http://secure.american-apartment-owners-association.org/forum/index.phpThu, 17 May 2012 00:39:45 -0700 Phorum 5.2.16 http://secure.american-apartment-owners-association.org/forum/read.php?14,134,134#msg-134 http://secure.american-apartment-owners-association.org/forum/read.php?14,134,134#msg-134
Heather]]> Goweezie Miscellaneous Mayhem Wed, 16 May 2012 10:35:10 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?13,133,133#msg-133 http://secure.american-apartment-owners-association.org/forum/read.php?13,133,133#msg-133
The city is Hobbs, NM. It is strong, and growing rapidly. It's also in a Housing Crisis, but, not the kind the rest of the country is in. This city can't build Housing fast enough.

So I've had my eye on this location for about 5 years now. This place seems to be the perfect storm for a Amazing investment opportunity. There's something...ghostly...happening in Hobbs' near future ;) I'll show a link to a decision made Yesterday actually, to bring a ...ghostly... project to Hobbs.

The main attraction to this location, for me, isn't necessarily the fact that its growing, but the fact that this city can't dream of keeping up with housing at its current construction rate, and the future holds even more for Hobbs. Here's the basics:

--Keep in mind now that this will have to be a NEW development. The city has a loose local building code, large inexpensive and well located lots in town on and off major streets, and the one specific I am looking at is in a Very good Developing Neighborhood. This would also be a Gated community. (it would be the only gated community in the whole of the city)--

Population. This city's population was around 25,000 in the 2000 census. In the 2010 census, it was 45,000. Two years later the estimate is around 53,000 and Projections place the Population at 100,000 in 2017. Yeah, I know. And unemployment in the County is at just below 4%.

--The City in 2000 mainly relied on Oil and Gas, it's existence is actually owed to fossil fuels. Hobbs was built for the Oil and Gas Industry. Its Huge, and there's no sign of it running out anytime soon. But,...The city has evolved, the county in a whole is large and rural, and it itself has evolved. As long as people need fossil fuels, Hobbs will grow. The more Oil costs, the more jobs there are. Theres a shortage of workers in Hobbs.

--One of the recent highlights of the area is the construction of a Uranium Enrichment Facility which is operating already at 50% capacity (after building for 6 years now) and has 3 more years left. When completed "Urenco" will produce 70%+ of the nations Enriched Uranium for Powerplants and Military/Government uses.

--A Large spin-off from the plant is in the works for the "left-overs" of the process from turning dirt into uranium, and thats a Plant that produces medical radioactive medicines, tools, etc. Waste not, want not!

--So like i said,... a "Ghostly" project was just decided on to go to Hobbs. Over a $1 Billion project as a matter of fact. As I said, Lea County (in which Hobbs is the "Main Squeeze" ) is evolving. A company called Pegasus Global Holdings is building a "Mock" city just next to Hobbs. A Ghost town for testing Energy generation and efficiency. "It will comprise urban, suburban and rural environments and include a mix of new and aging infrastructure.The facility will give clients a one-of-a-kind opportunity to test and evaluate their technologies in a setting that most closely simulates real-world applications." And of course, nobody will live in the houses! After construction this will create over 4,000 Jobs in a city with 4% unemployment. Construction begins in June.

Here's that link, because it's just simply interesting! News Article
The Projects Website: [www.pegasusglobalholdings.com]


As with the Uranium plant, most construction workers came for 3+ years at a time from out-of-state. A lot are put up in Hotels, and some are in small generic manufactured homes (both of which they pay for out of their per-diem)...so the opportunity is pretty obvious. I can assume safely, the same will happen to the workers of C.I.T.E.

As I said, Hobbs has a housing problem... The average time between a home hitting market and it getting a offer and going under contract is often as short as 48 hours and on average about 2 weeks. After calling around, Every Apartment Complex has a minimum 6 month waiting list...which will obviously sky rocket, and there is absolutely NO rental properties available. I actually own one in Hobbs, and its had the same Uranium plant worker in it since 2009.

A representative from Hobbs' City Hall told me there is an immediate need of at least another 500+ Units.

So, there's a chance for one of you reading this out there to cash in on a long term investment here, I plan to be one of them, but like I said, I've never built a property, I own one that was already built in Dallas, TX. What is the process? How do I get investors for a new complex?]]> JWM-Solutions The MarketThu, 10 May 2012 14:12:30 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?15,132,132#msg-132 http://secure.american-apartment-owners-association.org/forum/read.php?15,132,132#msg-132
Would anyone know of a reputible gutter cleaning and repair company here in Columbus OH

Thank you]]> Sheila Managing & MaintainingTue, 08 May 2012 09:22:03 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?15,119,119#msg-119 http://secure.american-apartment-owners-association.org/forum/read.php?15,119,119#msg-119 Ms_Slumlord Managing & MaintainingMon, 09 Apr 2012 15:54:04 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?17,118,118#msg-118 http://secure.american-apartment-owners-association.org/forum/read.php?17,118,118#msg-118 savannah2546 Collecting Delinquent RentThu, 12 Apr 2012 04:24:27 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?16,114,114#msg-114 http://secure.american-apartment-owners-association.org/forum/read.php?16,114,114#msg-114
Harry]]> HarryPontious Tenant ScreeningThu, 05 Apr 2012 07:42:01 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?17,102,102#msg-102 http://secure.american-apartment-owners-association.org/forum/read.php?17,102,102#msg-102
Thanks for your help,

Carol]]> CarolGlenn50 Collecting Delinquent RentThu, 05 Apr 2012 05:23:20 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?4,101,101#msg-101 http://secure.american-apartment-owners-association.org/forum/read.php?4,101,101#msg-101
Thanks for your help!

Carol]]> CarolGlenn50 American Apartment Owners AssociationThu, 29 Mar 2012 14:56:18 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?17,99,99#msg-99 http://secure.american-apartment-owners-association.org/forum/read.php?17,99,99#msg-99 TheHappyLandlord Collecting Delinquent RentThu, 12 Apr 2012 05:45:36 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?16,97,97#msg-97 http://secure.american-apartment-owners-association.org/forum/read.php?16,97,97#msg-97 BobSotts Tenant ScreeningWed, 04 Apr 2012 08:16:26 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?17,95,95#msg-95 http://secure.american-apartment-owners-association.org/forum/read.php?17,95,95#msg-95 HarryPontious Collecting Delinquent RentThu, 05 Apr 2012 07:40:19 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?12,92,92#msg-92 http://secure.american-apartment-owners-association.org/forum/read.php?12,92,92#msg-92
If anyone has an answer, please feel free to shout it out . . . We're in Pennsylvania.

We had a tenant who had a lease through October, 2011, but had to vacate early due to illness. She gave us notice on June 1st, and agreed to pay the three-month penalty for early termination, as per the Lease. The tenant noted that she'd be moving out on July 22nd, which she did, again noting that she would pay rent through August, 2011, as per the 3-month penalty. Maintenancestaff entered the unit in August to renovate for the new tenant's occupancy starting on 1 Sewptember 2011 and found some tenant property still in the unit, which we assumed was abandoned since the tenant had moved a week earlier. Some was thrown out, like pohot albums, some was removed to storage, like jewelry and art.

The tenant no longer occupied the unit but she was paying rent on the unit through August -- which she did -- so she technically retained possession. We did not contact the tenant or her son, who has PoA, that we were going to rennovate or to ask whether the property in the unit really was abandoned since the tenant was paying rent through August, 2011.

It seems, however, that the property wasn't abandoned, as we learned when the tenant's son came on Agust 15th to collect the property they'd left in July, assuming that it would be secure since the tenant retained possession of the unit because rent was being paid on the unit through August. The son claims significant missing property, including jewelry, etc., so my question is this: (i) Did we illegally enter the unit and illegally remove a tenant's personal property since the tenant was still paying rent on her unit, despite having moved out and no longer occupying the unit? And, (ii) Are we liable for the items the son claims are missing? He says he can list only a few missing items since he made no list of what was left -- for his pick-up prior to 31 August -- because the rent was paid on the unit through 31 August, 2011 so his mother legally retained possession through August.

I've referred it to our attorney but I'd like a separate, independent response -- or several responses -- as a benchmark, from experienced property managers and lawyers in Pennsylvania. Case law seems to favor the son, but whether he'll follow-through with his attorney's threat to litigate (the son and his attorney are out-of-state) is doubtful since he can't quantify what's missing.

THANKS SO MUCH! We've learned not to assume anything in this business. We had the son's phone number, address and e-mail address and I regret not contacting the tenant or her son, as PoA, but that's 20-20 hindsight.]]> sarabear0011 It's the Law!Wed, 28 Mar 2012 04:42:57 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?17,91,91#msg-91 http://secure.american-apartment-owners-association.org/forum/read.php?17,91,91#msg-91 TimQualls Collecting Delinquent RentThu, 12 Apr 2012 06:33:42 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?17,90,90#msg-90 http://secure.american-apartment-owners-association.org/forum/read.php?17,90,90#msg-90 BobSotts Collecting Delinquent RentFri, 06 Apr 2012 04:54:32 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?16,89,89#msg-89 http://secure.american-apartment-owners-association.org/forum/read.php?16,89,89#msg-89
What are my options regarding them out of the rental?

JEY]]> LORDLAND Tenant ScreeningFri, 27 Apr 2012 10:28:03 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?3,79,79#msg-79 http://secure.american-apartment-owners-association.org/forum/read.php?3,79,79#msg-79
Our forum is a haven for landlords, property managers, contractors, real estate professionals, and anyone else with interest in rental properties. The AAOA Forum is intended to be a collaborative, informative, and fun community for people to share their questions, thoughts, ideas, and knowledge.

Everyone who visits the AAOA Forum can read the threads, but you need to be a registered member of AAOA to post and reply with your own comments. Becoming a member of AAOA is 100% FREE and includes many other benefits, like our informative biweekly newsletter and access to tenant screening. To sign up for AAOA, all you need to do is CLICK HERE!

Before you start posting, first review the rules and guidelines of the forum. Also, be sure to take a look at the different forum categories to get a sense of how topics are organized and where your comments would be most relevant.

Thank you for visiting the new AAOA Forum!]]> admin Welcome to the AAOA forum!Mon, 26 Mar 2012 15:18:52 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?14,67,67#msg-67 http://secure.american-apartment-owners-association.org/forum/read.php?14,67,67#msg-67
TERMINATION: After one month’s rental payment has been received, this agreement may be terminated by mutual consent
of the parties, or by either party giving written notice of at least 30 days prior to the end of any monthly period. Any provision
of this agreement may be changed by the owner in like manner. All parties agree that termination of this agreement prior to
_____Novermber 1st 2012_______ regardless of cause will constitute a breach of the tenancy as agreed on page 1 and all deposits shall be forfeited in favor of the owner as full liquidated damages at the owner’s option.

I'm thinking of several options
1. Ultimately say no and have tenant stay till November
2. Pay till the end of the lease and she can leave
3. Pay x-months and she can leave
4. leave whenever she wants, but deposit will be forfeited and SSN will be noted.

Am I on the correct track or am I missing something?

Thanks
Ricardo Renteria]]> Ricardorent Miscellaneous Mayhem Thu, 22 Mar 2012 15:51:18 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?15,64,64#msg-64 http://secure.american-apartment-owners-association.org/forum/read.php?15,64,64#msg-64 alannanoelle Managing & MaintainingThu, 22 Mar 2012 15:16:58 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?15,63,63#msg-63 http://secure.american-apartment-owners-association.org/forum/read.php?15,63,63#msg-63Can you suggest the insurance agents that are honest and know what they are doing in the Commercial Insurance Market for the Washington, DC area?
What are other Landlords Paying in this area for Apartment Fire and General Business Liability? How can we compare the Averages?
How can we know what is fair, what is above average and what is too much?
Some Insurance Companies are not in this area. Farmers Insurance doesn't cover DC, and other agents know homeowner and individual insurance but are clueless in quoting Commercial Coverage Needs. I am looking for advice how to compare and get the best Insurance for our Apartment Complex in DC? Thanks.]]> topagent Managing & MaintainingThu, 22 Mar 2012 15:22:30 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?13,62,62#msg-62 http://secure.american-apartment-owners-association.org/forum/read.php?13,62,62#msg-62as a Holiday Inn. I lease the the rooms just as I do an ordinary apartment.
There is the application, criminal background, verify income,deposit,etc. My expenses
include the utilities but even with these "unusual expenses" my operating
expenses are 50% of revenue. The rooms have no kitchens and my tenants
use microwaves and many have small fridges.
My problem is Appraisers can not find another property like mine and they
don't know wether I am an multifamily or a hotel.
I need a broker to help me with a lender for a refinance.
Any sharp mortgage brokers out there that can help?
I have an NOI of 540K and want 70% LTV.

ejs470@yahoo.com

318 376 9811
Edward]]> Windsor The MarketThu, 22 Mar 2012 15:46:46 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?11,61,61#msg-61 http://secure.american-apartment-owners-association.org/forum/read.php?11,61,61#msg-61 nikotromus11 Tenant TalkMon, 30 Apr 2012 12:06:43 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?12,60,60#msg-60 http://secure.american-apartment-owners-association.org/forum/read.php?12,60,60#msg-60 WEWPropertiesLLC It's the Law!Thu, 22 Mar 2012 15:26:55 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?12,59,59#msg-59 http://secure.american-apartment-owners-association.org/forum/read.php?12,59,59#msg-59 seaoatstownhomes It's the Law!Thu, 22 Mar 2012 15:28:29 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?12,58,58#msg-58 http://secure.american-apartment-owners-association.org/forum/read.php?12,58,58#msg-58 shayberger3 It's the Law!Wed, 28 Mar 2012 19:08:37 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?13,57,57#msg-57 http://secure.american-apartment-owners-association.org/forum/read.php?13,57,57#msg-57
My young relative signed a new lease, and was charge $200 as a non refundable moving expenses?

Is this the trend to be charged or charge to the tenant?

I read some others chage $100 application fee to apply the lease?

Could you tell me what are those charge work toward to what expenses? e.g. the credit application?

Do you charge the tenant the moment they applied the lease? or when do you charge this fee when they signed the lease?

Thanks.

p.s. is it also the trend that it now is a 60 days notice to move out the lease/property? any modification on this]]> alicewonder The MarketThu, 02 Feb 2012 09:50:09 -0800 http://secure.american-apartment-owners-association.org/forum/read.php?14,56,56#msg-56 http://secure.american-apartment-owners-association.org/forum/read.php?14,56,56#msg-56I am guardian for my aunt who owns her own home plus a rental unit that she is renting out for $475/mo to a single 41 yr old man. He has been renting for about 7 years, but hasn't been paying rent for about 3 yrs now. He fell on hard times, (self-caused with the law) and hasn't been able to get good work since he lost his job. My aunt feels sorry for him and has allowed him to not pay rent; or to pay when he can. He pays a little but nothing close to the agreement. He signed a rental agreement 3 years ago because my aunt wanted to do a re-fi on her current home and used it on the application as a source of income.

So now we come to the present. She has not kept up the rental agreement that would have him renew each year, but all of his information is still valid. When she passes away it will become my job to collect or evict. I have been doing a bit of reading on AAOA and will probably ask him to leave in favor of renting to someone who can pay consistently each month. I will need this to pay back taxes that my aunt owes and to help offset the current mortgage until I can get both places rented again. I have an idea that he won't go easily because of the slack he's been given by my aunt. I don't mind giving him a short time, (a month or less) to leave since he has no children and does have family in the area he can bunk with, but I anticipate some problems with this situation. Could someone help me with information on this? I have never done this before and want to start preparing myself for the eventual situation with which I'll be faced. Thanks, Mary]]> mefougner Miscellaneous Mayhem Mon, 30 Apr 2012 12:03:02 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?15,55,55#msg-55 http://secure.american-apartment-owners-association.org/forum/read.php?15,55,55#msg-55I rent the basement apartment in my house and i would like to be able to monitor the amount of water that the tenant uses, since I pay for the whole water bill. There is only one water meter for the whole property.

Thank you for your help]]> acouria2 Managing & MaintainingMon, 23 Jan 2012 17:40:31 -0800 http://secure.american-apartment-owners-association.org/forum/read.php?12,53,53#msg-53 http://secure.american-apartment-owners-association.org/forum/read.php?12,53,53#msg-53 admin It's the Law!Fri, 04 Nov 2011 16:48:26 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?15,52,52#msg-52 http://secure.american-apartment-owners-association.org/forum/read.php?15,52,52#msg-52 admin Managing & MaintainingFri, 04 Nov 2011 16:43:14 -0700 http://secure.american-apartment-owners-association.org/forum/read.php?13,51,51#msg-51 http://secure.american-apartment-owners-association.org/forum/read.php?13,51,51#msg-51 admin The MarketThu, 22 Mar 2012 15:24:25 -0700