All Forum Posts by: Phil Earley

That never works out well.  Once the management company has to enforce the lease for late rent, tenant damages, or doesn't agree to schedule an emergency repair for your garbage disposal they clogged midnight on Saturday, you will get a call that goes something like this..... "Your management company is horrible, unresponsive, and allowing your property to fall apart, they are worthless!"  

It is best to manage the property yourself if you are living there.    

We have never had a "horror" story(knocking on wood) as of yet.  We have had some people who made us the happiest when they left though.   

If screening is not done correctly, the general rule is that you will have 4 tenancies over a 7 year period.   2 will be great and 2 will not be.  

We have had a half dozen horror story landlords slip through the cracks:) 

I'd go back and ask the expensive "organized" guys if they have any talented sub contractors they use on an "on call" basis who may be looking for immediate work.   Years ago my personal home was too small of a job for the big guys and they referred me to phenomenal one man show.    

When tenants cross the line and use the "m" word, you send a notice that they move out effective immediately no harm no foul to protect themselves.  If they don't move out immediately, they are well aware that it is at there own risk and must sign a hold harmless agreement.  If they do not sign a hold harmless, you give them another notice to vacate and then start the eviction process. Do not get sucked in to any games.

Flood zones are always a deal breaker for me.  

As far as problem tenants go on any purchase, make the contract contingent on the current landlord having them removed prior to closing.   Passing the responsibility to the next property manager is still your headache and your expense......none of us should suffer for someone else:)

Not everyone needs the help of others.  Just depends on what you are good at.   Going to a automotive mechanic is a complete waste of money in my opinion.  Fixing anything on a car is easy and I definitely save thousands.  I'm not sure how automotive repair shops stay in business:)

Some of our best clients/landlords who have been with us for years are people who managed themselves or unfortunately chose the wrong company as they were getting started.     

Over time, you will figure out was is best for you and tweak your system accordingly.   All the opinions on Bigger Pockets will certainly help you.  

Once you get it narrowed down to 2 or 3, carve out some time when you are in the city to go visit their offices.  Walking in the front door is the best way to gauge who they really are and if they are a good fit for you.  

You can probably google St. Louis Landlord Tenant law for more specific direction.  Typically every state will have a tenant landlord guide that will help you with the rights of everyone.  Also, have your family member review there own renters insurance policy to see if there is any help there.  

In Georgia, the rule of thumb is that whatever an individual homeowner would experience under the same conditions is what the tenant should expect to be reasonable for themselves.  

At the end of the day it doesn't benefit the management company to drag their feet so the 3rd party is probably the owner, the insurance company, the upstairs owner, and their insurance company. And then throw in the HOA for the building/community. Lots of people to have to wait on and coordinate with.

Has the family member moved out?  If so, the rent should abate until the home is habitable again.  If the family member hasn't moved out, the home is livable at the end of the day and payment should continue.  

Double check what the lease says.  The answer may be there already that everyone can follow.  

What has the property management team suggested?   What has your family member suggested? There is a reasonable solution that can benefit both if they talk it out.    

Show Homes of America has been around for 2-3 decades for vacant homes on the sales market. Probably can google them to get some more detail.