Change of management

Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage

MrLandlord Q & A

Change of management (by J [FL]) Aug 22, 2017 1:23 PM

Change of management (by Moshe [CA]) Aug 22, 2017 2:25 PM

Change of management (by Vee [OH]) Aug 22, 2017 3:18 PM

Change of management (by J [FL]) Aug 22, 2017 3:27 PM

Change of management (by AllyM [NJ]) Aug 23, 2017 1:17 PM

Change of management (by cjo'h [CT]) Aug 23, 2017 1:50 PM

Change of management (by BRAD 20,000 [IN]) Aug 24, 2017 12:28 PM

Change of management (by BRAD 20,000 [IN]) Aug 24, 2017 12:29 PM

Change of management (by J [FL]) Posted on: Aug 22, 2017 1:23 PM
Message:

I am planning to take back over management of my houses from a PM in a couple of months.

The PM lease with the tenant (I had to use the lease the PM composed, instead of my own) states:

"Owner hereby makes constitutes and appoints the Broker/Agent as the Owner/Landlord's true and lawful agent and attorney in fact...." etc etc.

I understand that the PM lease is still in effect until end of term and I'm okay with that.

So before I take back over, all I need to do (in terms of the lease) is mail my tenants letters stating that this PM is no longer managing the property, and rent and correspondence needs to be sent to me now, instead of the PM...is this correct? Or do I also need to amend the lease in some way? Thanks. --50.88.xxx.xxx

Change of management (by Moshe [CA]) Posted on: Aug 22, 2017 2:25 PM
Message:

Appointment of Broker/Agent as the Owner/Landlord's true and lawful agent and attorney in fact, is hereby revoked, effective immediately.

--47.139.xx.xxx

Change of management (by Vee [OH]) Posted on: Aug 22, 2017 3:18 PM
Message:

I think FL will want a 30 day notice to tenant - provide them with a new rent payment landing zone, when the agent contacts them about unpaid rent they will say the new management has it. --76.188.xxx.xx

Change of management (by J [FL]) Posted on: Aug 22, 2017 3:27 PM
Message:

Thanks Moshe and Vee.

I'm definitely going to give the tenants plenty of notice in advance (via certified mail). --50.88.xxx.xxx

Change of management (by AllyM [NJ]) Posted on: Aug 23, 2017 1:17 PM
Message:

J FL also send notice via regular mail because if they have to travel any distance to sign for it at the post office, they will never find out. Also post it on their apt door if they are close by. --73.33.xxx.xxx

Change of management (by cjo'h [CT]) Posted on: Aug 23, 2017 1:50 PM
Message:

J,inform them you are taking over management duties, if you want to use your own old lease,that's up to you? Charlie...... ..... .... ... .. . --174.199.xx.xx

Change of management (by BRAD 20,000 [IN]) Posted on: Aug 24, 2017 12:28 PM
Message:

Who holds the deposits? In my state we must give a written accounting of each depsoit to each res. "Your $_____ security deposit has been tranferred to J Management. "

Master keys? Passcodes?

BRAD --68.50.xx.xxx

Change of management (by BRAD 20,000 [IN]) Posted on: Aug 24, 2017 12:29 PM
Message:

Another...

You need there leases and applications.

If the PM says the app is confidential, get a fresh one from each res.

BRAD --68.50.xx.xxx

Reply:

Subject:	RE: Change of management
Your Name:
Your State:

Message:

Change of management

Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers. Email Address: