All Forum Posts by: Joe H.

@Nathan Gesner thanks for your input. We’ve been trying to reach the attorney involved in the eviction; they seem to not be in a hurry to get back to us. My only guess is that it’s because they’re representing the PM and not us? In the meantime, I’m waiting on a new PM to follow up regarding our offer to pay a premium during the eviction to look over the property. 

@Denise Evans Thanks for your input; there’s a lot of useful info to unpack there, so I’ve DM’d you. 

   Without getting into too much background detail, at the beginning of August, after a tumultuous couple of months, the PM of 6 years for our Birmingham property had decided to terminate our contract, effective August 31. We were led to believe that eviction proceedings on our tenant had already started, but come to find out that the eviction notice had been with the process server as recent as yesterday. We have a new PM lined up, however they won't take us on until the eviction is complete.

   Seeing as how it looks like we're going to be interim landlords until this eviction is resolved, what are our next steps to get ourselves set up as the official landlords of this property as of September 1? Just as an example, common sense tells me we should send a notification to the tenants that we're the new property manager (at least, temporarily), but the lease contract the tenant signed is between the tenant and the PM, and Alabama law, from the way I understand it, requires any documentation to be distributed by an attorney. In addition, this tenant is in the process of an eviction, so does that change the approach? We're trying to set up a call with the real estate attorney handling the eviction (which our current PM contracted for the eviction) to answer questions like this, but they likely won't respond until Monday, and I'm trying to get a head start on setting expectations and understanding responsibilities. We have three other PM-managed properties outside of Alabama, and we've maintained good relationships with the PM's of each. We've never been put in this position before. We'd ask the current PM, however any feedback they have provided, when they do actually communicate with us, has been misleading and only wasted more of our time.

   Any guidance or referral to someone who could help us will be greatly appreciated. Thank you.

Thanks so much, Steve! That seems to be the consensus among us, now. In addition to the above details, I also avoid mixing business with family as much as possible, so I think we have our answer. I appreciate your insight. 

Hey everyone, I'm completely new to the real estate game, but wanted some perspective on a piece of property that I have inherited with my two siblings, so I myself have a one-third share. It is half of a duplex, 1 BR 1BA, roughly 1000 sq ft, located in Culver City, CA, fully paid out. My late uncle smoked heavily in the house (with the windows up) for decades, and did some of his own "customizations" to the property. Essentially, the interior is nearly destroyed. We still need the property appraised, so I know my inquiry is premature. However, I think I could still benefit from the first-impressions of experienced investors here. Is it better to fully renovate and rent out (the cash flow after expenses will be divided in three), fully renovate and sell (then each one of us can make our own investments with the money), or just sell it as is, with pieces of drywall ripped out, and brown, nicotine-infested interior. Hypothetically, let's say we have the resources to renovate, but I don't have the cash or the drive right now to buy out my siblings. However, any and all considerations will still be made.

Thank you, all!