Anybody Has Rental Property In Albany NY?
what are the posisitives and the negatives in buying rental property in Albany NY?
what are the posisitives and the negatives in buying rental property in Albany NY?
i went to college depending where the property is you can get college students with ease but some only lease for a year nad you have to start all over again....some areas have people that willremain tenants for years...i would be picky with college students....what part of albany are you interested in?
near Lincoln Park swan st hawk st area.
yeah you should be fine i have nt been up there in years but do your reasearch...my landlord was renting the room out to us 200 a month 6 rooms ....home was probably paid for....
This is not normal. Sounds like she is just making it hard in case you will fire her and deal with tenant directly.
You have a duty and every right to know who the tenant is taking care of your assest. You are the one with the risk.
Tell her for any property you rent thru her you expect a copy of the lease application and lease. You are not being responsiable if you dont and you need some records in case something happens with manager. And you need to be able to see what quality of tenant she is renting to and thier background.
She is just manageing the property for you not accepting the risk.
Sounds like she thinks you are a little naive if shes even trying to get you to buy this invasion of privacy. You have every right to know who is in your property and if ever had to go to court for anything most Judges would find irresponsiable of you if you did not know. Property manager or not.
First, I do not believe that you should be "establishing a rapport". This communication with your tenants is between your property manager and the tenants. Getting you in the loop will just complicate things. What is the tenants ask for your phone number. What if when the water line breaks, they call your number to get it repaired and you are out of town. What if when they lose your job - and you really like their little ones - they call you to give them their sob story. My advice is to leave your tenants alone and let the property manger handle it.
Having said that, I do believe that you should have a copy of all signed documents which would include a copy of their rental application - possibly with the SSN marked out.
I am thinking that her response was more directed to his request for building a rapport than for the information. If he had simply said that he would like the tenant information to have for his files that it would not have been a problem. But he walks in and wants to contact the tenants and start building a rapport. That is probably why she does not want to give out the information.
One way of getting the info is to tell your property manager that a prospective lender needs copies of all of your leases. On the otherhand, I agree with Brenda. You should not try to develop "rapport" with your tenants.
I sense that your property manager feels as though you may be stepping on toes. See my response to your other post.
Two issues should be considered here:
1) Do you really need/want to introduce yourself to your tenants?
As you mentioned above, the investment (property) and your agent performs as they should, so the better use of your time could be found elsewhere.
2) The second issue concerns agency relation, which was a subject well covered on your CA Real Estate Exam, so, if you want to have copies of YOUR leases or YOUR profit and loss statement , yes you can, there is no privacy law preventing that .. you may even ask for original credit apps , if she has them your agaent/borker should provide you with the copies. But if you want to know who your 2C tenant new boyfriend is and you ask for his telephone numeber, even if your agent knows that she does not have to disclose it. Besides, there are nice guys in the aria where you live, so why bother learning about one in Boise?
If in your place, I would send my agent/broker a nice thank you letter, in which I would also ask for the rent role and copies of the lease. Tthen, I would follow up with a phone call to clarify that I am so far happy with her services but I still need to have property related documents for my file…. leases included. And, if there are no leases estoppels should suffice.
By the way, according to a report published on www.CNN.com, Boise is valued as one of the few still appreciating markets.
How long have you been investing there and what is your overall experience, aside of a petty problem with yourAgent/broker?
[ Edited by REOCON on Date 06/15/2006 ]
Forget about a conscious decision by a property manager to withhold information. What if the Seller is so disorganized that he has no leases, security deposits and contact information? Two tenants subsequently moved into one unit without his knowledge.
I have only a first name for one unit that is three months behind rent. Other than serving a Termination of Lease notice on Day 1 of my closing, can I serve a 3 Day Notice in Florida for the past rent without a last name?
BTW, I would not work with any company that does not provide information to which I have a legal and ethical right. I hired a property manager in the first place to take care of tenant issues, but I am not abnegating my right to meet the people who are paying my mortgages and ultimately determining the value of my investment.