All Forum Posts by: Tom Server

So, I ended up increasing there rent from 950 to 1100... contract signed, took effect 10/1 .. section 8 already paid a portion of it $1050, she owes remaing $50... anyway.. after they signed the contract a week later they sent me an email giving 60 day notice and are planning on moving out 12/1   ughhh

I decided to raise the Section 8 rent from $950 to $1,200 starting in October. This new amount is $100 below the (FMR). However, I recently learned that my tenant is on disability and receiving $750 per month. While on disability, section 8 adjusted his rent and he is responsible for $850 of the rent, with Section 8 covering $100. Prior to the disability payments, section 8 covered $900 of the rent and tenant paid $50

My initial goal was to increase the rent to $1,200 assuming section 8 was paying.  If not section 8, I would make the rent $1050 for a normal paying tenant.

Now, the tenant is upset about the large increase cause I thought sec 8 was paying it. He will be on disability for another 3 or 4 months, with him being responsible for a majority of the rent. The $1200 a month increase would take effect while he is on disabilty and he will likely be responsible most of the $1200 while on disability.

 Now the question is , when his disability is over... does the full section 8 come back or will he be responsible for the rent.. I have to make a contract.. but do i make it $1200 have the tennat deal with the rent for time he is on disability and then assuming full section 8 will return at 1200.  Or do I raise it to $1050 assuming the tenant is going to now be responsbile for most?

hope this makes sense lol took me a while to write this to try to explain it best

My triplex is currently month to month. I want to raise the rent for each unit.  When raising rents, do you send them the rent increase all at the same time. Or should I do one at a time? 

I have a triplex with one Section 8 tenant. Pays $950

Since I inherited the tenant, and the prior owner never raised the rent of section 8.

When I emailed DCA agent with the increase, I told her i wanted to raise it closer to the HUD FMR. So I wanted to raise it to $1200, she responded with "that's a lot" I asked her what the FMR for a 1 bd she responded $1316. I am $116 dollars less than what the FMR and no rent control. Why would she respond with "that's a lot" when it's not even at the set standard they assign?

I am new with dealing with DCA. is this a scare tactic to not raise the rents?

She also wanted me to send a rent control log of my other units.

They are 2bd and their rents are $1050.

Am, I going to have an issue increasing the 1 bedroom to 1200 since my 2 bedrooms are paying $1050?

I plan on raising to 2bedrooms to $1200- $1300 down the line.

Question..Today is 8/1/24. My section 8 tenant leases is up 9/1/24.   Wasnt planning on raising the rent, but with last minute things now Im deciding to raise the rent. What happens at 9/1/24.. can i still raise the rent for 10/1/24 or will the contract renew it self for a year and stay the same amount?

Side note.. If I email my DCA agent right now 8/1 and let know I want to increase their rent.. will it be valid?

Im fine waiting another month with out the increase starting in Oct.. but. I just dont want to be contract to be renewed and be at the same amount for the next year.

thanks

So I have a unit that is a section 8 tenant whos rent is under the FMR By 262 dollars.. Their lease is about to come up in August... Am I able to raise the new lease by 262 and put the unit at the FMR

Also, can I find out a head of time if the housing authority will pay it ? 

If not , I dont want to raise the rent, due to I dont want the tenant to have to pay.

any suggestions 

Quote from @Bill B.:

Imagine if I hired that realtor to sell your house and give me the money. If you found out you wouldn’t hold that realtor responsible in the slightest for letting me list your house for sale? Seems like finding out if the person hiring them has the right to sell a property should be step 1?

Its a 200 unit complex being where she had listed and sold multiple units for them. Im not a relator, so i dont know the steps.. but I would think if i sold for a complex multiple times and the unit is empty.. therw wouldnt be any issues. 

Quote from @Peter Walther:

I'm a little confused.  With a co-op you don't own the unit, you own shares in the corp that owns the building and all the units with the shares having an exclusive right to use a particular unit.  Generally, you can't get a mortgage since you don't own real property to put a lien on.  You get a commercial loan with the shares being the security for the loan.  Since there's no mortgage there's no foreclosure only an action on the Note asking for transfer of the shares.  If you get a title policy, it will insure your leasehold interest not a fee.

Also, I believe there's no HOA, only a BODs of the corporation that handles its administration. There may be a management company but no HOA.

Think you maybe right. They have a HOA and a management company. Doing some research online with the court documents. Management went to court and won backpayments of fees from the previous owner. The last judgement to get the sharesback were denied. 
But i was told that management was able to get a warrant and clean out the unit of junk that the previous owner had left.  So I dont know whats next.  I wrote the attorney and they still did not respond to me.  

Quote from @Bill B.:

I would assume their realtor is morally if not legally responsible to see if they have the right to sell it? So far I assume you have the right to cancel and get your EMD back if you want it. Not much else, if anything.

well the realtor is dual agent (buyer and seller.) so would they would be responsible also ? I dont think so.. how would they know if the HOA hired them to sell the property

Want your thoughts on this. So, I am in the middle of purchasing a co-op unit for a flip. The property is being sold as-is / cash only by the management/Hoa of the development. The original owner stopped paying the taxes and HOA.  The property is a rehab and in need of new everything so i couldn't get a mortgage.  I put a security deposit down of 10k. I've hired a title agency for the closing. So, I'm waiting and I'm asking what the status is and not getting any response from anyone. My realtor who is also the selling agent, said she tried getting info form the lawyers and the Hoa. but no one is giving her a straight answer. They first said they were waiting on court papers, then the following week they said a court date. I don't know what to believe now. It's been 3 months. everyone is in the dark. I reached out to the lawyer of the Hoa for information on Thursday and still haven't heard anything back from them...

My friend who is an attorney did some research for me.  The property owner defaulted on the property and owed back taxes and HOA fees ... The Hoa won in court for the back payments, but I believe the courts denied the Hoa of getting the shares back and taking ownership

So, I'm thinking they illegally sold me the property.  The Hoa weren't full owners of the property yet.

Now what do I do?  Like I said I still haven't heard back from the Hoa lawyers asking for transparency. If that is the case people are saying I could sue, but do I sue for ?   I just wanted to have a quick flip and make 40k.   I was also thinking of telling them instead to reduce the price 10k and ill wait til all the court stuff is done and the HOA takes full ownership

THOUHGTS?