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All Forum Posts by: Shawn Johnson

Shawn Johnson has started 5 posts and replied 47 times.

Post: Buying a rental property before a primary residence?

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

Hi @Kody Romero. I have some rental properties in Flag too.

I would agree with @Shawn Mahoney. House hacking is your best bet.

Your second best would be to invest in another market, hire a pm as I would never suggest managing a rental from a far, especially not your first one.

Post: Meet up in Albuquerque, NM

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

@Christine Knapp-Phillips

@David Torres runs a meetup in ABQ. David, do you have anything going during this time?

Post: How illegal is this on a scale of 1 to Bernie madoff

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

@Robin Casper

You absolutely need to turn this agent into the Real Estate Commission!

Post: Property manager contract

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

@Horacio Gutierrez

That’s correct. The PM can renew the tenant onto the PMs lease.

Post: Help tenant caused fire now wants out of lease?

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

@Sacha LaCoss

I DM you an Attorney.

Post: Help tenant caused fire now wants out of lease?

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

@Sacha LaCoss

This is what the Uniform Owner Resident Relations Act (UORRA) of New Mexico states to explain what actions to take in this situation.

47-8-31 Resident rights following fire or casualty

A. If the dwelling unit or premises are damaged or destroyed by fire or casualty to an extent that enjoyment of the dwelling unit is substantially impaired, the resident may:

(1) Vacate the premises and notify the owner in writing within seven days thereafter of his intention to terminate the rental agreement, in which case the rental agreement terminates as of the date of vacating; or

29

(2) If continued occupancy is lawful, vacate any part of the dwelling unit rendered unusable by the fire or casualty, in which case the resident’s liability for rent is reduced in proportion to the diminution in the fair rental value of the dwelling unit.

B. If the rental agreement is terminated, the owner shall return the balance, if any, [of] prepaid rent and deposits recoverable under Section 18 [47- 8-18 NMSA 1978] of the Uniform Owner-Resident Relations Act. Account- ing for rent, in the event of termination or apportionment, is to occur as of the date of the vacation. Notwithstanding the provisions of this section, the resident is responsible for damage caused by his negligence.

Post: I'll never buy a Kwikset deadbolt!

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

@Mark Franks

We have Kwikset Smartkey locks on almost 400 rentals and have had very minimal issues. Not enough to ditch them as a product.

Locksmiths opinion of them seem really biased. Why would they like them, it eliminates the need for locksmiths to a certain extent.

If you’re thinking of ditching Kwikset, you might as well go to smart locks where you can reset the code from an app and not have keys to manage at all.

Post: Any trusted real estate cpa in Albuquerque

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

Hi @Mansi Mehta,

Have you looked into The Real Estate CPA?

@Brandon Hall runs an amazing CPA firm and they can take care of you here in NM.

Post: Flat rate MLS listing service for Farmington NM

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

Hi @Ben Vandorn

I’m local to Farmington and there aren’t any. What truly are you looking for, a cheap service or someone that will go out and hustle to get the home sold?

I see that you are in Ak, are you FSBO from that far away?

Post: Do I need a Trust Account in New Mexico for deposits/rents?

Shawn Johnson
Pro Member
Posted
  • Rental Property Investor
  • Farmington, NM
  • Posts 49
  • Votes 28

@Lucas Gabaldon

Great question. No you do not need a trust account to hold deposits. I recommend holding them in a second account but it doesn’t need to be a trust. Any account will do.