Ep. 47 Attorney Julie Ostrom on Investment Properties and Evictions

In this episode, Realtor Adam Kruse had Attorney Julie Ostrom of Beck Ostram Sweet, LLC came into the Hermann London offices to give a presentation on investment properties. Find out about the new rule regarding security deposits and how landlords and property managers can protect themselves by having a more thorough lease agreement.   Email questions to [email protected] Host - Adam Kruse https://hermannlondon.com/realtor/adam-kruse/ Shannon St. Pierre https://hermannlondon.com/realtor/shannon-st-pierre/ Attorney Julie Ostrom-http://bos.law/attorneys/julie-k-ostrom Producer - Joey Vosevich Theme Song by Trastornobeats 0:30 Adam and Shannon give a disclaimer explaining that this was an educational presentation held in the Hermann London conference room that they decided to record for the podcast. 3:41 Adam thanks Julie Ostrom of Beck Ostram Sweet for coming to Hermann London to share her knowledge 3:58 Julie introduces herself. She has been licensed to practice law since 2009 and her speciality is investment properties. 4:20 Why is it important to have a lease agreement? 4:30 Can you collect late fees without a written lease agreement? 4:40 Can you be reimbursed for attorney and court fees with a lease agreement? 4:56 Can you waive the right to a jury trial with a lease agreement? 5:19 How long should a lease be for? 6:03 What is a month to month tenancy? 6:40 What is a good termination clause? 7:23 Identify the monthly rent, the day that it is due, and the grace period in your lease agreement 8:10 What is rent abatement? 8:50 Use a lease agreement to identify who pays the utilities 10:14 There is a new rule as of August 28th, 2018 that says security deposits have to be kept in a seperate account that is FDIC insured  14:24 Can you collect more than 3 months rent for a security deposit? 16:01 How soon must a security deposit be returned to the tenant? 17:14 Evictions 17:53 What are the two types of evictions in Missouri? 17:56 What is rent and possession? 18:03 What is an unlawful detainer? 19:40 How much does it cost to file for a rent and possession eviction? 20:15 What are the two types of servers in an eviction? What is posting service? What is in REM? 26:18 All landlords have an obligation to mitigate damages. A landlord is not allowed to double collect. 27:00 What can a court order tenants pay to a landlord 50:08 Encroachments 51:17 Do you have the right to trim anything that is encroaching on your property? What if you kill your neighbor’s tree? 52:08 Can you file a lawsuit to enter your neighbor’s property to fix your property? What is easement by necessity? 54:17  Do you have to take someone to court if they claim a survey is wrong? 55:20 How often are the surveys wrong 56:29 Call the law firm at 314-772-2889 [email protected] www.bos.law