All Forum Posts by: Account Closed

T - I'm in the field today, will get back to you Friday.

The units are out there, you may have to make unsolicitrd offers on unlisted properties, though I've seen some on Metrolist that I'm surprised haven't been grabbed already.

Tou V. are you looking in SF or in the Stockton/Sacramento area? I don't think others reading your post realize that SF is 80 miles away and a totally different market.

The seller's expenses won't be your expenses in the long run, so I recommend throwing them out and coming up with a new set of numbers based upon how you would operate the asset. Maybe you can get them lower, but you may also find that what you're seeing is artificially low for any number of reasons.

The bottom line is whether or not the PM found you a good tenant. Certainly you should expect quick responses to your questions and should be updated regularly on the level of showing traffic, but that's noise. At the beginning of the contract the PM should have estimated how long it would take to find a tenant based on the property, the neighborhood, and the terms you offer. If the PM is unable to find a tenant, you may want to talk about whether there are problems with the property, if the asking rent is too high, etc. etc. You also have the right to ask for a summary of the PM's marketing plan to make sure they are giving your rental maximum market exposure.

Of course you should expect good communications with your PM, but if you cancel the contract it should be because they just didn't find an acceptable tenant for you.

If you're just getting started, you may want to speak with a financial adviser. Owning property should be just one part of your financial investment portfolio, especially if you're doing something else as a primary career.

Check to make sure your handyman can legally do the tasks you might ask of him. In most states they can do repairs & maintenance, but not property management tasks that normally require a license, such as signing leases with tenants.

Most leases have an "illegal activity" clause that allows you to cancel the lease fast if there was a police report filed. I agree with contacting his commander, a military commander can take action faster than the police.

I've had this happen with rentals and also with properties listed for sale. You can watermark the photos you put in your rental ads, which makes it hard for scammers to use them.