All Forum Posts by: Joy James

@Andrew Steffens

Exactly my sentiments, after so many attempts to get them to market the condo, I just need to be aggressive! Thank you for boosting my morale!

@Jennifer Moraski

yes, there is a contract I signed but I found an out for unsatisfactory performance.

@Trish Mccoy

Myrtle Beach  (MB)  :)

@John Underwood 

Yes, there is a section on Agent Duties/Responsibility part G: Maintain an occupancy system with the purpose of satisfying customer demands.

Hello BP community! How is everyone doing?

I need some advice on how to terminate my property manager for failure to maintain an occupancy system with the purpose of satisfying customer demands. My oceanfront studio unit in MB has been sitting empty since the first of November up until today. Zero income for more than 3 months. Whenever I would ask her what's going on, she would give the same garbage answer that our unit is competing with tens of thousands of other units in the low season, that the economy is terrible for travel, that our unit does not have a King bed, etc, etc. 

Background info, back on the 3rd week of October 2022, I sent her an email telling her that we are not renewing our contract and we will take over management starting January 1, 2023. 

Well, that did not go well because she pointed out that as per our contract, it states "

I signed the contract 01/14/2022 but the contract date is 01/06/2022.   

She explained that the contract ends December 31, 2023 which gives them 14 more months of unsatisfactory performance. I asked if there is a buy out and she made me wait 5 weeks for a figure" 4, 300" saying it would be unfair to their staff for the company to lose their commission from our unit since their annual projections operate on the assumptions based on the number of units they manage, yearly blah, blah, blah.

After that exchange, radio silence.... no bookings. When I asked, she gave me the same trash reasons...  

Communication is awful, performance very poor.... Zero income for more than 3 months.... Who would want to stay with them?

Please help me draft a strong and solid letter. My plan is to change the lock tomorrow (I have a co-host from my other unit who helps me with this unit) , The PM gave me non-working door codes today which sent my cleaner home without changing the door lock. After it is changed,  then I will send her the termination email. I would appreciate any and all advice. Thank you!

@Moaaz Malik

AirBnB, Vrbo, and numerous platforms are available for listing your property. In our case, we’re signing with a local Off-site PM who lists with those platforms, too. With a little creative financing, you could probably find a condo with in your price range. But, do your due diligence: one rookie mistake we made was not getting seller contract with ON Site management. It wasn’t disclosed to us. So we’re tied to them for the next 90 days.

There is an STR calculator on BP that i used plus other sites like airDNA to get some more data.

Best of luck!

@Moaaz Malik

Have you researched STR ‘s? We were going to buy another LTR as 1031 exchange but the market in my area is just too crazy. So we ventured to Myrtle beach and found a beachfront condo. We have yet to get it listed under a new PM. But we feel very optimistic about it!

@Jesse Flores

Hi , if i can buy cash and I can’t get a decent loan, I would buy cash. You could probably haggle if paying cash. Then after several months, do a refi and get cash out... you might get a better rate that way plus you can show income from the duplex leases.

Good luck!

Due to the current situation, I am toying with the idea of requesting an applicant’s employer if he would be ok to directly deposit the tenant’s rent every month from his paycheck. The employer is an established plumber whom i have done business with for years. The applicant has been his employee for about 4 years now. What are your thoughts? Is this even a plausible solution to avoid any rent payment delay or non payment? Has anyone done this in the past? What has been your experience with this?

@Matt "Roar" Gardner

Hey matt, you mentioned that you’re a realtor and investor in Destin/ Fort Walton . I am looking to buy a property there for Str and for family use a couple times a year . Do you have some recommendations? How do we connect?