All Forum Posts by: Norman Lai

Hi Everyone, 

Sorry  I have been MIA with this case. I actually spoke with my attorney and he advised me to contact my insurance company to take care of it. This actually put me at ease because they said they would take care of everything and that I wouldn't need to do anything but provide documentation. The case is still ongoing as of 2 weeks ago and I have sent all documentation to the insurance company. Hope it gets resolved soon! I will update when its all settled.

Thank you all for your advice! It is very helpful.

Hey everyone, 

So I got hit with a Lawsuit Summons recently for Complaint For Damages:

1. breach of warranty of habitability

2. breach of covenant of quiet enjoyment

3. negligence

4. breach of contract

So I don't even know why this tenant gave me this. When he would ask to have things fixed and repaired, I sent my technician out to do the repairs that were needed. Even went as far as replacing their carpet floors to all tile so it was like a brand new unit. I have the invoice of all the repairs and bug treatments that I did for him. He has not contacted me in a couple of months regarding any issues until a couple weeks back asking why his daughter couldnt ride her new bicycle in the property. 

I stated that for the "quiet enjoyment" for other tenants (32 unit apartment) and safety for them as well. His daughter would be able to rider her bicycle outside of the property if she liked. Other than that, I haven't had any other communication.

I also increased his rent but he refused to pay the increased amount and also refused to pay in money order when I told him he would need to because one of his checks bounced ( I will have to find that notice from bank). I already received the summons. Am I allowed to now give him a 3 day notice from the rent increase date with the ledger and balance amount he owes?

I am currently looking for an attorney to help me with this response as well.

Thanks!

PS. I am in southern California

Hello everyone! I was just wondering if anyone can give me an example/definition of refinancing and how it works. I know it's pulling out a second loan after paying off the first loan? Does this mean it only applies if you borrow money from banks? Please help! I am reading and trying to learn more about everything and just want to make sure I'm understanding how it works :) Thank you!! Norman

I don't have the capital to put a down payment on a residential property or any property but I do have someone that is willing to partner with me that has the money to do so.

I have the experience in property management and I would be doing all of the management and accounting. How would I go about creating a partnership with this person? Like what do basic contract look like within a partnership like this

Where I am at, it is a 24 hour notice to enter unless emergencies, but depending on the issue I wouldn't do that notice unless it will damage the building and harm the tenant. 

I most cases, its usually a small fix and the tenant does not respond. If this is the case you can always send another notice saying they need to respond within the next few days or they will be held accountable for the damages from the issue they reported to you.

If it is not that big of an issue, like lights went out or an outlet is not working, I would just wait til the tenant responds. If you can't get a time scheduled with the technician, then tell the tenant they have to be home at this time to have the issue fixed if not they would be responsible for it. 

This way, you give the tenant some time and try to accommodate with them before having to schedule a time regardless of their schedule.

Some clients we have are really picky and prefer they use their own vendors. This, to me, shouldn't be an issue to any Property Management company as that can just be another vendor to add to your list of vendors in case the one you have does not have the time to do the job. Most of the time owner recommended vendors are pretty decent along with their pricing.

Yes, insurance is important! You don't to be losing out on a large amount of money if there is some issue that happens within the company and then it would just be a huge mess where you are still responsible because it is still your property.

I work for a property management company and these are the questions I most commonly hear from owners who are "interviewing" us.

1. How long have you been a property manager?

2. What types of properties do you manage?

3. How long on average does it take you to fill a vacancy?

4. How does eviction process work in your company?

5. What are your management fees?

6. How long do I have to have a contract using your service for?

7. What is your repair process?

8. When will I receive my rents?

9. Can you use vendors I use?

10. How many units do you manage?

Most of these are pretty basic that you can find online as well and they cover most of what you need to know. However, I think you should always ask about the insurance that the company carries, units managed to property managers in office ratio, how they determine rent pricing on vacancies, how often they communicate with you, is there any hidden fees (late payment charges, court appearances, leasing), if you can cancel contract if unsatisfied, provide monthly statements, any references. There are a lot of things you can ask but these are just some off the top of my head, so you can see which you feel is more important.

Just remember, you are entrusting your property to someone else. So when deciding a PM company to use, you are the one to decide what you are most comfortable with and what you are not.

@Arick Holts @Mindy Jensen Thanks for the tips! Ill be looking into it soon!

Hello BP Friends!

I am from SGV (San Gabriel Valley) in California and I just wanted to know if there is any beginner guides/investment stories on how to start out? 

Thank you!

Norman Lai