A common question from my clients is “My Tenant just declared bankruptcy and I got the notice in the mail today. What does this mean for me as the landlord/property manager/investor?” Here’s a single page, well-written explanation from this month’s National Association of Residential Property Managers (NARPM) magazine of what to do/what not to do. Landlord Loses Because Tenant Went Bust, Broke, and Bankrupt As with other legal issues, it’s best to seek counsel from an attorney in your state/city who deals with these issues in their primary practice. Why subscribe to our weekly tips? Because…..
So yesterday I posed this hypothetical question of: “What would you do if your Tenant was incapacitated and a friend of theirs needs access to the property to pick things up?” (http://danbaldini.com/2016/07/08/in-case-of-emergency/) If your lease agreement doesn’t contain specific language and data to address this situation, you as the landlord or property manager are in a tough spot. Do you deny access to the friend or do you allow him access to the tenant’s personal property? How do you know he isn’t a scam artist? How do you know he is not perhaps an identify thief who happens to know the tenant is traveling out of the country and unreadable for a few more weeks? Fact is, unless you have protocols in place prior to this event happening, you simply don’t know and you are unprepared to deal with it appropriately. Not a fun position to be in, is it? […]
Property rights continue to be under full assault. Here’s another recent article describing the Who/What/Where/Why…. http://www.foxnews.com/politics/2016/03/20/no-right-to-rent-cities-barring-property-owners-from-renting-out.html
I usually don’t look to the State of Ohio for much ground breaking news, but this article literally had me fist-pumping in the air. It appears there ARE judges who still read their Constitution and know their Bill of Rights! http://realestateinvestingtoday.com/federal-court-cities-rental-licensing-and-inspection-requirements-unconstitutional/ I fully expect this issue of Source of Income/Inspections to come back to Indianapolis in 2016, so get prepared for the upcoming battle with your facts. Until then, Celebrate the win! Dan Baldini is the Founder of Polaris Real Estate & Polaris Property Management, LLC and has been an Adjunct Professor in the College of Business Finance Department at Butler University in Indianapolis where he taught Real Estate Investing. Dan focuses his practice on the residential real estate markets including Indianapolis, Carmel, Zionsville, Fishers and other surrounding areas. Dan continually seeks out new resources for Team training and education in order to keep all the Team members skills on the leading edge of real estate […]