All Forum Posts by: Thomas Talbert

As I understand the ESA Laws in Texas if a pet is a qualified ESA then you can't treat it as a pet at all. You have to underwrite them as if they didn't have one.

A lot of those letters are fake however and we double check their authenticity with Pet Screening. It is free of charge and will catch if the letter is fake or not. petscreening.com

Does petscreening charge the applicant? What documentation do I need from the applicant to run petscreening? Thank you.

Yes they do charge the applicant but not if it is an ESA.

0 Votes

As I understand the ESA Laws in Texas if a pet is a qualified ESA then you can't treat it as a pet at all. You have to underwrite them as if they didn't have one.

A lot of those letters are fake however and we double check their authenticity with Pet Screening. It is free of charge and will catch if the letter is fake or not. petscreening.com

1 Vote

Quote from @Christian Styles:

This seems to be in the ballpark, but I would have a few follow up questions,

Is this their entire fee structure?

Typically tenant placement is the first month of rent so 100 bucks seems a little on the low side, what are they doing to advertise your property that they are able to do it for only 100 bucks?

I know we typically charge 5 percent of vendor maintenance and repairs but 10 may be the norm in your area. (I'm in Cleveland, OH)

I'm happy to look over your PM agreement if you want an extra set of eyes, always seem to find something of value in those!

Can you tell us a little about the property they would be managing too? That information is helpful when trying to asses fees.

Also, Congratulations on entering the wonderful world of REI! Happy to have you here!

Agreed $100 does seem cheap for a placement fee but 10% is the market down in Austin. I would ask what all goes into their placement fee because they may do the bear minimum and the marketing for the property isn't that great of that $100 is true.

2 Votes

Fort Wayne, Indiana

You owe it to yourself to attend a NARPM conference. You will be blown away!

2 Votes

The lease extinction form works great if you truly don't want anything to change.

We use the extension form currently but I am thinking about changing that and having people sign a whole new lease every time. I change the wording in my lease it seems like every week to line up with a particular process or maybe increase a fee etc.

1 Vote

Houston, Texas

Quote from @Jaron Walling:

@Sharon Zhou What does your current lease say? Follow your lease. Hopefully you added a clause describing what happens at the end of 12 month lease. A lot of investors go MTM if nothing changes. By nothing I mean no damage to the unit, rent on time, and good communication.

A tenants decision to leave or quit employment has no bearing on the obligations to follow the lease. If you go MTM and she moves out in December too bad. That's the cost of owning and managing rentals as a investor. Just another example of why RESERVES are important.

Looks like she's already got good deal. Verbal agreements mean nothing in court. I'd ask her to sign a new lease that's MTM at $3100, or another 12 month at $2900. Cheers.

I agree, unless her lease is up do not resign a lease to make it a month to month lease.

0 Votes

Fairfax, Virginia

Concerning the name on the lease I don't know if any property manager is going to put the lease in their own name. That exposes a lot of risk for both you and the PM. If they do agree to that then I would imagine they would charge a premium.

0 Votes

Chattanooga, Tennessee

That's a bummer you had this experience with a seller although it is not uncommon. Quite honestly in that scenario I get frustrated with the seller's agent because you know that The agent if they were doing their job would explain to them that that is not generally how these things go and that they are being unreasonable.

0 Votes

Quote from @Greg M.:

Unless your unit is WAY under market, they aren't leaving and coming back. Do you have any idea the cost and hassle to move?

Assuming you've done the math and it is financially best to have them leave, lose the rent, and pay rehab expenses so you can charge a higher rent, just non-renew them. Find new tenants when ready.

Agreed the odds of them wanting to resign after the renovations that would substantially increase the rent is low.

My thoughts are to give them as much notice as possible but it doesn't hurt to ask. Explain the situation and all the great new amenities they will get and ask if they will resign at the projected new amount. The worst they can say is No and you can continue business as usual.

0 Votes

Green Bay, Wisconsin

All Forum Posts by: Thomas Talbert

Thomas Talbert has started 2 posts and replied 58 times.

Post: Looking for suggestions for a property manager in North Dallas area

Post: Applicant with ESA

Post: Applicant with ESA

Post: Property Management Fees

Post: Exploring Additional Services That Could Be Offered by Property Managers

Post: Use a Lease Extension or New Lease Contract?

Post: Good tenant requesting Month-to-Month lease

Post: Part Time Property Manger?

Post: Would you pay for the repairs to a property prior to closing?

Post: Raising Rents - Input Requested

Thomas Talbert has started 2 posts and replied 58 times.

Rounded Star Post: Looking for suggestions for a property manager in North Dallas area

Rounded Star Post: Applicant with ESA

Rounded Star Post: Applicant with ESA

Rounded Star Post: Property Management Fees

Rounded Star Post: Exploring Additional Services That Could Be Offered by Property Managers

Rounded Star Post: Use a Lease Extension or New Lease Contract?

Rounded Star Post: Good tenant requesting Month-to-Month lease

Rounded Star Post: Part Time Property Manger?

Rounded Star Post: Would you pay for the repairs to a property prior to closing?

Rounded Star Post: Raising Rents - Input Requested

Post: Looking for suggestions for a property manager in North Dallas area

Post: Applicant with ESA

Post: Applicant with ESA

Post: Property Management Fees

Post: Exploring Additional Services That Could Be Offered by Property Managers

Post: Use a Lease Extension or New Lease Contract?

Post: Good tenant requesting Month-to-Month lease

Post: Part Time Property Manger?

Post: Would you pay for the repairs to a property prior to closing?

Post: Raising Rents - Input Requested