Taking Over a DIY Landlord Property with Tenants is a CHALLENGE

By
Real Estate Broker/Owner with Gibson Management Group, Ltd.

One of my FAV farm areas for my direct-mail marketing efforts is a townhouse project built by Ryan Homes near UVa Medical Center.  There is a mix of townhouses with garages and single family homes and the unit size is awesome because they are desirable to multi-generational and/or groups tenants.

I have the single family residence model and the townhouse model which were bought by investor owners and leased back to Ryan for their selling efforts and that I took over when they were rented to their first real renters.

I received an e-mail request from a DIY landlord in the property who moved out a year ago and rented his townhouse.  He needs it professionally managed and he was especially concerned as his 4 residents were wanting to leave 1 month early * in 2 months.

I arranged to see the townhouse, gave the owner my recommendations for some inexpensive upgrades * one was a builder issue that the owner allowed to go too long and that may not be covered by the builder after this late date * and he signed a management agreement with me.

I found replacement residents for mid-June through a local real estate agent, they signed their new lease and I wrote the current residents and gave them their move-out instructions via e-mail and snail-mail today.

NOW! Houston * we have a problem.  The DIY owner does not have a duplicate key to his townhouse.  Since one of his tenant/ roommates has already left, I've asked the remaining residents to give me her key and leave it out for me on Friday and I will pick it up.

In my letter, I provided them with names of a good carpet cleaner and a house cleaning service and advised them that I will be checking the property on June 1st since they are moving May 31st......assuming I have a key.  If I do not, I'll meet my locksmith at the property and he can cut me a new key to the current locks and I'll proceed with getting the unit ready for my new residents.

As the bumper sticker suggests, hope for the BEST and plan for the WORST!

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Topic:
Real Estate General Information
Location:
Virginia Albemarle County Charlottesville
Groups:
VIRGINIA
CHARLOTTESVILLE REAL ESTATE
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Comments 9 New Comment

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Rainmaker
409,412
Michelle Francis
Realtor, Buckhead Atlanta Homes for Sale & Lease
Tim Francis Realty LLC

Wallace, 

One of our many hats we wear, keeping tracks of keys.  It can get pretty exciting!

All the best, Michelle

May 08, 2012 05:17 PM
Rainmaker
604,779
Sussie Sutton
UTR TEXAS Realtors - Rep for buyers and sellers.
UTR Texas Realtors

I have so many keys that I don't know what they belong to, these are personal. Honestly it is easier to keep up with work related keys that our own.

May 08, 2012 05:33 PM
Rainmaker
1,076,139
Wallace S. Gibson, CPM
LandlordWhisperer
Gibson Management Group, Ltd.

On of the FIRST things I learned in real estate was to TAG keys - I have small white labels to put on them and then I have BIG YELLOW TAGS with metal rings to put on them.

May 08, 2012 05:39 PM
Rainmaker
1,023,063
Lisa Von Domek
....Experience Isn't Expensive.... It's Priceless!
Lisa Von Domek & Associates LLC, Real Estate Broker/Associate with Real Living Real Estate Group www.LisaVon.com

Good morning Wallace,

You have quoted one of the tried and true mottos that keeps me sane, "hope for the best and plan for the worst"!

May 09, 2012 05:44 AM
Ambassador
1,010,201
Harry F. D'Elia
Investor , Mentor, CSSN, Radio Coach, REOs, ABR
Precision Real Estate Inc.

I have a few condo farming areas myself. I just got one the other day. The previous tenants trashed the unit. Wow-it is amazing how DIY make money after people trash the house. I am seeing garnished wages for this unit.

May 09, 2012 10:36 AM
Rainmaker
1,076,139
Wallace S. Gibson, CPM
LandlordWhisperer
Gibson Management Group, Ltd.

I LOVE taking newer units * and having more in the same area cuts down on driving (gas) and I can offer options to prospects!

May 11, 2012 03:41 AM
Rainer
204,518
Mark Delgado
Benicia and Vallejo, Property Management, rental h
houses for rent, Solano County & Glen Cove
Well-handled Wallace. We don't take over properties with current residents except in rare circumstance. We prefer to qualify and place ourselves. That is what you did in this case as well. Keys are a whole different joy that you also handled well.
May 11, 2012 07:20 PM
Rainmaker
1,076,139
Wallace S. Gibson, CPM
LandlordWhisperer
Gibson Management Group, Ltd.

Owner has key - just not in the area and does not know which ones they are....I have boxes of key tags in my house, office and cars - I always know what key goes to what property!

May 11, 2012 09:11 PM
Rainer
131,573
Todd Mack
Property Manager Assistant

hope for the BEST and plan for the WORST!..............good advice Wallace!

May 12, 2012 12:22 PM
Show All Comments
Rainmaker
1,076,139

Wallace S. Gibson, CPM

LandlordWhisperer
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