All Forum Posts by: Vinod Palle

Thank you @David Oechslein , I will talk to them this week.

Thank you,

Vinod.

Hello,

I live in Northern Virginia and i bought a rental property in PG County, Maryland and rented it out.

I bought the property with cash in Feb 2020, no loans/liens on it.

Now i am planning to take a HELOC on this rental property.

Called couple of banks and seems like not many banks are doing HELOC on investment property.

Can anyone suggest me a lender who can give HELOC on rental property?

I am not looking for a cash out re-fi,

i just need HELOC, so i can use the money whenever i find another property, i may take couple moths or more than 6 months.

Thank you,

Vinod.

Hello BP,

We recently acquired a condo in Falls Church,VA area through court house for flipping.

The owner/occupant was a old lady did not move out after we purchase the unit.

While we are in legal process to get possession, i received a call from the HOA today that the neighbors of this unit observed a foul smell and called the police to see what is going on.

we are breaking the lock as soon police arrive and get into the property.

The smell could be from the leftover food or could be anything.

To prepare for a worst case, i am trying to understand how to deal with the situation and get some affordable master cleaner referrals.

Thank you,

Vinod.

Thank you @Kerry Mertz for suggesting a RE Agent for us.

@Rush Wall Thank you, we will contact him sometime in july

@Simmy Ahluwalia thank you, we will contact you as soon as we sort out some things on our end, we are in search of a good PM who can protect and take care of it.

I am a real estate investor who invests in Tampa, FL.

Can you please send me the details @ [email protected] 

thanks

Venkat

Austin

I am an investor and have few properties in Tampa bay area.

However I live in Silicon Valley in California.

Can we talk on phone?

Thanks

Venkat

We are a group of Real estate investors who are looking to connect with real estate agents who can help us with off market properties as well as listed properties in below markets we are mainly looking for multi family properties

Tampa Bay ( Tampa, St. Petersburg, Clearwater), Atlanta city, Columbus city , OH.

You can respond back to my mail " [email protected]" and put subject as " Real estate agent introduction"

Thanks

Venkat

Please send me more details @ [email protected]  

Hello guys, here is the update:

i talked to PM to provide me utility bills for last 6 months, and they took 3 weeks to get it me.

In between they were trying to do me a favor by placing a tenant for free in the vacant unit :) how can they think i will be with them after this mess??

Back to the story, i got the bill and payment history today, looks like the water bill has been abnormal Since Sept 2017, they never brought it to my attention untill March 10th 2018, when all the bills add up making a huge bill.

I questioned them , 

1) why they did not brought it to my attention??

2) Don't the PM company have any authority to get into the property when they think it is endangered??

Once i get answers, i am thinking to proceed with any legal actions for not properly managing and causing me losses.

1) Do you guys think it is worth going legal? 

2) Do you think the PM companies are covered by the paper work we initially do for property management??

3) In the lease it mentioned that the water bill is taken care by the tenant (though the water is paid by PM company from the rent), and the water bill in on PM company name. do you guys think i am obligated to pay the bill? just trying to see if there is way i can come out of this mess.

Thank you,

Vinod.

Thank you @Thomas S. @Jay Helms and @Jon Holdman for your valuable inputs.

This tenant is so bad and is going to be an expensive lesson for a newbie like me.

With all your suggestions, i am planning below action items:

Immediate in next 2-3 weeks:

1) Talk to water company to waive any charges and put on a payment plan

2) Change PM 

In next 2-3 Months:

1) Have separate water meter for units

2) See if i can charge the tenant and report to collections

Thomas mentioned a very good point for me,

"Having a PM requires that you manage and stay on top of how they manage your property on a ongoing bases. This is not a passive business"

I will keep updated this post and things move on.

Have a good day,

Vinod.