All Forum Posts by: Kiersten Vogt

We are about to hook up to public water for a duplex we bought in February. The Boro is charging us $3,500 per unit for an EDU, hook up fees and other junk fees. Our plumber is charging us $1,500 to lay the pipe and hook up inside and the excavator is charging another $1,500 to dig. THEN... the Boro requires the well to be abandoned (they do not allow us to keep the well for outside water which sucks) and I haven't gotten bids on that yet but assume it will be at least another $2,000. This whole thing is going to cost us over $12,000!!! I had only budgeted $6,000 based on a past experience... so I'm double my original budget.

HI!

I'm from Pennsburg! My husband and I flip houses and own two rental properties (4 doors plus 1 garage/storage rental)... still just getting started. We also have a remodeling business and I'm a real estate agent as well. 

I'd love to meetup for coffee or tea sometime and chat real estate, I'm trying to network more myself as well.

Hi @Brent Kiger. I actually decided not to pursue the management company for the time being. I'm happily just managing my own units for now. 

Update: The tenant paid 5 days before closing so we didn't have to worry about the security deposits and rent. The rent was prorated from the 12th to the the 28th of February and both units' security deposit was transferred over to us. Now the real work of repairing the building and managing the tenants begins!

We're looking for subcontractors ASAP!

We own a remodeling business, a flipping business and a rental investment portfolio. We need subcontractors to help on various projects over the next 6-12 months. Including but not limited to gutters, kitchens, bathrooms, panting, commerical, decks, windows & doors, tiling, LVP flooring, etc.

We are seeking experienced people ASAP! Reliable part time help considered as well but full time is preferred.

Email: [email protected]
Phone: 215-948-2221

We're a full service remodeling company owned by Todd Dallas and in business for over 10 years. We're passionate about what we do and love our work. We are detailed oriented and provide quality craftsman work to our clients.

We're looking for people who want to grow along with us as we slowly expand. If you're detail oriented, own your own tools (or are willing to buy them) and have a good work ethic, please apply.

This is a 1099 position. Subcontractors insurance will be required. 

Share with anyone you know who has a passion for remodeling!

 That's what I thought and the reason I didn't think to add it into my offer. Lesson learned.

@Michael Noto That makes a lot of sense. I will definitely be more thorough in my offer next time too. 

@Sophia Coleman me too! Lesson learned. 

@Michael Doherty Thanks for sharing your scenario... it definitely makes sense about not being able to prorate if the rent isn't even collected but I definitely am not backing down on getting the security deposit! 

@Joe Splitrock Yes, I was under the impression security deposit was only to be used at move out and not for unpaid rent in the middle of a lease term. Thank you for the examples!

@Chase Louderback I haven't found a landlord/tenant attorney yet who knows what they are talking about... but yes the addendum does make it pretty clear they owe the security deposit at settlement. As far as the prorated rent, the title company will only put it on the settlement if it's received. They say they can't prorate something that isn't paid which makes total sense. I still haven't received an answer as to why one lease isn't signed. 

I just found this clause in the current lease between the seller and the current tenant "on signing this agreement, tenant will pay landlord the sum of $850 as a security deposit. Tenant may not, without landlord's prior written consent, apply this security deposit to the last month's rent or any other sum due under the agreement..." 

The tenant occupied addendum that we signed says this "1. Within 5 days of the execution of the agreement, seller will furnish to buyer copies of all written lease agreements currently in effect and memoranda of the terms of all oral leases for the property. Where the full amount of security deposits paid by tenants will not be transferred at settlement, seller will furnish to buyer in writing the tenant's names, the amount of the security deposits, the amounts deducted, the dates and reasons for deduction and the tenant's written notification or acknowledgement of the deduction."

And it ALSO says "3. Seller will assign all leases and security deposits together with interest, if any, to buyer at settlement." 

Lastly, I just noticed that the one lease isn't even signed the by the seller!! What do I do about THAT!?!

@David Steinbok That's what I thought, it's going to be hard to collect a new security AND rent. 

@Seth Williams That was one of my arguments, the sale of the property isn't ending the tenancy so the security deposit can't be used for the unpaid rent. She's saying since it's a 30 day lease it can be. But notice wasn't given! So I agree with you. Thank you.

@Cason Acor We signed a tenant occupied addendum which doesn't really help in this situation. I definitely learned my lesson and will include something about security deposits in the contract next time.

@Kim Meredith Hampton That's exactly what I thought would happen, hence why I didn't think to include it in our offer. Thanks!

@Greg H. Oh that's a perfect line to add into my future contracts! Thank you!!!

@Roy Muller That's what I assumed would be the norm!

@Account Closed Yes, in PA we are required to put it into an interest bearing account and I believe after year 3 you must give the tenant interest minus 1%. The tenant has been in there since 2013.

Hello all!

I've already learned a valuable lesson in investing in small mutlfiamilies - including what happens to the security deposits in the initial offer.

We close on a duplex next week and I was under the impression we would receive a credit for the security deposits at closing. 

However, the agent for the seller is trying to tell me that the seller is going to keep the security deposit as rent if the tenant doesn't pay February's rent. Is that allowed?! She's saying I then have to collect another security deposit from the tenant.

The tenant is on a month to month lease and the agent is saying the seller is allowed to keep it since it's a month to month lease... but wouldn't be allowed to keep it if it was a yearly lease. But it's still a lease and the tenant wasn't given notice to move out - just notice of the sale of the property. 

What do I do?