All Forum Posts by: Phil Earley

Take at look at the details in the lease first to see if there is the appropriate verbiage for terminating the lease.   

Second, you can ask the current owner to terminate the tenancy prior to closing so that you start with a vacant property.   Offer up some non-refundable money to do so to cover the current owner's risk if you don't close.....assuming clear title is given and the tenants don't trash the place.  

Inheriting tenants that you are going to immediately remove typically has some drama from my experience so placing the responsibility on the current owner may not be a bad idea.  

3rd, I'm not from Texas but I would bet the landlord/tenant law there spells it out if the lease doesn't.  

I would suggest finding a lease written by a licensed property manager with a few years of experience in the area .   I have found that Realtor Associations are great at writing sales contracts but allow for way too many gaps in their leasing documents.    Being an expert in sales doesn't translate to an expert in leasing.    

You can approach the current tenant, conduct a background check, write a new lease, and move forward assuming they pass the mustard.  

If that is not an option,  you are going to have to go through the eviction process.   The person still living at the home who contributed to rent is most likely a "tenant at will" and has a legal right to the property.   Let the court system decide differently for you and stay out of more trouble.  

The person on the original lease is off the hook of any wrong doing since an agreement was reached to terminate.....don't terminate next time until the keys of a vacant property are returned and a move-out is conducted.  

When tenants cross the line and use the M word or any other hazardous term, you notify them effective immediately that they move out to protect themselves and their family no harm no foul.  If a hazardous condition is found, rent will abate until the property is clean up is completed.  If no hazardous conditions are found by a licensed individual, the rent abatement is off the table.  

The notice also states that if they don't move out, they are well aware that they stay at their own risk.  Go on the offensive in a reasonable, professional manner to put an end to this quickly.   

Drama only works if you try to reason with it.    

Most of us part ways with our property management company for reasons other than fees.  Focusing on those reasons should be at the top of the checklist.  

If pricing is all that matters,  a 25k purchase price is all you need to know about the investment property prior to buying it.  You are ready to close.

How about the applicant who brings the first full months rent plus a dbl security deposit.  No need to run anymore background checks, hand the keys over.   

You could use the angle that not having a binding exclusive management/listing agreement is a pretty big deal when it comes to Georgia license law....Georgia real estate 101.  Ask for a reasonable payoff or you are taking it to the next level.    

Some of my competition in Atlanta really makes my life easy.  

The biggest complaints about property managers is the lack of communication and personal service. Walking in the front door of the office to meet the staff, gauge the atmosphere, and view the office itself is the best way to size up how well a company will take care of you.

If the staff and office are in disarray, you and your property won't be far behind. 

If you google "fannie mae's guide to becoming a landlord" it will point you in the right direction.   It is an easy read with lots of great information.   

narpm.org is a great place to start.

Implement a non-refundable reservation deposit equal to the security deposit amount and due at the time the lease is signed.   Until you receive the non-refundable deposit, do not sign a lease and keep the home available as others stated above.  

The non-refundable reservation deposit becomes the security deposit once the move in is completed.  If they back out to no fault of yours, the non-refundable deposit is yours.