Hiring a Property Manager - Posted by Natasha Sumner


#1

Posted by Jack on December 21, 1998 at 08:08:31:

Actually at the end of the movie, the tenant from hades (played by Michael Keaton) ends up dead.

The movie shows the (extreme) consequences of not knowing the landlord tenant laws.


#2

Hiring a Property Manager - Posted by Natasha Sumner

Posted by Natasha Sumner on December 20, 1998 at 21:46:42:

I am in the process of hiring a property manager. My husband and I have successfully managed our buildings for the last few years but have gotten behind in future investing since we have added more tenants. We want to be able to delegate some of this to a property manager plus we have a “Pacific Heights” tenant in this one building which I would like to not have to deal personally with since it is a waste of my time. My question is should I tell the management company the details about this tenant. I fear that the company may not want the job. On the other hand, i want them to be prepared for this unhappy, constant complaining, fastidiuous and over educated tenant. Any thoughts?


#3

Re: Hiring a Property Manager - Posted by A Miller

Posted by A Miller on December 21, 1998 at 22:10:38:

If you cant be firm and in control and have the nerve to evict problem tenants yourself in a nice and brutally firm and nice way get out of this great business. I do everything for my tenants but if they screw up I evict them immediately!!!!!! I pay on a 10 unit apartment bldg $10.00 a door. $100.00 a month. My manager reports to me. Hes
courtious and nice-Im the bad guy that tells them they have to go. I was a weak Wuss liberal when I began this business but now I am a hard nosed conservitive that demands something for something and its the righ way to be.
Am I nuts???


#4

Be careful - read the fine print. - Posted by Andrew Smith (Phila)

Posted by Andrew Smith (Phila) on December 20, 1998 at 23:39:25:

I am in the process of buying a mixed use property (3 stores and 3 apartments) the property is owned by a sweet, little elderly woman who has a local real estate office manage the property for her. In each one of her leases that the real estate office prepared is a clause stating that the landlord agrees to pay the real estate office 5% for collecting the rents for as long as the tenant is in the property. The Realtor is attempting to construe that clause as meaning that the Realtor has an unbreakable management contract for as long as any of the tenants they placed in the property are there and that the contract will transfer to a new owner. I know this sounds ridiculous but it is to the point now that they are threatening that the little elderly woman will need to continue paying their fee unless she gets me to agree to. It has gotten to the point that the Realtor and the seller have attorneys involved. So - learn from her mistake - be careful.


#5

OK what is a Pac Hghts tenant? - Posted by Nathan

Posted by Nathan on December 20, 1998 at 22:53:18:

I have 10 yrs property mgmt with training from BOMA and IREM. I have never heard of a Pacific heights tenant. Anyway a good property manager obtaining a new account should have you fill out Real Estate contracts requiring full disclosure, honesty is the best policy.


#6

Re: OK what is a Pac Hghts tenant? - Posted by David(Ca)

Posted by David(Ca) on December 20, 1998 at 23:07:13:

Nathan,

You have to be kidding!

Pacific Heights (an area in San Francisco I think) is a movie about a tenant that destroys an apartment, after all is said and done the landlord ends up in jail.

Great movie, all RE investors should see it. It’s a little unrealistic, but possible.

Dave


#7

Re: OK what is a Pac Hghts tenant? - Posted by Billy

Posted by Billy on December 21, 1998 at 18:10:45:

yes I saw the movie…interesting. I also know some that had a similar tenant. The place was “TOTALLY” trashed and she had the landlord put in jail. The tenant was female and the landlord was male.

Some of these tenants have very nasty characters. That’s why I what to limit my landlord business.