All Forum Posts by: Charles Carillo

@Harsh Mittal

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Chris Ganz

How did you switch their lease from yearly to monthly? Did they agree to this? I would offer them cash for keys, or contact your attorney and start the eviction process if they decline. Most tenants cannot catch up with rent that is 3 months behind. 

@Melissa Vass Scott

I would reach out to Canadian brokerages and see if it is available. It is available with most if not all US brokerages, but the rates vary greatly.

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Sami Gren

Did the tenant discuss this with you or ask you beforehand? I would not be rushed into using it. I would request they pay rent the usual way, and then you can decide whether or not you want to utilize the app in the future. 

@Jack Pasmore

Utilize cash for keys when possible. Start evictions sooner rather than later. Tighten up your tenant screening.

@Rosalyn Scofield

I always suggest that investors and homeowners avoid home warranties.

"the typical home warranty costs $450 annually, and only 25% of premiums are paid to homeowners. The company providing the warranty keeps most premiums as revenue and profit."

Every time I hear about property warranties, it is when something major goes wrong, and the tenants are complaining (rightfully so). The warranty company takes its time accessing the situation, and then they tell you there is a deductible; they will only cover so much; you need to use their preferred company, and it will take three weeks. All the while, the AC is out, and it is July.

It is much better to have a reserve fund and add it monthly. If you know that something major will need replacement in the future, increase the monthly amount you are depositing into your reserve fund. When something goes wrong, you can find the best contractor for the job, who can make the repairs right away, and now your tenants are happy, and you have minimized the time you would have spent speaking to your tenants about the delay or fighting a warranty company.

@JehuVirginie Dongmo

I do not know the details of your specific situation (amounts owed, class of property, etc.), but, in my experience, it wastes time and money. You could take them to small claims court and get a judgment, which is great, but let's be honest: if someone does not pay rent for the property they are living in, do you think they will pay a judgment off? They will wait 7 years for it to fall off their record. In the meantime, they will apply for credit, apartments, and utilities through someone else's name.

@Damon Diddit

I would contact your real estate attorney now for an honest opinion on costs and timelines if this did go to eviction. I would also ask them about cash for keys since I would initially offer the tenant this. 

When I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs. I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues. I know this is above and beyond what most municipalities require, but being fair will make the whole process easier.

Additionally, a new landlord can reduce the 60-90-day notice by offering more moving assistance (cash and/or labor) if they move sooner rather than later.

@Bob Judge

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@April Taylor

I wouldn't worry about the basement not being finished, but I would worry about the stairs if they are unsafe (or anything else that is unsafe). It is best to have the washer and dryer in the basement if the washer or hoses leaks/overflows.