All Forum Posts by: Michael King

@Patrick Hill Thank you!

@Monica Johnson Monica, have you made a decision yet? I too am in your predicament, so to speak. I'm about to take on 4 tenants in a new apartment building, and probably move another 4 to self managed. I have one tenant that I manage already, and zelle is my go to with her payments. 

For those that use zelle, I have bank of America and when I checked into using zelle for payments into each of my separate accounts (one for each property), it appeared to block me owing to the phone number - it seems I can only use any phone number for 1 account only. Since I didn't need to do it at that time (only managing one property), I didn't pursue it. Is there any truth to this?

Well I just checked mine and it says nothing about paying fees when you terminate. 

@Zoe Lee Not sure if you gleaned the information you were after. To me it looks like they will charge you each month's management fee while the present lease is in effect. 

They've got you in the same position you have the tenant if the tenant wanted to break the lease. My understanding is that a PM company is never in this business to help you the owner, or the tenant. 

I better check my own PM contracts. I know I can break it any time but need to give them 30 days notice...I haven't seen anything about owing all the fees. My plan is to kick them to the curb when the current leases expire, the first one isn't til June.

@Rob B. I think if the market became flooded with AirBnB rentals, then yes it would have a big impact on the community. A visit to the Florida vacation towns with the high volume, short term stays will confirm this. I believe it would be area dependent. Florida doesn't have much going for it other than old people and beaches (flames heading my way!) St. Louis (my market) doesn't have much of a draw, at least for short term rentals, IMO, so minimal impact. I don't know about your market, even though we are neighbors. 

I'm looking at buying a 4 plex in a St. Louis neighborhood. The city will not allow apartments to be short term rentals. I guess their line of thinking is they want community over ghost town; as do I. I'd hate to see tons of short term rentals in any neighborhood. 

@Daryl Luc Thank you! Good catch, and good example!

Rob, I respect your comments but I have to disagree on at least the tax issue. The owner pays property tax, so his/her/shim's commitment to the community is there, the transient tenant will still pay tax for things bought and used, and will probably pay more I would think since a lot of people will probably eat out while on short term vacation. Then there's the taxes paid via car rental, additional employment through Lyft, Uber etc. I think the community wouldn't suffer due to short term rentals. I think the community suffers more when the property is vacant of any rental.  

Interesting information here. I won't knowingly rent to a sex offender. Does that label me a bad person?

I get it that ignorance is not an excuse in legal matters. But how would a landlord be expected to know that the budding tenant is a convicted sex offender? I'm new to the landlord part of this, heck every part of real estate, but is there a way to determine a person's criminal history via the vetting available as a landlord? I get it that there are credit checks, calls to current and former landlords, calls to employers, etc...but calls to the courts?

@Lisa Parizanski I didn't see anyone directing an accusation at you. I'm sorry you are having such difficulties in life.  

@Nathan Gesner I do see the way it appears to you, and I probably should have included more information. I just didn't want the post to be an essay. Yes there is no agent involved, but I do have my property manager (realtor) that is prepared to assist if necessary - although he doesn't know that yet! The title company I use is will guide us through it.

And yes, I absolutely do intend to use professional inspectors to go through the property. I'm just here to look for thoughts on the suspect insulation, wiring and tenant contact. 

I have some great feedback thus far.

Thanks for the advice!

Mike