All Forum Posts by: Marina Shlomov

It's a great question. We have these issues come up on a regular basis. What I usually do is inform the tenant that the damage is caused by them and that there is a charge for the repair. Usually, we have a list posted on our website, a copy of which is in their lease, and we send it out when necessary via email. Everyone is aware of what it costs to repair tenant damage. Therefore, we don't wait to the end of the lease, we post a charge to their account immediately. Aslo, we have a "Plumbing Policy" that describes what happens if our repair man comes out to clean the drain (whether it's bathroom or sink) and how much they will be charged for that trip. I don't believe in being "nice" about damages caused by tenants. So, make sure you do it in writing, send them a letter and an email and tell them that next time, if you have to repair ANYTHING that was damaged by them, there will be a charge for you that will be added to their monthly rent amount. Watch and see how quickly things will stop being broken.

First of all, welcome to BP, there's no better place to learn about real estate and landlording than here. Second, I agree with @JRHinds about getting a property manager.  The costs are low,  and the benefits are boundless.  They'll do a professional job screening for better tenants, they know state laws, and you will have income without a headache. 

We have quite a few properties in "C" neighborhoods, and our properties are still nice. Laminate floors, updated cabinets, granite...etc. My point is, just because you have properties in "C" neighborhoods, doesn't make you a slum lord. 

A slum lord is a landlord who does not take care of his/her property. Let me give you an example. I have a friend who is an investor from out of town and he owns a small apartment complex in the heart of Atlanta. One of the nicest neighborhoods in town. He wanted me to manage the property, so I went out there to do an inspection. I walked into the building and there was torn carpet on the floor, walls of the hall way were patched up (and not very neatly at that), floors uneven, stairs damaged, things were hanging from walls...looked really bad, yet I continued to walk through the building. We went into one unit, another, and my spoke to a couple of tenants who ALL mentioned rats, water coming in through windows, kitchens that weren't functional. I listened, took notes, took pictures and left. I sent all my pictures and notes to my friend. I did not receive the reaction I was anticipating. After seeing the buildings' decapitated condition and my friends reaction to what I had showed, I told him that I could not possibly manage a building like that. That, to me, is a slum lord. BTW, if he got the building repaired and brought into a better condition, based on his location, his rent could increase 150%! But he is OK with how things are. That is a true Slumlord! 

Owning properties in "C" neighborhoods, wouldn't make you a slumlord. It's your attitude towards the tenants, property condition, maintenance and providing a safe and pleasant environment for your residents that makes a difference between an investor who cares and a slumlord. Yes, it's all money driven, but in the long run, it's our philosophy on our business that makes some better than others.

Welcome. if you have any questions, please feel free to ask. I've been doing rentals and flips for over 8 years, here in Atlanta.

Marina

Hi Marvin,

We are Atlanta based. We have found that having agents that have been in the area for a long time works better with finding great deals, than just doing all of the above things you mentioned. We bought over 60 properties last two years in the area, and our agents keep bring us deals. With that being said, Atlanta is hot, and your bids have to be super competitive, not all deals will be right for you, but with a network of agents covering different areas of town, acquiring "hold" and "flip" properties is challenging buy perfectly doable. 

Feel free to drop me a line if you want to discuss further. We have agents that cover different areas that we are interested in, and I have also found investors willing to sell some of their properties when their strategy changes.

Again, good luck and good "buys".

Hi Jeff,

We are investors, as well as owners of a property management company in Atlanta. Within our management agreement, we specify an amount that we can spend without prior approval of the owner. Anything beyond that amount, we create an estimate and send it to the owner for approval PRIOR to having any work done and money spent. Within our management contract, we stipulate what the owner wants to do in case of emergencies and if we can't get in touch with the owner, It varies owner to owner, but it's all written out,

Finding an honest property management company is imperative. You want to look for a company that has written policies in place on how to handle issues. Also, there are some PM companies that don't allow owners to do any work after an agreement is signed. We actually do that as well. Simply because we have trained, licensed contractors who get the job done right the first time; they carry the necessary insurance policies to cover their work as well as the workers who work for them. Those contractors will usually charge a bit more (not tremendously more) to do the work, but they are well worth the extra cost. 

As a small investor/owner, I can see how it might seem as an Overcharge. I definitely think you need to speak with your current PM or find another one. BP has many articles on finding the right PM company. 

I hope I cleared up some questions for you and good luck

It would seem to me that mobile home tenants are much more transient than SFH tenants. I don't own any mobile homes, they are not a part of our long term strategy, but appreciation of SFR's vs. the depreciation of mobile homes might be the reason they are not discussed as much.

Hello,

Welcome to BP.

Atlanta Premier Property Management Service "By Investors" and "For Investors"