Residential Property Management/Query

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Question
Good day
Got the following question for someone who wants to rent out their condo.
If the person has paid off for the property and does not have a mortgage what does one say to a realtor who inquires about the mortgage.
If one is renting out his or her home is one legally obligated to disclosure mortgage information to the realtor / property manager and what should one say if want one wants to keep this issue private.

Regards,
Sam

Answer
S. Mahabir:

An owner has no obligation to discuss their personal finances but it would depend on why the property manager is asking the question. If the property manager is responsible for paying the mortgage on behalf of the owner, of course they would need to know the details. The property manager may also be concerned the property is underwater and the client will become financially stressed - making their job more difficult due to the lack of funds for upkeep, etc.

An owner's property manger is a business partner and should be made aware of any conditions that may affect the proper management of the real estate.

NOTE: Please do not use the term "realtor" unless you know the real estate licensee is a member of the National Association of Realtors®. The term "Realtor®" is a trademark of the NAR.

Please let me know if you have further questions.

David

Residential Property Management

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K. David Meit, CPM

Expertise

Real estate investment, operations, renovation, marketing, and administration. Specializing in urban multifamily, DC rent control, property repositioning, change management and building high performance operating teams. For more information, please visit www.oculusrealty.com

Experience

I have over twenty-five years experience managing all classes of multifamily property in New York City, Washington, DC and the Maryland and Virginia suburbs. I am President & CEO of Oculus Realty, LLC, a licensed real estate broker in Virginia, Maryland and the District of Columbia. Oculus is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM). I have earned the CPM and ARM accreditation through IREM and GRI designation though National Association of Realtors (NAR). My career includes successful management and executive positions at Bozzuto Management, Forest City Residential, DARO Realty and Vornado Realty Trust.

Organizations
Institute of Real Estate Management Ethics and Discipline hearing Committee, Chair Region 3 Education Committee, Chair West Central Maryland Chapter 92, President (2012) Apartment and Office Building Association Advisory Board Member National Apartment Association Property Management Associations President, 2004 National Association of REALTORS

Publications
http://www.bizjournals.com/washington/stories/2010/09/13/story24.html

Education/Credentials
Boston University, BA New York University, Schack Institute of Real Estate, Property Operations Institute of Real Estate Management, CPM designation

Awards and Honors
Institute of Real Estate Management AMO of the Year Award 2015 CPM of the Year Award 2012 Past President's Award 2012 Property Management Association PMA President’s Award, 2003, 2005 PMA Vision Award, 2004 Property Manager of the Year, 1998 Apartment & Office Building Association Outstanding Leadership Award, 2006, 2008, 2011 AACE Award Washington, DC Service Team, Sedgwick Gardens, 2004 AACE Award, Virginia Garden New Upscale, Regent’s Park, 1998

Past/Present Clients
My clients include high net worth individuals and family offices looking for long term income and appreciation from investment real estate.

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