All Forum Posts by: Stan Butler

In many leases I have seen, there is a provision for early termination and the new buyer of that property could invoke that upon closing.  @Jon Holdman is correct in that the applicable state law must be followed if no early termination clause is provided.  My assumption is probably incorrect that most states have laws covering early termination, but would most likely have them for tenancy-at-will scenarios.

While @Jon Holdman is correct in that the new owner must abide by the lease, they could give you the required notice for early termination as soon as they close.  I dont know what the law is in NC, but I would imagine its 60 days.

The first piece of advice I can give you @Jennifer Clancy is to NEVER give out your personal address.  You should establish a PO box for collecting rent checks and use that address in your lease where rent is to be paid.  Then you can specify that rent is to be paid during business hours, so if they dont get it there before the PO Box closes then its late.

I usually charge 10% premium for month-to-month and it is stated in the original lease that they sign.  I want to highly encourage my tenant to either sign a new lease or leave.  I do not want to be getting the property back in November and risk 3 to 4 months of vacancy during the off peak period.  I take the same approach as @Bob B. proposes, this is a great idea but state law for Tenant-at-Will would govern this situation.

We unloaded an under-performing rental property in the summer of 2014 to one of these hedge funds.  They paid us about 97% of market value.  We were routinely renting it out for about $1,250 per month.  They have it advertised for $1,800 per month and it has sat empty for the whole time that they have owned it.  I don't understand the way that they run numbers....

Hey @Nate Bartow I was confused by your response so I went back and re-read my initial post.  I think my wording in this line is poor:  "I can tell you that there are plenty of deals being bought by investors during the Extended phase".

What I should have said is that "there are plenty of homes being bought during the Extended phase".

I assure you they are not deals.....

I track all of the HUD sales in my area. I can tell you that there are plenty of deals being bought by investors during the Extended phase. I can also tell you that the prices investors are paying for these homes is ridiculous! I have to assume that these are "buy and hold" investors because there is very little equity at the prices they are paying.

Its been great following you along the journey @Azeez K.

A great example of persistence and patience!  Congratulations!

Cant wait for the next Meetup....

Welcome neighbor!!

PM me if you ever want to grab lunch and talk real estate....

Siding - the lower end homes use vinyl siding, while the upper end homes use HardiPlank (cement) siding.  Many homes were built with that LP/Masonite siding that seems to hold up if you keep it painted and sealed every couple of years.  If not, it will deteriorate rather quickly and thus all the lawsuits.  There is also a style of home called contemporary that uses cedar siding.

What your are asking for 4 and 5 is very subjective and localized.