All Forum Posts by: Theresa Nicoletto

Huge Thank You to Bigger Pockets... I have been on here for about 2 months... and I finally jumped in! I bought some properties at a Tax Deed Auction yesterday here in Oklahoma. (1 vacant lot, 2 houses - 1 vacant, 1 occupied.)

What is the best way to get the homeowners to leave? I will be pursuing a quiet title action. Do I just knock on the door and show them my Deed (copy of it) or bring a sheriff with me?

Do I pay their moving expenses? If so, how much? The house cost $25,000 and looks good on the outside... not sure about the inside yet. I want to go there with my contractor (but of course not do any work on it until I get the quiet title action done.

Do I pursue quiet title action first and then kick them out or kick them out while I am working on the title?

What's the best way to go about things? Anyone have experience with this?

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Hey Paul,

That was a GREAT meetup. Really appreciate you putting it together. I learned a lot from everyone. It is the perfect informal venue to talk about all things real estate without any cheesy sales pitches. Let's do a debrief after the auctions - I'm ready to hit it! ;-)

Best,

Theresa

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@PaulChoate - Thank you for setting this up. I'm in! ;-)

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Originally posted by @Jay Hinrichs:

@Theresa Nicoletto just to clarify your post... PM's get a % of what they collect.. if they collect no rent they get no money.

For many of the lower end assets I see people buy if I was PM... I would charge a monthly flat fee equal to 15 to 20% of rent and I would insist on it being paid whether there was rent or not.. More like an Asset management company.. not a property management company.. as many of these assets are that tough to manage.. and this is why there is so many mixed results... If a manager does not get rent.. he does not get paid and that home can kind of fall through the crack.. next thing you know it gets broken into its stripped and the owner is in a world of hurt.. sitting in LA wonder what the heck did I do :) But again depends on the asset class totally..

You are right. I misspoke.

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@Sam Sendgraff I would also love to meet someone in OK experienced in Note buying. Hit me up if you find someone! I'm in OKC but travel around a lot.

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Also set up a keyword search for "Tulsa" so you can see every time someone posts about it on Bigger Pockets.

And welcome to BP! :-)

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Originally posted by @James DeRoest:

Originally posted by @Theresa Nicoletto:

Originally posted by @James DeRoest:

Originally posted by @Dawn Anastasi:

I think it makes sense to give the owners 100% of the late fee. After all, they have their money invested in the property. It's the PM's job to pick tenants that are going to pay on time and in full each month. If they have a turnover within the first year then there should be no tenant placement fee until at least after a year. There has to be accountability with this.

Don't think it makes any sense whatsoever. What is the job of the property manager?

They are managing the property because you can't or won't. The key word here is managing.

What they are not doing is providing any sort of guarantee, they are not an insurance company, they are a management company. The clue is in their title "property manager".

Tenants who are late require the property manager (your agent) to do more work. Does your company do things for free?

I disagree. Property Managers get 10% for managing the property. They are not incurring the risk associated with the late fee... No matter what happens ... If the tenants pay, they make 10%. If they don't pay, they get 10%. The late fee is due the owner who is out the $ when it is late.

And who does the tenant call at 10pm when the toilet is blocked? You, the owner, or the property manager?

I do not understand why you and everyone else is bitching about a $50 late fee? Are you all so broke that $50 is that important?

I'm guessing that many people see past the dollars and are counting pennies over sums which are so insignificant.

If you feel that $50 is a lot of money, then owning investment properties is not a good use of your energy.

In another thread, I'm incredulous that people are willing to stump up $4k for a sewer line repair, when I paid $2.5k in January for the same thing - yet you lot are bitching about $50?

Hey, sorry if I hit a nerve. I'm sure you are a great property manager. Tenants calling you for the broken toilet? That's why you get 10%, right? :-) Anyway, I'll structure my contracts with the late fee going to me... You can structure them so they go to you. Let's agree to disagree. And don't worry about the use if my energy... I've got plenty. :::: Big Hug::::

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Originally posted by @James DeRoest:

Originally posted by @Dawn Anastasi:

Don't think it makes any sense whatsoever. What is the job of the property manager?

They are managing the property because you can't or won't. The key word here is managing.

What they are not doing is providing any sort of guarantee, they are not an insurance company, they are a management company. The clue is in their title "property manager".

Tenants who are late require the property manager (your agent) to do more work. Does your company do things for free?

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All Forum Posts by: Theresa Nicoletto

Theresa Nicoletto has started 8 posts and replied 90 times.

Post: Oklahoma City June Meet Up

Post: Evicting homeowners after an auction

Post: Evicting homeowners after an auction

Post: Oklahoma May Meet up

Post: Oklahoma May Meet up

Post: Property Manager "gotcha"

Post: Experienced Note Buyer in Tulsa OK?

Post: Greetings Everyone, New to BP

Post: Property Manager "gotcha"

Post: Property Manager "gotcha"