license or photo ID, so we have a record of who has accessed the home. We've never experienced any damage, maybe occasionally a broken key or something odd but this is rare.  

@Darius Ogloza, I updated the origins post, I owe 20k. The eviction attempt was about 3 years ago and they have since been performing. 

I have an odd lease-purchase option that the courts have effectively deemed a note. It has about $60k left on the equity, it's 100k house, and is accruing 6.875% interest. It's not clearly written as a note, but nonetheless when going for an eviction they decided that the tenant had equity. 

I'm not the first lien as I had seller financing on it when I bought it in a package, only owe 20k, so I'm curious if anyone has any insight into this type of situation. Is this something I could sell or am I stuck with it for another 16 years. 

We run into this situation from time to time, but unfortunately, there isn't much you can do. In Virginia as of Wednesday (7/1/20), Marijuana will be decriminalized. Recreational use is hardly on the radar of police in our area and I'm sure it's similar in yours due to the aforementioned changes that are taking place. 

With that being said, here's what I would recommend. 

Do exactly what the lease states... It is your lawful contract. 

Continue with the eviction on the defaulted unit as that's really the only way you can forcibly remove them. You could try to offer 'Cash for Keys', but at this point, they may have read the multiple headlines telling them they do not have to pay rent due to COVID... Yay

As for the lower unit that is affected by their smoking, I'd encourage you to explain to them what you are doing and offer them suggestions to curb the issue until you are able to remove the upper unit. One of which would be carbon pleated air filters. We have had success with either offering these to a tenant or getting them to purchase their own to remedy the smell as the carbon media captures the odor. 

An alternative option that we use is to allow them to vacate, but require them to continue paying the rent and utilities. They must move-out and leave the apartment in rent-ready condition, we then market the property and hold them responsible until it is rented again. This is a compromise that works out for both parties.

Best of luck to you in July, Virginia has not been kind to landlords during this period of time.

I'd recommend putting the leases in the contract as a contingency.

"Sale contingent on the buyer receiving the current leases for review"

The second part that you mentioned, well..., may not get so lucky on that. Depending on the owner/management they may not have great records. You can ask, but I wouldn't be surprised if they can't provide them. 

Whether it is something you want to make legal or not, you should get a contract between both of you. This will set up expectations for the different roles that each of you will have throughout the lifespan of the property.

The rest of it will be the same as any property you would acquire on your own. Determine how you will do accounting, management(if applicable), funding, etc.

 Yes, as always refer to state laws. 

 We've found that providing the washer/dryer is an amenity that draws higher quality tenants. If they leave and the appliance is broken then it simply comes out of their security deposit.