All Forum Posts by: Patricia Steiner

@Owen Rosen

Not interested in debating this topic with you.  I own 40 properties, have a family full of developers/attorneys aka all things annoying, and I am a former senior wealth manager.  It isn't a random search as you stated but experience and professional counsel.  

You do you...let's not waste each others' time with this further.

@Owen Rosen

No...here's why it is 'additionally insured:"  

"An additional insured is anyone who enjoys the benefits of the insurance policy that is not the primary policyholder. In general, an additional insured is added when the additional party carries some of the risk related to the insured property."  

Internet searches are abundant; here's one:
https://www.proinsgrp.com/should-i-add-my-landlord-to-my-ren...

No, it doesn't...

Not only does the tenant need to provide proof of Renter's Insurance BEFORE moving in, it must include "Landlord as additionally insured" coverage.  Since the tenant is in, what does your lease state?  If it is a lease covenant, send them a violation letter by US Mail with proof of delivery required and/or post the notice on the door in a sealed envelope with their name on it, taking a photo to prove delivery.  Know this:  the #1 reason why landlords fail according to the American Apartment Owners' Association is failure to manage to the lease.  If you fail to enforce, that's on you - as are the consequences.  And, you don't want to rely on a security deposit offset/fight should damages be sustained.  Enforce the lease; it's a cheap date through their auto insurance company...and get proof of it.

First of all, what a great problem to have!  Congrats on having an option.  A few questions:

1.  Are you quoting net cash flow - after taxes, insurance, maintenance/repairs, property management if needed?  I often have new investors tout cash flow without considering all the cash offsets and, as such, what might seem like a great deal is really not so great.

2.  Is this really the property that is best suited for you as investor at this point. Would you be better off selling and purchasing a less expensive property that would require less carry should it become vacant for some period of time?

3.  Do you want to be a landlord?  Are you qualified to do so right now - have the contracts, inspection criteria set, screening, payment collection in place?  This isn't the stuff of mere mortals.  It's running a business NOT renting a house.  

I would encourage you to do a deeper dig on the financials and take your own skill inventory in making this important wealth impacting decision.  

Please advise on how to accept a colleague request...the 'accept' option isn't showing and 'notifications' does not activate when selected.  

Here you go:

"In Florida, you can file a complaint against an HOA with the Division of Florida Condominiums. How to file a complaint:

1. Fill out a Condominium/Cooperative Complaint Form. You can request a hardcopy by calling (800) 226-9101 or (850) 488-1122.
2. Include all allegations and supporting evidence, such as photos and timelines.
3. Mail the form to:
   • Department of Business and Professional Regulation
   • Division of Florida Condominiums, Timeshares and Mobile Homes
   • 2601 Blair Stone Road
   • Tallahassee, Florida 32399
4. You can also fax the form to (850) 488-7149.

What happens next?

• The Division will contact you within 30 days to report on their review.
• The Division will let you know if they have the authority to investigate and if they need more information.

Before filing a complaint

• You can try communicating directly with the HOA board or manager.
• You can review your HOA's governing documents, also known as the CC&Rs, to understand the proper procedures.
• You can consider mediation or arbitration if you can't come to an agreement with the HOA." (End)

Unfortunately, HOAs are often ran by individuals who are not the most knowledgeable on regulations, accounting practices, and more - and property managers do not want to intervene for fear of losing the contract.  A Board cannot assess 'reserves' and then not account for it as such.  

Hope this helps.

Please - do this today: Send her a Notice To Quit for Non-Payment of Rent; you will need to send this to her via USPS with proof of delivery required so you can use it in any legal proceeding. You can also post the Notice on the door in a sealed white envelope with her name on it and marked Confidential. Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction. The tenant must pay the full amount owed to avoid eviction, even if the judge ruled in favor of the landlord.").  

If you received notice/confirmation that rent was to be paid by the NJ VCCO, you can contact them directly at (877) 658-2221.  You may find that the payment was made directly to the tenant; you may find it has not yet been funded.  What you can do is let them know that you can no longer subsidize the tenant and that you're preparing to start the eviction process.

You don't need an attorney to tell you that you are running a business - not a social services organization.  The #1 reason that Landlords fail, according to the American Apartment Owners' Association, is the landlord's failure to manage to the lease.  

By letting the tenant know that while you hate what happened to her and the position it has put her in, you are not the right vehicle/organization to subsidize her.  Recommend that she contact the state's rental assistance program, the victims' assistance program, and make other arrangements to pay or vacation within three days to find more suitable housing - like Section 8.

Run your business - or risk having the tenant ruin it.

Keep the marriage, dump the shed.  You can do better (referencing the latter).

Just one opinion. Hope it helps.

Huh?  The utility company doesn't manage your property...they provide paid services until they're not paid anymore.  Wanna sue someone?  Go after the tenant.  You have every right to be outraged at the offending party and that's the tenant.

Stay focused on what matters and that is getting back in business.  And, know this: the #1 reason why landlords fail is their failure to manage to the lease.  Tenants should pay  utilities - they're consuming those and landlords should 'inspect' what they expect on a quarterly basis and that includes verifying that utilities are current.  

Sorry this happened to you...real estate investing is not for wimps.  You've got this.