All Forum Posts by: Fred Dray

I work for a property management company and agree with those who say that is your bet way to go.  However, I understand wanting to save those monthly fees, so I will offer this.  You mostly need a mgmt co to rent the property, handle maintenance issues and deal with problem tenants.  If you were fortunate enough to find a long-term tenant who will take care of the property...then you may not need a mgmt co. 

If you go this route, you should accumulate a list of vendors (plumber, pest control, appliance repair, maintenance man) that you trust and can call out for repairs.  You would also want to learn landlord/tenant law for your area as you will need to prepare a lease, give proper notice for any entry into the unit for repairs or inspections and many other things with which you don't want to make mistakes that could lead to legal issues. 

Bottom line, if you can afford it...use a property mgmt co.  However, make sure to research them as some are more diligent in performing their dutires than others.

Best of luck and let us know what you decided.

Hi Britney, I emphathize with your plight, so wanted to weigh in. Find the local HUD office

http://portal.hud.gov/hudportal/HUD?src=/states/ca...

for your city/county, call them and discuss the situation.  While I deal with apartments not homes, it seems if she gave you 30-day notice that you may have to move. 

http://www.nolo.com/legal-encyclopedia/california-notice-requirements-terminate-month-month-tenancy.html

However, it is unethical of her to sign a lease with you when she knew the house was close to being sold.

As mentioned above, try to negotiate with her.  Seems like she will be unwilling, so it is possible you can take her to small claims court and sue for pain and suffering in the form of moving expenses and stress .  

This won't help now but most landlords want new tenants to stay at least a year, so they require a year lease.  If a month-to-month lease is offered the downside for the tenant is you don't have much protection if you are seeking logevity...so it would be wise to ask why a landlord offers mont-to-month.  If renting a room or section of a house, be nosey in the form of asking about owner relations with previous tenants, how long they owned or rented the house, why they are renting and how long they intend to stay in the residence.  If you asked any of these questions and the owner gave answers that concealed her intent to sell, then you will have a much stronger case in court.   The CA judicial system is very tennant-sympathetic.

Best of luck and let us know how this turns out.

Reside in CA and considering buying a house for rental income in Memphis.   I'm using the following link because that management company is used by the agent I'm dealing with.

http://memphis.craigslist.org/search/apa?is_paid=a...

Those rentals are the type houses I'm considering and seemingly in nice areas.  My concern is most have been vacant for more than 30-days. 

Is it normal for rentals in that price range and in those areas take more than 30 days to be leased out?  If so, how long does it usually require to find tenants?

Thanks in advance for taking time to share you experiences/knowledge with me.

If you are looking for a tenant who will sign a multi-year lease I suggest you state that in your ad.  If that is not stated, then you get several qualified applicants and you suddenly introduce new criteria and choose base on that, you might be subject to litigation. 

If they have paid on time for the past year despite the owner not keeping up the property, they deserve a chance to as you say...step up.

As a new owner, I would draw up a new lease (but keep their tenancey month-to-month) which covers all the basics and make sure when you have them sign...you emphasize issues you are concerned with...paying rent on time (rent due on the first of the month), reporting any maintenance issues to you, keeping property free of junk/trash and what ever.   You might also raise rent a nominal amount to see if they will accept that, if not then accept their notice to move and get new tenants.  If a window is broken or water/gas is off, then they must not be educated tenants...because in CA after a few written requests and no repairs, they can contact a professional, have the repairs completed, submit copies of the receipts to the owner and withold the cost from their rent. 

I also agree with everyone who questions their willingness to live without water.   That's why raising their rent might induce them to leave and prevent you from having to decide.

Let us know if you kept them and if so, how that decison works out for you.

I agree with Lenzy.  In CA, we have to use the same qualification criteria for each applicant or it is considered discrimination.   I would advise you not to accept anyone with a bankruptcy in their credit history.  While 1 in 10 with bankruptcy may have a legitimate reason (medical hardship or whatever) the others likely have issues because they made bad financial decisions.  How do you know if you got the 1 or one of the other nine?  Also you may consider not using credit score as a criteria.  We go by instances of bad credit.  If someone only has one late payment or one minimal issue and the pass all other requirements then we would consider them.  However, more than one instance of bad credit and we pass.  The stricter your requirements are the less likely it is you will have issues with tenants.  If most applicants in Baltimore are not ideal, you may have lower your qualifications somewhat...but I would draw the line at evictions, bankruptcy, bad rental history.  Good luck!!

I'm looking to buy my first investment property in Tulsa as my friend just purchased two properties there.  He suggested I go through [email protected]

918-863-0010.  Not a recommendation from experience, but someone you might talk to as my friend thought the guy was good to work with and he's based in Tulsa.  I'll be calling him after Thanksgiving.

If you do talk with him, let me know how it went.

good luck

Good one Brian...lol

By applicant, does that mean you have an application with his personal info? If so, not smart of the guy to threaten you. It's usually the quiet ones you have to worry about.

Thank goodness the sister had an eviction. Just think if you rented to them and then they became upset about something.

You did the right thing reporting it as you never know.

Don't use a property management without a contract. They may not care, but you need a contact to protect yourself and your property. Without a contract, you don't have much legal weight for any issues you need to settle in court.

They are foolish to operate without a contract and I would just move on to the next property management company with a contract.

best of luck

Jon makes many valid points.

I agree, don't supply a washer or dryer...avoid headache.

With trash pick up and the back yard...what ever you decide spell it out in a lease. That is how you protect yourself if there is damage or arguments.

When you hand out applications, it should say on there somewhere that you reserve the right to accept multiple applications and once and reserve the right to accept the best qualified tenant. With that spelled out, you don't have to accept the first tenant...although that is often the practice.

Most important thing to remember is what ever you decide about policies, put them in writing. That way tenants and perspective tenants will sign something that shows they read your policies and agree to them.

best of luck