All Forum Posts by: Alex Ballas

I have a clause in my lease where if a tenant doesn't vacate by end of month they accrue a 3 month holdover penalty.

She was give 60 day notice that ended March 31, and she left April 1, 8pm (and left the place a mess).  She voluntarily surrendered her keys. Since she is technically a holdover tenant can I keep her security deposit based on the 3 month penalty?  

Looking to hire a local guy to mow the lawn, collect litter, take trash bins to curb.  Do I need a signed contract for that?  Do I need to worry about insurance and workers comp or is any of that covered by a landlord insurance policy?  It's 4 unit with yard.  If he injures himself or damages the property or hurts a tenant by accident, whats the best contract to have in place?

Thanks in advance, appreciate the feeback

thanks folks, especially @Ethan Giller. I can live with her another day, but these people are sneaky and I can envision a situation where a lawyer down the road tries to make a case that 'just one more day' voids the 60 day notice and I am in trouble. The HOA ultimately is not responsible for the tenant's lease, they just pay the bill, so if this shady character starts up trouble I am sure the HOA will disappear in a heartbeat. Her case manager quit out of frustration, as this tenant is just... the worst. Literally all the other (section 8) tenants gave their notice to leave the building (x3) specifically because she creates just a horrid atmosphere. I talked them all off a ledge, but there will be celebrating when she is gone, I am sure, and a deep sigh of relief from the landlord.

Wanted to follow up on this- section 8 says they are not responsible for any claims against tenant, and also that case manager quit. so all the 'positive equity' i built with them went right out the window. Live and learn, cannot be a nice guy in this business!

I have a section 8 tenant that is on a month to month.  An absolute nightmare of a person.  I gave her 60 days notice, and now four days before the end of those 60 days she (via her case manager at the housing authority) is asking for 'just one more day'. I am in the Philly, PA area.

Can I have her arrested for trespassing on day 61 (the day after the 60 day notice expires)? My understanding is she would become a holdover tenant and subject to the 3 month penalty clause in the contract, and eviction as she signed a waiver of notice. I know she will never afford to pay for anything, I just want her GONE.

Thoughts?  Anyone encounter a similar situation?

Section 8 is actually saying they will foot the bill for that penalty, the tenant is an exceptionally difficult one and I do not know what they are going through such great lengths to keep her- is that uncommon?  Or are they giving me lip service so I will put up with the situation a little while longer? Thanks for your replies so far!!

I have a section 8 tenant who might not move out after the notice to quit date, and in their lease there is a 3 month penalty for holdover tenants. Who pays that penalty?  Section 8 have been paying 100% of her rent up to now.  

Thanks for the feedback everyone, interesting to see perspectives- the overall theme is that I can be doing much more with the money that driving around.

Interesting thought, paying 10K now vs 500/mnth over 2 years results in the same net expense, but peace of mind and more importantly less LIABILITY makes me move head with the plan to downsize the ride and upsize the portfolio.

Purchased a quadplex, and an looking over finances.

I bought a 2012 Audi A4 new, payments around 500 /mnth.  I still have 20K left.

I am looking at a used 2010 prius for 10K.

Question for the group- should I just keep making payments on the Audi and deduct what I can (about 80% business), or sell and get the Prius in cash and lose the monthly payment?

Thinking strictly financially here, is there any financial benefit to giving up my car?  I have been deducting expenses over the last few years, and it is a nice car, but will i see any cost benefits from buying a used car instead?  It is expensive to maintain, but can I just keep writing off the expenses? 

I am sure there are other who have been in the same position, would appreciate your thoughts.

great info thanks Brandon! I am educating myself about the rules for PAL, I have a SFH now and will be moving into a 4 unit multi using 3.5% down FHA, pretty textbook investment.

My concern is that I would be running at a 49K loss with depreciation, interest, expenses and PMI, even thought the property is breaking even with me living there. Any thoughts on how to get beyond the 25K loss so I can maximize my job salary and raise cash aggressively?