All Forum Posts by: Account Closed

Accept the move out in May. An eviction is not worth the cost and trouble and also unnecessarily harsh on the tenant. Not many tenants would accept a 50% rent increase with a smile.

You should just hand over the keys and while you are at it, the deed to the property as well. Seriously? Is this even a question?

Remember though, any data you look at is a snapshot in time. The income could disappear tomorrow. Tenants can go out and buy expensive cars after they move in. Couples can break up, roommates can leave. If you are not comfortable with these risks, then maybe being a landlord is not for you. 

You should screen but don't get carried away with looking for "the best" tenant. Because the best tenant can turn into a disaster with a change of circumstances.

You can pay a realtor to lease the home. Typically you will pay 50%-100% of one months rent but they will handle screening, showing, move in etc. This is a good middle ground if you don't want to have ongoing management. Alternatively you can screen the interested tenants by phone but just need someone on the ground to show it. 

There is no shortage of syndicators willing to take your money to invest in apartments. They all use varying degrees of leverage so in a way your money is leveraged but you don't expose your own credit. Thats an advantage of syndications.

The PM is responsible for rent collection. Once they receive funds, they transfer the funds to the owner. No PM transfers uncleared checks for example. If the PM used CC to collect rent then they assumed the risk of dealing with the CC company. Maybe no one expected a reversal after six months and this should be easily resolved by the PM with the CC company. The ex owner did not get the funds from Visa and doesn't need to deal with them. The PM did and can recover the funds from the CC by showing documentation that the payment was legitimate. That is the correct resolution for this matter. The PM just is lazy and doesn't want to fight with Visa and is going for the easy route of claiming from ex owner.

Why did you buy the house? I assume because you like the neighborhood, like the house and its a good fit for your family. Unless any of those factors have changed or you have to relocate for some other issue, why would you sell it? Or rent it for a few hundred bucks a month? How important is family stability and happiness to you? Your wife doesn't seem to want to sell. Id say keep the investing separate from the residence.

I DO get it. The point is YOU carry the risk. Not the tenants. You can use your salary, or rent payments, or savings or inheritance or steal cash to make the mortgage payment. The source of the funds is meaningless and there is no distinction. Its all your money either way.  

To me a very rigid contract with difficult termination clauses are the biggest red flags. If things don't work out you should be able to leave with a months notice.

I am so tired of hearing that your tenants pay your mortgage. They DO NOT. YOU pay your mortgage. Otherwise you would not have make mortgage payments on vacant properties or when you have a deadbeat tenant. No bank stops foreclosures because your tenant didn't make the mortgage payment.