All Forum Posts by: Marcus Curtis

The current lease agreements that are in place are binding legal contractors between landlord and tenants. If you were to purchase the property the landlord responsibility is then transferred to you- the new landlord.

You along with the tenants are responsible for honoring and abiding by all the terms of the lease. I would recommend looking over ALL leases prior to submitting offer. Last thing you want is to inherit a property where the tenant can call adverse possession on you- it will bankrupt you and the property!

Also, most residential leases have a Notice Period stated. You will need to give proper notice as described on the lease prior to the lease end date of the tenant by stating effective (lease end date) "your lease will not be renewed. You will be required to vacate your apartment no later than xxx time and xxx date.

Okay... the numbers are nice. But there is something that stands out to me as an even bigger success and it should not go unnoticed. It is all in the title of the thread.

A single mother.

Working full time.

This goes to show ANYONE can do this. ANYONE can be successful in real estate. But most importantly, ANYONE can choose to be a victor rather than a victim. You are a ROCKSTAR MOM!!!

Hi Tim,

Congrats on the J-O-B! If you are not familiar with the Twin Cities you are sure to enjoy the lifestyle (Aside from the snow, of course!)

What price range or property size are you interested in? I have a couple owners interested in selling before the end of the year. I have a Broker I work with that will be s straight shooter with you and get you setup with a list of properties.

Let me know if I can be of help!

Hi Danielle! Great question. You might consider adding language to your lease stating that upon submitting a work order a representative of the landlord will be entering their home to complete the repairs.

If you can enforce your tenants to submit work orders via email you can have an auto response from your email (which you can setup specifically for maint. requests) saying something along the lines of "Thank you for submitting your service requests. If we have any questions we will call or email you. Please note that a representative will be entering your home within 72 hours to address the repairs. They will leave a entry disclosure along with any other notes that may apply."

Hope this helps!

What you are describing sounds like an Asset Manager (Typically managing the portfolio for investment groups such as pension funds, corporate estates and REITS).

More in line with what you are describing, in my opinion, would be a Hybrid-Property Manager. In this the property manager fulfills the common duties such as overseeing leasing, accounting and maintenance but also serves as an advisor in the way that it represents the investor(s) with market trends, data and sources on behalf of the investor funding through the acquisition and disposition of the assets.

You might consider looking into a national Asset Management group that can satisfy these duties although there are many Property Management companies out there that go to this length for the right % of Net.

I will keep my comments simple.

Keep Calm and Collect Rent.

It sounds like the area this property is in is stabilized and improving. Focusing on the economics of the area as you described- increasing rents and new inventory into the market- your property is primed to be an ideal long-term hold. Do not let the short term struggles distracted you from the game.

There are two factors to remember in climates like yours.

1. 1.) Rising Rents
2. 2.) Increasing Supply

Sooner or later the neighborhood will become saturated and the absorption rate will tier off causing developers to pull back production. Likely, one of these newer properties will suffer before you will because it is these properties that push status quo in attempt to define market rents. Renters will still focus on affordability and you have an asset that can offer that.

With that said, all these new properties are nice. They are shiny. They look good, feel good and demand a cool price. You need to keep pace with their product. When the market tiers off you do not want to be caught with your pants down with a property that has deferred maintenance, old countertops and outdated cabinets, stained and tired flooring and little attraction. 

Now is the time to reposition your property to compete with the Big Boys but it does not mean you have to gut it out. Focus on the kitchen and baths. If you do the majority of the work yourself you should be able to remodel your kitchen and baths for around $3500-5000.  

Of course, it all depends on your pocket book. You may have a good paying job but you may also have a good amount of debts. If your property can sustain the updates I think you should go for it.

Remember, Keep Calm and Collect Rent!

Additional Income, depending on your property types, can range from storage space, parking, laundry service or even internet/cable service.

For larger multifamily properties it is easier to discover auxiliary income through providing services and/or products to serve the tenants for an upcharge. It is basically limited to your imagination.

Do keep in mind though that if your goal as an investor is to create passive income and wealth building your time may be better spent focusing on your next deal and managing more aggressively your current holdings. Being a Landlord is simple but it is not easy. My philosophy is keep it simple and as easy as possible. One more task just to gain an extra $10 per month non-passively ends up looking like a loss to me.

It sounds like you have a great opportunity in front of you and that your mindset is in the right place when you ask, "How can I add value?" Essentially, this is what your career will consist of adding and preserving value to people, assets and your brokerage team as a whole.

The one recommendation I will make to you is to focus on your education. The on-the-job experience you will gain as a Property Manager in a commercial brokerage is invaluable but you will unlikely gain the knowledge you will need to become a key player in the Senior Management team with out a sound knowledge of Real Estate Finance and other related facets.

You should be able to be woken out of the dead of sleep and complete a Proforma Statement in under two minutes, calculate IRR, Cash-on-Cash, Valuation and know the difference between a Net Lease, Double Net Lease and Triple Net Lease.

While you can listen to Podcasts, read blogs and learn a vast amount of knowledge from the people here at BP you will need an education from industry leading educational organizations.

Virginia has a great IREM Chapter (Institute of Real Estate Management). When you reconnect with your Broker ask them to put you through the CPM (Certified Portfolio Manager) program. The FIN402, ASM603-605 Courses are invaluable to any real estate professional.

Aside from the educational experience you will receive through this you will also have endless opportunities to Network with other industry professionals which is the cornerstone to your success. You will be surprised by how often your Broker contacts other proffesionals in the industry to solve problems.

Let me know if you would like to talk to someone regarding IREM. I will get you in touch with your local chapter.

Best of Luck to you!

I am not soliciting rather giving you some numbers to compare rates with.

I have a team throughout the country that serves nearly every county in every state (aside from the Western most states). I provide clients with a completed property information sheet during onsite inspection (occupancy, condition, noted improvements needed, postings etc.). We then send out 25-50 interior/exterior photos. We also secure the property with hasps and padlocks.

All this is done for $150-200 depending on geographical positioning on current routes. We perform these inspections usually just once a month or more around mid-month depending on number of properties and if it is within reasonable reach of the existing routes.

So to answer your questions I would say $100-200 is a fair price depending on location. As a side note, use caution finding someone of Craigslist- I have learned the risk far exceeds the rewards when sourcing something like this out.

What is your question?

Your Landlord is correct. You did not pay your rent on-time therefor (being it a breach of your contract via your lease) you are responsible for the outstanding rent balance plus any additional late fees in which should be described in your lease terms.

Regarding the mold- You stated a specialist has inspected the property and have found levels of mold requiring remediation. Was this someone you hired? Are they truly a specialist in this field? Where s the source of moisture that is causing this mold? Is it caused by you, the landlord or is it the environment itself?

If you hired a specialist who is qualified to assert that there is presence of mold requiring mediation then they should provide you with a letterhead letter stating their findings and recommendation on remediation. You can then send this to the landlord.

If you truly feel that you are being taken advantage of you should explore your options to break your lease or hold it out until our lease terms end... Is this really something that you want to deal with routinely?