All Forum Posts by: Bill B.

No you're not. You didn't list it as an STR and you were paid for a monthly rate . As long as you didn't put the "monthly rate" at something someone might pay for a week to hide the fact it was really an STR.

Imagine a market with a 12 month minimum and how many times tenants leave before that year passes. Now you’ve violated their laws just as much.  If it was listed as a LTR at a LTR rate. Unless the government wants to force the tenant to stay and pay you’ve done nothing wrong. 

The good news is you think you’re going to have a new new tenant within the remaining 3 weeks so your property is in a very strong market. And if you don’t, or the “best tenant” can’t move in until next month you’ll be paid anyway. Just get their security deposit back within the required time so they can’t sue for damages. All in all a good “problem”not have m

Yes you should start looking for a new tenant immediately. If you rent it sooner than a month you should return the remaining rent to the tenant that left along with their security deposit. You are supposed to try to find a tenant asap. BLNT. 

Is it too late to sell? If rents dropped 25% in 1 year what’s your plan if they drop another 25% next year?  The country is full of markets where rents are up or down 0-5%. But it seems like you’re in the worst market in the country.  

Are you guessing at rents? Have you talked to a PM? Reach out and ask how much rent they would charge and how much you would net. You might find out they they can’t get $1,400, $1,500, or even $1,600. With 8% fee you’d net $1,288 - $1,472. You earn more while doing much less work. 

Sorry no. My properties are in Vegas and Minneapolis. 

Try a new post titled searching for new PM In Memphis Tennessee that way people with any of those keywords will be notified of your post and can chime in.  It’s good you have your location in your profile but it needs to be in your post for them to see it. 

You need a new PM. Their lease says they will file eviction in 10 days and yet they tell you they wait 2 months? NOBODY waits 2 months. That’s the behavior of a first time self-managing landlord, not a professional property manager. 

Have them file for eviction on Monday. If they collect this month’s rent MAYBE you keep them while shopping for a new backup PM. If thsi tenant moves out you switch PM’s during the vacancy to the one you start interviewing Monday. 

If you and the property qualify for traditional financing that should be far and away the best financing possible. 

I truly doubt you’ll find a seller financing deal with 30 years fixed interest rate lower than a bank. Usually the property has problems and traditional lending isn’t possible, or they want more than it will appraise for, so the seller is desperate. Or the buyer has bad/no credit and is desperate. 

The last seller financing I played the bank is as follows.

I was getting zero offers, the buyer agreed to waive all contingencies, (appraisal and inspections.), paid $10k over asking ($590k) and put down $150k. The terms were 7% interest amortized for 30 years with a 5 year balloon. (The minimum for owner occupied.). I still didn’t want to do it but I was getting zero interest, didn’t have a use for the money, got $10k over asking and probably saved $10k in concessions for repairs/closing costs, whatever. I’m having it serviced by US loan in Nevada and 8 months in I get check like clockwork. I’m getting a good return but I still can’t wait to have my money and be done with it.  I have zero interest in foreclosing on a pair of retired seniors when they can’t refinance in 5 years. 

If it’s literally overflowing out of the clothes washer it’s a bad sense. It’s going to cost you $300-$800. Buy a new one for $500-$600. 

I assume any/all water has been cleaned up to prevent mold/warping. 

Order a new one and have it delivered. 

Otherwise as mentioned get a plumber out if it’s overflowing out of the pipe in the wall behind the appliance. 

Credit card?

Insurance companies are weird.  I was denied a couple months ago by Allstate for fire risk for the first time ever. 5 miles from a major casino in the middle of a large community in the red rock area of Las Vegas. 

It’s California. Get a lawyer or a PM involved, or both. It’s too easy for you to “oppress” the poor tenant and be liable for who knows what kind of financial penalty. Increase the rent as much as possible, get the “fire or health hazard” cleared up, get a new multi page California legal lease signed, etc etc.  

I don’t care how extra nice you are to a tenant, it will not matter one bit once you try to enforce rules, raise rent, evict, etc etc. They will forget years of good treatment in a minute.