All Forum Posts by: John Hodson

@Nathan Gesner Thank you for sharing your experience. Your way sounds good to me!

@Anthony Hurlburt @Ali Boone Thank you both for confirming this. It came up as a question in a recent conversation. Thanks for the support!

Hello BPers! I own two rental properties. Both of them are managed by two different PM companies. On both Property Management Agreements (PMA), I appointed them as Agent for the rental, management, and operation of those properties. My name appears as Owner on the PMA. The Agent's name appears on the Residential Lease Agreement (RLA) as "Manager". My name does not appear anywhere on this document. Is this pretty standard among agreements? My name not appearing on the RLA does not negate my legal ownership of those properties. Thanks for the feedback!

 I basically did the same thing. I went to two or three of their free seminars. Learned some stuff. But in the end, I ended up doing it my own way with various people's input. Marshall Reddick is turnkey, which there is nothing wrong with that. The thing is to really get to know who you are dealing with and vet them, make sure they have a good track record and aren't going to take advantage of you being a greenhorn. That goes for most every step in the process from how much they are charging for a particular property, to who they recommend you use as an inspector, to the insurance, the lender, and property management (that's a big one). So, sounds like you are smart in feeling it out. Let us know if you have any specific questions.

 I also use John Park. He's a good guy. Prices are reasonable. Only drawback is that he is only one guy so he can get very busy and therefore hard to reach at times. I stick with him though.

 Thanks, Alicia, for giving me some perspective. Much appreciated.

Hi BP Family! Hope this year is treating you well.

I had this question come up for my Property Managers for my SFH out of state. He wrote:

"During the recent dryer vent clean and check it was found that the ducting is not up to code. Flex duct was used in closed spaces, which is a hazard. We have a quote of $385 to have this replaced with proper duct work."

He then sent me this link to explain Dryer Vent Safety

Do you all think that this is necessary or a good investment? $385 sounds pricey to me. I know they have their maintenance guy's labor worked into the quote, but I don't know what is involved.

Thanks for your feedback!

 Okay, there are no drought watering restrictions. I've informed PM to give the tenants rent credit for 2 months to offset them buying supplies for the landscaping. Let's see how this goes. Thanks @everyone for all the feedback! I feel way more confident in dealing with this situation now.

 Howdy! Cool that you are in Tujunga. My wife and I have looked at property in your area too. You are correct, this is an out of state investment, especially at $850/month ;) I do like Melissa's rent credit idea. Thank you for your support!

 Hi Alan, We are in the same position as this is my one rental as well! I have considered splitting it with the tenant but $3,600 is a lot even if we split it down the middle. I do want the tenant to have some ownership and take care of things as they agreed to in the contract. I think I will propose the rent credit idea and see if that would work. Thanks for your thoughts!