[quote=sdsurfer]
I kind of went about my decision backwards in a way. Most people look at the cash flow first then the tenant…I wanted to go after a property that would attract a great tenant & cash flow. After I found the property I searched for a tenant that reminded me of myself 10 years ago because I do not remember any of my landlords or property managers having to chase me around for the rent. I learned the tenant first approach at an investment meeting with Ward Hannigan and it seemed to make sense although he does it a bit differently.
[/quote]
I think most conscientiousness investors/landlords take the same (or nearly so) approach.
Anywho, as I had mentioned I received an email stating that my PM company had been sold to another company (a different rpm franchise). So I decided to do some digging, primarily because I want to decide who manages my property not someone else.
So the previous owner tells me that there was an assignment clause in the contract and that reassigning my contract was a provision in contract.
So I went back and read the contract and sure enough, the reassignment clause is there in black and white. Well, almost.
The clause stated that the contract could only be reassigned to another qualified PM company. The word ‘qualified’ could mean different things; so I went to the California Department of Real Estate and as far as I can tell, anyone who manages properties for compensation MUST possess a California RE Brokers license.
Since I had the names of the new owners, and I plugged their names in and wouldn’t you know it…neither has a license (of any type).
