All Forum Posts by: Steve Osowicz

@Alain Perez-Majul The lease should attach to the property and not to the owner, so those funds should come to you. I can only speak for our contract here in Kentucky, there is a line with the verbiage: "All leases, if any, shall be assigned to buyer; all rental collections, if any, shall be prorated between Buyer and Seller, based on the date of deed; and all security deposits, if any, shall be transferred to Buyer at closing."

So, if your contract does not specifically address this, I would add something similar as an addendum (unless prohibited by law). That way you receive prorated rent and the security deposit at closing. You should get the tenants information, application and lease at closing as well to ensure you have their contact information. 

@Jenny Keffer It really depends on your Management Agreement and what the terms of it are. I would say typically they run for a year and then continue in perpetuity renewing each year on the anniversary. Likely there is also a clause for early termination which would penalize the owner for breaking the contract. 

Now, if they have been negligent this should be pretty easy for you to break from them. Especially if they receive correspondence from an attorney. First, you can try to just tell them due to what you feel is them breaking the terms of the contract you no longer need their services. You should request something in writing confirming this, and they will not seek to enforce any sort of "early termination penalty". 

You also need to get your statement for 2015, hopefully they will provide that for you, so that you can use the information contained therein to file your taxes. 

Finally, make sure you get the security deposit, as the company should be holding that money as well. 

@Jason Fletcher You may want to look at the tool www.crimemapping.com in Jefferson County if you are concerned about safety, it relays the recent crimes and what types of crime they are. 

Louisville absorbed the smaller "cities" into the Louisville Metro (like St. Matthews), but they still retain some of their rights, like mayors and other city functions. There are a lot of rentals, but they tend to go quickly and I have been told that the rent is expensive in comparison to other larger cities. It really depends on what he is looking for, a lot of people like the Highlands area as it has a lot of small shops, restaurants and bars. 

The reason I mention all this is you can find a nice rental property in Louisville without having to go to a neighboring city. 

Hello,

I am a partner in a software company (along with my real estate endeavors), we have developed a software we are adding to, right now it is a way to take tenant requests online via your website or a webpage - it will then go into a system for assignment, acceptance, completion and closed. This will also allow for invoicing and other items. 

It is free to try - go to www.pro-trackers.com

Let me know if you have any questions about it. 

Thanks

@Bill Hinshaw That looks great, any chance you will post some before images?

@Andy W. Our reports were $40 for the first applicant and $20 for each additional. I tried to set expectations first, telling potential tenants a few things. 

1. If you have any evictions, don't bother applying. 

2. If you have any felonies in the past 5 years, don't apply. 

3. If you have any drug with distribution charges or crimes of a sexual nature don't apply. 

I also try to emphasis that it cost money paid to the companies who conduct the actual checks. 

Hello, I am a partner in a software company and we have a maintenance tracking software for tenants (or customers for HVAC, plumbing etc.)  to enter a form online for maintenance requests - it then goes into a system for tracking the request from assignment - acceptance - completed - closed. Then you can create an invoice. There is added functionality and we will be adding other features in the future. 

Please let me know any questions you have. 

Hello @Sterling White,

The largest company using it currently is at 249 properties, some of those are multi-plex properties. 

***Not sure, why but I just tried the link above and it did not work - please use this link instead***   www.pro-trackers.com or just search it directly in your address bar.  

Hello, I am a partner in a software company www.pro-trackers.com that tracks maintenance/service request from tenants via a page on your site or manually entered. It then is able to be tracked through to completion and issuing an invoice. It is free to try or if you are below the first level threshold - free to use. We have many property managers currently using the system and they see the value in it. We are working to make it an full enterprise system, but that is a little way off. Contact me if you have any questions, or just go to the site, in the top right hand corner click "Get Started" no credit card info needed to try it. Thank you.