Author Topic: any landlords out there? need rental property advice  (Read 1454 times)

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shummer

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any landlords out there? need rental property advice
« on: April 11, 2006, 05:34:11 PM »
We're planning on renting out our house starting in August, 2006. We won't be able to manage the property, collect the money, etc. as a landlord would normally. A guy at church who has several rental properties offered to take care of our place. If we find the renters, he would take care of the rest (maintenance, collecting rent, etc.). He sent me a copy of his rental agreement and I was supposed to edit it accordingly, but I don't really know what our roles are. Can anyone shed some light on this topic?

Me - owner/landlord(?)
Him - property manager(?)
Renters - tenants

Ultimately, is the contract between owner/landlord and the tenants or property manager and tenants? I think how it should be and how we both want it to be is contract w/ me, but he is the contact for any maintenance issues, collecting rent, notices, etc. Does that sound right? Basically, he's willing to do this as a favor. If there ever was a legal issue, it would be something I would have to deal with.

92UrS4

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Re: any landlords out there? need rental property advice
« Reply #1 on: April 11, 2006, 06:10:30 PM »
Wait wait wait, beore we get into the legal-ese, where are you moving?

As for the questions in your post, i will bounce them off a co-worker, he has a bunch of rental properties.

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Re: any landlords out there? need rental property advice
« Reply #1 on: April 11, 2006, 06:10:30 PM »

92UrS4

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Re: any landlords out there? need rental property advice
« Reply #2 on: April 11, 2006, 06:23:34 PM »
Here is the reply from my friend:

Quote
It all depends.  We have a mix of things.  We have contracts direct with the tenants and provide maintenance via us.  We also use a property manager service where the agreement is between them and the tenants and us and them.  This is the worst way to go as I have discovered.  I personally would have the agreement between me and the tenant and then another agreement between the PM and the Owner.



Based on that, the ideal method is one agreement with you and the tenant, then another with you and the person managing the property for you. This is all based on myf riends experience.

Eric18T

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Re: any landlords out there? need rental property advice
« Reply #3 on: April 11, 2006, 06:34:20 PM »
We tried to do it on our own once and i ended up hiring a professional managment company to take care of it for us. It was better in the long run.

shummer

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Re: any landlords out there? need rental property advice
« Reply #4 on: April 11, 2006, 08:51:07 PM »
Jay,

Any way I can talk to your friend on the phone? PM me w/ his phone number if that's a possibility.

Regarding moving, you guys caught me. We're joining the Real World! It'll be the first time that a family of 4 is in it. I kid, I kid. More details later.

92UrS4

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Re: any landlords out there? need rental property advice
« Reply #5 on: April 11, 2006, 08:55:24 PM »
He's gone for the day so I will hit him up in the morning and make sure he's okay with that. I don't see why he wouldn't be.

Lila

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Re: any landlords out there? need rental property advice
« Reply #6 on: April 12, 2006, 01:31:31 PM »
Andrew,

I've got a lot of experience in this area as a tenant, a landlord, and as legal counsel to tenants and landlords.  You can give me a call anytime to discuss specifics (3.773.3613).  But, generally you want a good, well written lease which is between landlord and tenant, and basically a service contract between landlord and property manager.  Two separate contracts.  As for delegation of tasks, if I were landlord, I'd hang on some of the rent collection tasks (e.g., I'd have rent checks mailed to landlord if possible) and only get the property manager involved if tenants don't pay on time (assuming your circumstance allows this).

There are lots of other, small issues like insurance, keeping kosher with the mortgage company, liability concerns, etc.  You've got a little bit of work to do to set this up correctly, but it'll be worth it in the long haul.

-Mike aka Lila

shummer

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Re: any landlords out there? need rental property advice
« Reply #7 on: April 12, 2006, 05:05:52 PM »
Thanks Mike. I will give you a call some time this week hopefully.