All Forum Posts by: Benjamin Timmins

Realistically, you can just hold on to it, wait out his jail time, see if he comes for it after he gets out, if he's going to jail he's probably not the brightest bulb, but if he does, you'll have a court case on your hands if he decides to pursue it.

Being in jail would count as extenuating circumstances, and depending on how liberal the court is where you are at, you will be forced to give it to him.

You just have to hold onto it, or file a claim in court for abandonment. Security deposits are never the landlords cash, its just cash in escrow to protect against damages. Never is meant for income.

LOL no, you can't count it as income.

 Believe he said that...

I wouldn't touch that property, renting or purchasing, with that major problem. I imagine you will have a heck of a time trying to sell it until that is fixed.

Yes, that would be on her, unless otherwise specified in the lease, business specific upgrades/requirements are on the business.

I would ask the PM to give the new owner your information and ask if he'd be willing to contact you. Im sure he would be.

And yeah, if your unable to get a FHA loan, or one from the bank, a land contract is about your only choice if you're looking to buy. Just don't let the contract have a crazy high interest or its not worth it. It might be worth it to take a little higher than normal, just to get in and then after credit is fixed, just get a mortgage and pay off the land contract, but not if its crazy high interest.

From what I know, cleaning is considered part of the process, and unless they leave it worse than what would be considered normal, you can't charge for it.

You would have to give them a 30 day notice, regardless of whether ya wanted em out or were going to raise the rent.

If you like where you are living, talk to your property manager or owner and request to meet the new owner. The new owner will not have a problem meeting you, especially if you've been a long time tenant thats been on time with your rent. Most people don't buy income property to let it go down in value but to make a profit off it. Losing tenants is not the way to make a profit.

If its an actual bank taking it over, you would make payments to the bank, but they themselves would probably be looking to have you leave as soon as your lease as up cause it can be easier to sell a property if its vacant.

If thats the case, Id ask the PM to let you see the other properties that are available, and if theres one you like go ahead and take it. If not, just request that they terminate the lease with no penalty and start looking for a new place on your own.