All Forum Posts by: Pablo R.

@Farris Gosea, @Brandon Sturgill, @Marc Rice, @Remington Lyman, thank you all for all the feedback.  This really helps clarify a lot of things.  @Brandon Sturgill your forms are clear and I appreciate you sharing with me.  I'm starting to put everything together to offer the tenants notice of what's coming; I'm hoping that will go smooth.

Cheers all and have a great weekend.

Hello fellow BiggerPocketers,

It's been a very interesting road the last 6 years that I've owned a duplex in the city I live in (Columbus Oh).  Thank you to all the people that supported me in the early journey, a special thank you to @Marcia Maynard; she went the extra mile and even extended her direct contact to offer advice. Also her landlording with integrity seminar made the most impact in the way I approached all ladlord-tenant issues I  encountered and highly recommend it.  Being a landlord has provided very valuable lessons about persevering, being honest, treating people with respect, and being firm. And that when unsure, accept that you don't know and it's OK to seek professional advise (here, and from a legal professional).

Life has taken a turn and I need to exit, for now, as I know I'll most likely come back to it again, and it's time for me to seek fellow advice on some things that are yet unclear.  So below is my situation......

I have long term tenants in the duplex and have decided that I will leave in place, the real estate agent that I'm working with has confirmed that given the current market he sees no issues with that decision. However, I am now trying to understand what really happens to the Rental Agreement once the sale is complete and the overall things to consider as the sale goes through.  Here are some key points and my questions.

- The tenants on both sides are month to month, my rents are just a bit under the market.

- I am planning to have a conversation with the tenants to let them know what is coming; I don't foresee any issues, but one never knows.  I've always been honest and upfront about everything (good and bad) and they are happy where they are (they've expressed that). Should I make this formal via a written Notice and provided it once I have this conversation?   Any advice on how to approach this would be much appreciated!

- I'm assuming that the buyer will want to see the entire Rental Agreement as part of his/her due diligence.  Is it advisable to disclose this documentation?  Is said Agreement "transferable" with the sale of the property?   Or does it become null once the sale is complete? 

- Can the buyer actually turn around and continue using my Rental Agreement? 

- I understand my obligations as a landlord continue up to the time the sale is complete, are there any considerations I should make when that point is reached, or from that point on is the buyer's ball game?

I'm sure there's out here someone that can help me understand some of this and perhaps give me a few other good pointers.

Thank you for taking the time reading my post and look forward to your feedback.

Pablo

Matt Slakey- Podcast 83 was such an mind opener. Amazing content. Thank you!

Richelle T.- Thank you for your suggestions. I will incorporate into my process. What areas in Columbus do you invest?

Randy E.- Then I'd have to disqualify everyone!! LOL. The fact of the matter is the neighborhood I invested is not the greatest but the street it falls in is one of the better kept areas; with several SFH homeowners. The property I purchased was also owner occupied and they did a great job at updating it. It does stand out among all the other duplexes on the street.
Poor landlording is very, very, and I mean very obvious when driving around in some of the streets. By no means I am being over sympathetic.... this is a business.... but it is kind of tough to do business the right way when it is visually clear others are not.  I will keep probing to hopefully find that one prospect that fits into our property  plans.

If anyone out there has more feedback it can only help more.

Thanks!  The rookie from Columbus OH.  Pablo

Hello BP community,

So I posted a week ago that i just got a duplex, got one side rent ready and have been doing showings ever since.  I do have a phone "screening" questionnaire and has been doing good with filtering time wasting potentials ("would you be willing to work out this...or that, recent evictions, etc).  My struggle now is; when I get to schedule a showing with a prospect that does well during the phone interview, show them the property, make every effort study them, then move on to the more serious topics such as what we expect from our tenants (of course.. I am the property manager and work for the "owners") and explain them some of the aspects our "application processing office" will be evaluating during the application processing... then I find some feel like "opening up" and share some not so great habits.

The last one I got was: "I've had a few late rent payments" (plus all the excuses), "but it has happened only a couple of times ".  The interesting thing is that this has happened with those prospects that appear to be of better quality (for the lack of a better term).  By this time they are already holding an application in their hands.  I do thank them for being honest about "X" habit and let them know we do have strict rules.

Questions: Are there any proving questions anyone uses that can help me find out things like "bad tenant habits" over the phone?    Am I being to nice not to ask about them straightforward?  Should I push them back to the end of the line for their honesty?

I am somewhat puzzle by potential tenants suddenly becoming "very honest and upfront". 

Your guidance is greatly appreciated.

The rookie from Columbus OH.  Pablo

Hello everyone,

I've made the jump!!! Got my hands on a duplex and I am very excited, nervous, and being cautious that I will make sound decisions from the start.  After getting one side ready to show and putting my for rent sign up, the phone just keeps ringing.  I've done way to much research on tenant screening services and have nailed it down to two. However, I am hoping there's someone (or more) out there in the BP community that has experienced "Rentec Direct". From what I know screening has no tenant involvement and their pricing fall within the application fee I am charging applicants. If you have, please share your experience; was the info reliable?  Was it timely?  Were there any problems with service?

All feedback will be greatly appreciated!

The rookie from Columbus OH.

Thank you for your feedback. Will keep those items in check.

Submitted my post under wrong category... 

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First, I just joined 10 mins. ago. But I've been browsing through this site from quite some time. I'm hoping to gain valuable knowledge... for that thanks in advance.

I am in the process of acquiring my very first rental property. Have zoomed in at a couple that fit the profile and financial performance. However, in the process I came across a tenant-occ. S.F.H; send a few questions (through my Realtor) to the seller and things are not looking that bad.

The property is being sold somewhat below the average $ in that area (not sure if this is already a red flag), yet the rent disclosed in the posting is actually up to date with area rents. However, an answer to a Q? in particular made me somewhat uneasy and reconsider the temptation to jump into a cash flowing property.

Question I asked: Does the tenant know the property is up for sale? Answer: NO

Seller will not show unless an purchase offer is in. According to seller tenant has been renting 1.5 yrs, property has been on the market for 8 months. Is it normal for these type of properties to stay on the market that long?

Is it common for a seller not to disclose to a tenant the property they are living will be up for sale?

I would like to request an estoppel agreement be filled out and returned to me. When should I do that? Is there a specific protocol to make such a request? Will an estoppel agreement help cut through the chase and put the ball on the seller / tenant's side?

All feedback is greatly appreciated.

Pablo, the rookie.

First, I just joined 10 mins. ago.  But I've been browsing through this site from quite some time.  I'm hoping to gain valuable knowledge... for that thanks in advance.

I am in the process of acquiring my very first rental property. Have zoomed in at a couple that fit the profile and financial performance. However, in the process I came across a tenant-occ. S.F.H; send a few questions (through my Realtor) to the seller and things are not looking that bad. 

The property is being sold somewhat below the average $ in that area (not sure if this is already a red flag), yet the rent disclosed in the posting is actually up to date with area rents.  However, an answer to a Q? in particular made me somewhat uneasy and reconsider the temptation to jump into a cash flowing property.

Question I asked: Does the tenant know the property is up for sale?  Answer: NO

Seller will not show unless an purchase offer is in. According to seller tenant has been renting 1.5 yrs, property has been on the market for 8 months.  Is it normal for these type of properties to stay on the market that long?

Is it common for a seller not to disclose to a tenant the property they are living will be up for sale? 

I would like to request an estoppel agreement be filled out and returned to me. When should I do that?   Is there a specific protocol to make such a request?   Will an estoppel agreement help cut through the chase and put the ball on the seller / tenant's side? 

All feedback is greatly appreciated.

Pablo, the rookie.