All Forum Posts by: Shamsul Chowdhury

How about if i just Quit claim deed the property into my personal name. I live in arizona, if the property over there is owned by my, can i move forward with the eviction?

I will re deed it to the NY LLC later, for now i just want to get the tenant evicted..

thx

Originally posted by @Mike S.:

@Shamsul Chowdhury

Yes that is correct. Your out of state LLC can not go to court there as it will not be recognized.

That is why it is often recommended to have the LLC in the same state than the property. Some options also use a local trust with a foreign LLC.

In your situation look into foreign register your LLC in that state. You will have to pay registration in two states but at least you could go forward with the eviction.

Also you will need a lawyer authorized to practice in the state as it is possible that you may not able to represent the LLC yourself.

Really appreciate your advice.. now i have some course of action.. will post later once i go through it..

thx


Originally posted by @Nathan Gesner:

1. Write them a letter stating they are fired and demanding a turnover of all funds, keys, and records within 14 days (or whatever time period you define).

2. Contact the New York real estate commission and file a complaint. They will typically reach out to the property manager (or broker, if different) and let them know a complaint has been filed. That may be enough to spur your manager to turn everything over to you and get rid of you. The last thing anyone wants is the state commission snooping around so this is a heavy motivator.

3. Start looking for a new manager immediately.

Remember: cheaper doesn't mean you'll make more money.

You can start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. Regardless of how you find them, try to interview at least three managers

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!

4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?

This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!

Any suggestion on finding a PM nearby (Or how can i find one) would be appreciated..
I am just starting out with a low price property there. if its ok, i would like to network with you also to know about that market better and get some experiences from you..

Appreciate your help
Outkasst

Originally posted by @Nick Rutkowski:

@Shamsul Chowdhury

That's what my girlfriend says too, good ROI, cheap houses, and she loves the lake. Cool, good luck brother!

Just the ROI looks good and there are sub 40k houses there, which would be a good ROI property for rentals,

thx
Outkasst


Originally posted by @Nick Rutkowski:

@Shamsul Chowdhury

NY closings are done through attorneys and yes, your money is in escrow at your local realtor office. Look on here and find a PM, there has to be one close enough to Jamestown.

Just out of curiosity, why did you purchase in Jamestown?

I am closing the property hopefully in a week or so..

thx

Originally posted by @Jean Joseph:

@Shamsul Chowdhury hi! Any luck with your purchase

Are you local or out of state?

Iam looking to explore that market as well.