All Forum Posts by: Robert Melcher

As a RE professional, you should always disclose.

As with a sale, unless we're a buyer's agent, we work for the seller.

We are supposed to have some "unfair advantage" against the unsuspecting public.

Another consideration is the (sometimes) headache of collecting fees if you have the tenant pay directly into the landlord's account.  It might not be a concern with family, but for a PM, the resident should pay the PM and the PM distribute to the landlord after fees/repairs are deducted.

Its more work, but it can help keep you from getting stiffed on a debt.

You do have to distribute later in the month if you take personal checks, so they clear before you pay the landlord.

I'm sorry guys, but I can't hold my comments any longer.  As a professional (yes, that's the term) property manager, licensed as a broker in Texas and a member of NARPM (National Assiciation of Property Managers) it is offensive to me personally when (if) these suspicions and doubts ever arise in a conversation with a client or prospect.  I do what I do, and it means putting my client first.  It's called fiduciary responsibility and if you as a potential client question my integrity with this intensity. I don't want your business.  Good luck learning what 10 years and several thousand properties under management has tought me.  I will applaud your success.

@Richard Cook another thing to keep in mind as you move away from a market and put your home out as a rental is that the home warranty companies tend to use the lowest cost vendors and bandaid fixes.  That may be fine for a homeowner deferring big expenses because they are in the house and tolerant of that choice, but tenants in properties with continuous maintenance calls and poor fixes tend not to remain in place.  And if you will be using a PM, you will be duplicating expenses since the PM will normally act as the GC for your repairs, just like the warranty company, and most likely they will have vetted their vendors better.

@Richard Balsam I would be very clear to her that any deal you strike would be heavily dependent on her behavior during showings.  It does no good to have a qualified prospect scared away by a bad-mouth tenant.

Jason,  we have our main office there and manage about 2000 homes in DFW.

Our specialty is Single family/scattered site housing.

I would be happy to do an intro for you.

If you do collect the rent (delivered or otherwise) and they have any outstanding previous late fees, apply the payment first to all other charges, if your lease includes that wording.

Then give notice and file for eviction for the shortage.

At least that is my methodology, as in Texas a property manager can only represent a landlord in court for eviction on unpaid rent and holdover.

In Texas the lease is superior so the sale includes the obligation to honor it.

The seller should have the deposit, so at least you get that with the sale.

If they are delinquent, you will have to give notice and file for eviction.

Faster is better.

I've been active in property management for 11 years with ONEprop, from just over 300 properties under management to over 6000.  We're pretty good!

I'd like to share some expertise but also welcome the chance to win business as individual investors get too big to manage their own properties!

Ask me anything, and i'll give you my best answer!