All Forum Posts by: Teddy Johnson

Thank you for the feedback.  A letter is going out tomorrow to summarize everything  and that if this happens  again that I will terminate the lease.  Market rate is about $300 more a month if he moves out. 

I just received a maintenance request after the tenant decided to fix a clogged sink. The tenant cut off all of the under sink plumbing to remove the clog and then realized he doesn’t know how to put the pieces back together. 

My lease states that he must bring to my attention all repairs in writing and that all maintenance except yard and driveway are the responsibility of the landlord.  

Now that the tenant has made the situation worse, I need to replace the damaged pipes. The cabinets are partially ruined also as the tenant didn’t think that once a pipe is removed that the water would drain into the cabinet below.  

Is this a bill back situation?  A few years back same tenant had the same problem and the clog was a cheap fix (grease and food). 

Hi Theresa,

We don't know if they "actually" did the roof repairs or not.  All I can see is the PM billing me for $500 in roof repairs without any additional recommendations beyond those repairs.  Since, we paid for it, I'm assuming it was done, but I've requested the vendors information to speak to them directly; of course so far there has been no response to that request.

Now that the damage has been unreported for 3 months, and no action has been taken, the situation is far worse than it could have been.  And if the vendor who fixed the roof made additional recommendations, and the PM neglected to mention that, are we now in the errors and omissions stage of the relationship?

So I had my property manager rehab my rental earlier this year.  Part of the repairs were some roof issues.  I've been having a hard time getting a hold of anyone there, no returned calls or emails for some time.  I then received an email from them that they no longer wish to manage the house since it is in bad condition.  I followed up with the tenant and she showed me that she's been placing work orders for repairs since July and nobody from the management company addressed a small leak from the roof.  Well now, the drywall has fallen down in two rooms; what was an easy fix has now become a larger issue.  

Do I have any legal recourse in suing the PM for negligence?  There is no hold harmless clause in the contract.

The Series LLC is setup in Indiana where larger banks do have a presence. I just need to know if anyone has had any success anywhere?

So I'm having no luck with the following banks: Wells Fargo, Navy Federal, TD Ameritrade, and Bank of Colorado. Has anyone had any success opening a Series LLC account anywhere?

So I have an opportunity to obtain a mortgage where I can either have the loan in an entity with a personal guarantee, or to borrow as an individual and then transfer the property into an entity after closing.  Neither have a due on sale clause for this loan and the terms are the same.  

My thoughts are if I have a loan in an entity then entity's assets would be at risk while simultaneously my assets would be at risk.  If I borrow as an individual, only my assets would be at risk--there is no avoiding the personal guarantee.  

My question is why would I choose the option to get the loan in the business name with my pg, vs only getting in my name with the same pg.  Again, it is perfectly fine to transfer the house into the entity the same day when closing by filing two deeds that day.

The parent manages the subsidiaries which which have leases with the tenants. Currently due to lending laws prior to 2016 where Fannie didn't allow the LLC to hold in title, they are deeded to a member of the parent. I am in the process of refinancing them and transferring the title to the subsidiary. Basically the parent only provides management for the subsidiaries.

So I've spent the last two weeks calling from about 9 am to noon every insurance agency and nobody can help me.

I have a parent company that I want to buy insurance for in case we are sued by a tenant or vendor as an additional party.  My subsidiaries are all listed as additional insured on our landlord policies which covers personal injury which would be the first to get sued.  

What kind of policy do we need for the parent - general liability is useless as the parent doesn't own anything other than membership interest in the subsidiary.  All I keep hearing is about slip and fall, yet I know no one that gets sued for that, but what I do see is landlords who get sued by tenants due to contractual disputes.

So would D&O insurance be useful, or is there something else?

Thanks for saving me time, I can't take talking to these agents anymore.