All Forum Posts by: Laura Kayes

Hi @Daniel Collins, like the others have said, check with NY eviction laws first. Here in Texas you'd file an eviction as the tenants name and "all other occupants".. 

Hi @Jesse Kreun

Before you sell, take a hard look at the financials. Get records from all of your PM companies and see where the cost is going. You’d be amazed at how much expenses and PM fees you don’t even know you’re paying until you actually look. If the financials look reasonable to you after reviewing everything, then think about selling... but definitely look over all of it first. There may be something being missed here. 

Hi @Jay Scott, as a lot of people have stated here, screening is really important. I’m very familiar with Buildium, and their tenant screening is good, but you also have to do your part of that screening as well. This includes a photo copy of the prospective tenants ID’s, Income Verification, Employment Verification, and rental history verification. 

There are a few things that could have happened/tips moving forward... just IMO. 

1) He just lost his job, so when he was run on Builidum it could still show he worked there if it was recent. 

2) If there was no photo ID verification, then this could be a stolen identity 

3) Always make sure to screen everyone 18 and older. You stayed there were 3 kids, so was there also another adult?

4) Always get proof of income

5) Security deposit and first months rent always should be verified funds. Never take ACH, a personal check, credit card ect. for either of these. Make sure it is always a cashiers check or money order. 

6) Check out Facebook pages, social media, google searches ect. The internet has a wealth of information, and can give you a good sense for the type of person they are. 

7) Learn from mistakes and move forward! 

Best of luck-LK

Absolutely disagree. Where did you invest? That can be the huge game changer. Property taxes in TX in the right areas can be as little as $2500/year. Due diligence is always key.

Hi @Cal C.,

Real estate is all about negotiation. While I understand why you would be frustrated in this circumstance, the agent did not do anything "ethically" wrong. There was not a contract signed between ya'll, so this does sound a bit like a disgruntled/ trying to get even approach. 

Find another deal and move forward :) .

Best of luck!

-LK

Hi @Billy Bell,

I don't like this agreement at all. I'd go with a company that uses a state management agreement or something very similar. They are a lot longer than this as well. 

Key Red Flags I saw:

1) They keep 100% of late fees. (You should be entitled to all late fees)

2) They rent washers and dryers to tenants and keep the fees. (I've never seen this before, but to me it puts a negative taste in my mouth)

3) A 2 year agreement is way too long. 1 year agreement is pretty standard. 

4) They state they are advertising on Zillow and for $15 in the paper... Do they not advertise on the MLS? That would be extremely concerning if they do not.

5) $550 repair allowance is WAY too high. It should be $250 or so.

6) They up charge repairs with a $79 service fee PER hour.

7) They charge for inspections on the property, $48 4x quarterly, and it seems like this is mandatory and in addition to the 10%

Just from my point of view, they seem to charge for everything, and that is not part of the 10% of rent. In cash flow terms, this may not be the best fit. 

-LK

Hi @Allan R.,

In Texas, you can basically sign a lease on a napkin. If it is in writing and signed, it is valid. 

When you say the date is missing, what date? The lease term dates? 

Hi @Krishna Raghavulu,

First, read your PM agreement and see if you can find any answers within that regarding credit card payments, refunds ect. 

Second, fire the PM immediately. Find another PM company to take over and get the eviction process started as soon as possible. When you find the next PM, ask what methods of payment they accept and ask a lot of questions before signing with them. Read the agreement carefully. 

In my opinion, you are not responsible for the credit card transactions. You're not the renter and you're not the one responsible for paying rent. The tenants are. 

Hi @Kat Rathell,

I'd tell the prospective tenant that if her boyfriend is going to be living there, he needs to also submit an application. I'd also request for her to re-fill out the application in full and not leave it incomplete.