A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
Don’t worry, be happy!
Let’s say you just bought your first investment property and
you are very excited about beginning your new business as a Landlord. Now you
need to get a Tenant, but you never have screened anyone before and you don’t
want to pay someone to run your business for you. After all, why should you pay
some company to do what you can do for free?
You put a sign up in front of the home, and take an ad out
on Craig’s List. You get a call and agree to show the property to a prospective
Tenant, you are excited and you are sure the price you’re asking is enough to
pay the mortgage and also make a few bucks to put in your pocket.
You want to
get the place rented as soon as possible, or you are going to have to take money
out of your pocket to pay the loan. You decided to get the first and the last month’s
rent, because that’s the way you heard it was done.
The potential Tenant shows up and loves the place and they hand
you cash for the first and last. This is great, because now you can pay the
mortgage and now for the next year you don’t have to worry about anything; you
have rents coming in at the first of every month.
Everything is great, the Tenants seem like nice people and
you have their cash. The next month, the
rent is late, and on the 5th of the month you call the Tenant and
they tell you they will have the money next week, so another week goes by and
no rent. They stop returning your phone calls and now the rent is three weeks
late, You received 2 months’ rent, but they are almost one moth late with the
rent. Could you have made a mistake?
You may laugh when you read this and say this new Property
Owner is stupid for not doing their due diligence and check out the potential
Tenant, but in My business of Property Management in Anaheim Ca. I hear these
stories all the time. These Tenants are professionals at what they do, and they
can sniff out a new property owner. They know that the lure of cash up
front often is too much for the Property Owner to turn down. If you have had no
experience with the pitfalls of the possibility of eviction then you don’t have
the normal fear that experienced Investment Property Owners have.
This story of course has an expensive ending and depending
on how long it takes the new owner to contact an attorney, will depend on how
much this lessen will cost them. The
moral of the story is, before you become an investment property owner, do some
homework and if you do not want to hire a Property Management Company, make
sure you know what you are doing, or it can cost you greatly.
A.D. Cantelmo Property Management Specializes in Property
Management in Orange County Ca.