A day in the life of a real estate investor/property manager: Ep. 10

john1981 (37)in #money • 7 years ago

Pretty normal day all in all. The middle of the week is typically not so busy. We were able to catch up on a few things, paper work and emails. Two things of importance to note, we meet with a squatter in a new unit, and are working on a water leak in another unit.

The water leak was from an over flowing toilet in the unit above ours. A fairly minor issue, but we have some damage. The owner of the unit above will be fixing the ceiling and repainting the bath room. In these type of situations, it is best to work with everyone rather than taking a harsh approach to the situation. The owner did nothing wrong, and it was an accident from the tenant. As long as things are repaired by the 1st of Aug, we will be happy as that is when our new tenant is moving in.
The second item, that will require a little more work than the leak, is the squatters.

Currently, they have no lease, we just purchased the home, so they are not legally allowed to be in the home. Check your state's law, as they are all different, but in our state, we will have to evict them through the courts. Sadly, they have no power to the home, as they can not afford to turn it on. They also can not afford water to the home. From a technical stand point, the home is not livable, but again, we will try to work with them to get the out as quickly as possible, but I have a feeling they will stay until the very last second.

It is sad to see people in difficult places, but we must repair the home and get it rented asap. Know your eviction laws and the process you must follow. If you are unsure, contact a local attorney. I have seen simple mistakes turn into huge issues. Cases that should have been won by the land lord, turned really quick just because they missed on little form, or did not check the correct box on the paper work. If you are unsure, ask someone that does it for a living.