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1. no you can't put the rent in the same account as the deposit. A trust account is used for the deposit; an operating account is used for paying bills etc.
2. no you cannot, repeat cannot, keep using the same lease with the old manager's name on it. You must create your own lease.
3. Does this individual, your manager, have a boss? A broker? Have you talked to them? Are these people licensed realtors? (not sure of your state's laws)
4. No you need to send him a formal letter. In my opinion an e-mail is not sufficient although you can also send an email.
No offense intended sir, but I think you're in for a world of hurt if you try to manage this house yourself with your cousin's help. You obviously have no idea of the law as it applies to you, or the most basic issues of being a landlord. Take our advice and simply hire a new property manager.
For #1 it depends on your state law.
I agree with the rest.
Quote:
Originally Posted by rainingblue
After I release the PM of his duties, whether I, a family member, or a new co. takes over the management, whom does the security deposit go to next? Since new management means new lease, will the PM give the security deposit back to the tenants, and the tenants give new management new security deposit?
The security deposit follows the manager/owner if same tenants are there. It would be no different
My current PM has a tendency to be unresponsive so I am a little worried he will make things difficult (ie taking his time to give this security deposit back). I assume since I am the owner, I am liable to the tenants for this. I guess there is always court if he makes things difficult, but that will be the last route I'd like to take.
Yeah he might. But there are avenues to get the deposit back as the deposit is use specific.
Unfortunately for this one I did make the mistake of not getting a copy of the lease. The first tenants he found for me, I did request for one and in that lease he does list me as the owner, and himself as the agent. So I assume with this tenant, his lease should be the same... I am listed as owner.
You can't use his lease. However you can draw up another lease
This PM is his own boss (and a licensed realtor).... so there is no one else above him. So if I have issues, there's no one else in the company I can address this with
Sure there is. He has a license, there is a state run entity you can file a complaint. And there is always Court. If he refuses to return the money you might have a theft case
I've been property manager for 7 years, owner wants me to take a pay cut, if I refuse and turn it down, can owner fire me without notice?
If you are an employee, he can fire you without notice.
If you are in the property management business and the owner is one of your clients, it depends on the terms and conditions of your written contract.
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