All Forum Posts by: Chris Hanisco

@Chris Hanisco  in the title of your post you use the word  "feelings".   Nothing wrong with feelings .  But you are starting a small business .   Its all about the numbers , not the feelings 

thats a tough one dont want to set up a bullying situation for your son.. I think it would depend on how tough he is and what the other kid is like.. 

But you can blame it on the bank .. I know being a lender everyone is quick to blame us.. so use that card.. bank made me do it.  :)  Everyone understands big bad bank

I hope your contract already says deliver this unit vacant.   The sit down is probably with your son to explain why you are going to ask them to deliver this unit vacant and make his friend move.   You need to have a unit to occupy.  That unit needs the most rehab and you cannot afford to manage a late tenant every month.   You probably will need to talk to your son about that and how the other tenant is paying part of your mortgage.  

I think the eye opener for my kids was when they saw the condition some students renters left our house.  My older son is in college now and since his teens every time I say they broke this or that he says charge them because he understands now. He also knows to pay his rent on time and to request repairs from his landlord. Imagine your son when you have to take his friends dad to court because of late rent. Then you will really be the bad guy, better to deal with it upfront.

No easy way to accomplish this . You are going to have to be the alpha dog and lay the law down unfortunately  . Forget that the tenants son is a friend of your sons . That’s just details that will cloud your judgment . If your sons are important to you then do what’s best for their future and yours . That means full market rent with good quality tenants who pay on  time ! Don’t be a pushover , it will hurt you financially in this business . Wanting better for your family doesn’t make you a bad person . You must do the hard work that is required 

@Chris Hanisco. I wouldn’t feel bad about this. You also should learn to separate feelings from being a landlord. Being a landlord is hard enough, don’t let it get personal and make it harder.

I guarantee you, no tenant will feel bad when they trash your unit, don’t pay rent or any number of other things.

Yes make it a requirement to be empty to close, or a X dollar amount off if not.  Something huge to make the point across to the seller.  

Yes those are all red flags of why they need to go.  

@Chris Hanisco - think about the $400-600/mo you won't be able to spend on your son and yourself because you're being charitable to someone who has shown a pattern of not respecting the property you are purchasing. Great, now you don't feel bad anymore.

Here's a suggestion on how to approach it: the entire property needs updating so everyone has to leave. They are welcome to submit an application once the work is done, which will be in several months. The chance of them returning is slim. 

Hey there! I am a single mom so I get it. It may be too late for this, but your best option would have been for them to think you are a renter. You should have bought this in an LLC or something so they wouldn't know you owned it. You could let them think you were renting too and ideally have a property manager handle it.

If it is too late for that....  I think you should set expectations early.  Let them know due to appraisals, insurance, etc. for you both to continue to be there they must keep the place orderly and paid on time.  Normally, I am much less sensitive to these things, but I get it that it could cause your kid problems at school etc.  It may be that they want to stay and are willing to change if you are willing to keep the place up and let them stay.  If not, just try to blame it on things that aren't in your control so they have less animosity to you and your kids.  People will tell you this is just investing and it is, but bullying in school is a real issue and I understand your concerns.  Make sure to be honest with your son and let him know why you have to handle it the way you do, but remember not to give him any confidential information that could get you in trouble if he spoke about it at school.  Hopefully, they will do the right things, but if not, you don't have much choice here.