All Forum Posts by: Brian Ploszay

Those leases are valid because you did not own the property.  Also, the seller may have violated the terms of the contract.

When I buy rental properties, my attorney sends an addendum which requires leases to be delivered and no new leases or documents to be signed during the contract period.

Someone suggested getting an attorney.  That is good advice.  Perhaps you can exit this deal without defaulting. 

In many markets that are not regulated like L.A., you can simply raise the rent right away to a market rate. Or even give them notice to leave.  I believe Los Angeles has a form of rent control.   Rental increases allowed are less than 10%.  

Long term rent controlled tenants almost have a type of ownership of units.  40K sounds like a lot, but offer them 25K and see if they'll take it.  It's part of the business there.

Usually, I do not chase after the money because of the cost of doing so.  Mostly my time.

If a tenant asks me, rather than forces me to take the loss, I'll usually negotiate.  They give me an extra month of rent.

Some good advice on this thread.  You're a novice, and you shouldn't be buying the very low end properties.  Those properties usually need lots of physical work, plus they are in challenging areas.  Use all that money for a downpayment on one good property.

Landlords often go through this.  I "scratch" on a few properties a year, all because of cap-ex.   My last capital expenditure was a new roof on a property.  It wiped out the cash flow for two years.  

I love your questionnaire.  It looks like it is doing its job and disqualifying people.

 "Uncomfortable" providing financial information.  Then you should be uncomfortable renting it to them.   

"Absurd."   Great, you just found someone who will not be your tenant.

Now, for initial showings - I would only screen lightly.  If they are interested, then you proceed with asking more personal financial information.

Also, some have used application fees.  I find that those turn away good tenants sometimes.  My high preference is for the landlord to pay for screening.

@Nadir M.    If the tenant pays, no reason to get rid of them.  I wasn't sure of the situation.  

I've seen different advice on this thread.  I know for commercial real estate, my local laws would allow the tenant to remove the device that they installed.  You'll have to consult a local real estate attorney.

The tenant is being evicted, so obviously they do not want to give it to the landlord.  If it was the tenant's choice to install that AC unit with no agreement with the landlord, then the landlord has no responsibility to reimburse.  Unfortunately, the removal of the AC unit will not create much value for your mother in law.  The 2nd hand market for AC condensers is limited.   

If the urine is under that vinyl planks, you may have a problem.  I found a product at a pet store that neutralizes pet urine.  It really works.  Spray the whole floor down and that might do the trick.  Generally, if the vinyl was installed correctly, the cat would not have destroyed that floor.  

Sometimes a place just smells when a human or pet has inhabited the place.  Fresh paint, carpet cleaning and general cleaning encapsulates or removes odors.  Open the windows and air out the place.

In conclusion, since you don't see any stains, I would give her earnest money back.  

I am not sure I am following your story completely, but you are considering buying a property with a tenant who looks to be marginal.

Landlords, especially those buying multi family properties, purchase properties with tenants.   Part of your due diligence is to look at the rent roll, original leases and collection histories.  It costs money, time and effort to get rid of errant tenants.

The property that you are considering buying - I'd suggest you encourage that tenant to leave if she appears to be unstable.  Start fresh and find a superior tenant at a full market price.