All Forum Posts by: John Woodman

Great. One final question:

Listing the landlord as

[Wifey Lastname as POA for Dad and/ or Mother Wifesmaidenname]

puts no restriction on either Wifey or her parents acting as landlord. Right?

Or is it:

This lease agreement, blah, blah, by and between:

[Wifey Lastname as POA for
Dad and/ or Mother Wifesmaidenname]
(hereinafter referred to as "Landlord") and

[tenant]

?

Okay, this actually sounds reasonable simple and straightforward. It sounds like you just have the person sign a special power of attorney document (does such need to be notarized or anything, or just signed?) and then you sign your name "as POA for [owner name.]"

I presume in the lease contract you then put the actual owner name as landlord, and the only place you really need to put the manager's name is in the signature.

Like this?

This lease agreement, blah, blah, by and between:

[Dad and/ or Mother Wifesmaidenname]
(hereinafter referred to as "Landlord") and

[tenant]

blah, blah

signed:

Landlord:

Wifey Lastname as POA for
Dad and/ or Mother Wifesmaidenname

Is that about it?

Yes, Bill, there is. I've been attending for several months now. If you need any details as to location & time, let me know.

It's to do with properties owned by my wife's immediate family members. Is there language we can put into the lease whereby she is representing the owner (parent or sibling) but the person representing that owner (my wife's parent or sibling) is my wife. Me too, if it's easy enough to do. Otherwise, just her.

(We are also involved in managing the properties and would of course like to also have the ability to throw out a tenant who breaks the conditions of the lease, etc.)

My wife basically manages a few properties for family members who now live out of town. So when one comes up for rent, we are taking over advertising it, showing it to prospective tenants, selecting tenants, and so forth.

Things have not been very organized in the past, and we are working on a better lease agreement. A standard lease agreement would work, except it's likely to be my wife signing on behalf of the actual owner, rather than the actual owner himself (or herself).

How do we put this into a lease agreement - that my wife (or my wife and I) are signing and acting on behalf of the actual owner of the property?

Thanks!

Thanks, David C. That does make some sense.

It sounds like talking to a wholesaler would be a good idea for them.

Dale Osborn: Yes, I would say that could fit the category of a "win." Sometimes people just really need out from under something.

@David C: Why do you think they insisted on an auction? Do they trust the auction process more to deliver a "market" price, because multiple people bid on it? Or is it just that they don't want to have to do any price negotiation?

I'm also curious as to how much they are likely to get via auction, versus getting an offer from a wholesaler. Will a property generally sell for more at auction than a wholesaler might pay?

As for the pipes: I was talking to a local real estate investor friend yesterday evening, and she was telling me about one of her houses that had material (wiring?) stolen from it, which she had to then replace.

This raises some questions.

Are these people easy to identify? That is, can you ask some questions and identify whether a person is going to be in your category of motivated seller for whom you can solve a pressing problem, and if they don't fit categories A, B, C, D, E, F or G you know you probably need to move on?

And if so, what kinds of questions do you ask the person? Or to put it another way: How do you screen potential sellers?

I'm sure those are questions (particularly the later one) that have been asked here before, though.