All Forum Posts by: Chinmay J.

 OK, I skimmed through the posts and it seems to be a verbal agreement only. So I guess good luck holding that in court. Your best bet is to let him stay and leave without much drama. If he is a decent tenant, i.e. pays on time, not too loud or messy, why are you hung up on what what merely agreed to in a conversation and that is very hard to prove in court of law. 

@Raj G. - I am still waiting on the threat part. How does he telling you that "he knows the law" a threat.  Did you try telling him that you know people from the 5 families? Try that. See what he says. 

OK on a serious note. Why do you need eviction if its month to month? And if he knows that he needs to be out by end of two months, why not let him stay another month and a week like you agreed originally.  What does the lease say about termination of tenancy (I almost wrote pregnancy..lol)? OK. First of all is there even a lease to begin with, or everything has been agreed to orally until this point?

@Blake Burnett - I know a very qualified lender who specializes in VA and/or FHA loans along with other products. I have used him as a realtor for other clients of mine as well as home owner and investor. I will send you a connection request, and I can provide you with his info offline.

Update: First and foremost, thanks to everyone who contributed to the thread. So here is the update. The wife on the contract came to see me with her daddy. Daddy dearest presented me with a piece of paper - a VA legislation basically that allows. Virginia statute (Va. Code Ann. §§ 55-225.5, 55-225.16, 55-248.18:1, 55-248.21:2 55-248.31(D) victims of domestic violence to get out of the lease with proper documentation. Even after 7 days, she still seemed pretty bruised from the violence, and with the judge approved protective order she had to be released.

 After that, I went after the guy, who basically threw his hands up in the air and surrendered to the fact that he had no job and no money and literally on streets (living in mom's basement). Going after him legally would be fool's errand.  So I basically got 1 month's rent and security deposit from them, and that's it. Oh in turn he agreed to clean up the place as his buddy (according to him) owns/runs a house cleaning business.  There was no permanent damage to the place, but they made a big mess at the place that had to be cleaned. The cleaning value was a couple of hundred bucks to begin with, so it was a good value proposition for me to accept. In short time they lived at my place, I developed lot of respect for animals. To compare them to animals would be really disrespecting our four legged friends. LOL

I rented back the place in less than a week to a new tenant, so no financial loss. In fact there was a little bit of gain, but a lot of headache for no reason. 

What value you add to them is their problem not yours. What value they add to you should be your primary concern. You might want to choose a brokerage that has good mentorship program to get you acquainted with the basics of real estate. A lot of these brokerages even give you leads to work with. In my immediate area Weichert and Long and Foster are some big box names that have good programs to get you up and running. 

To answer your question directly, if you close a deal for them that's a good enough value.

@Adonte Lipsconb - I am a licensed Realtor in Commonwealth of VA and Investor also. Its definitely useful to get access to MLS and listings on it. Allows you to save buyer's commission while buying and seller's commission when listing. It makes you intimately familiar with the real estate laws in the state. Lot of people will tell you that if you want to be an investor you are better off focusing on investing alone. At the end of the day you should take your own decision. Having RE license has definitely helped me in my RE journey.

@Steven C. Suarez - Excuse my sarcasm. I was never hugged as a child. LOL.. But I think you get the bottom line now. You are better off (as much as possible) to allow your investors as little as control possible. @David Zheng said it best. They are investors. Not partners.  They don't need to be on the deed. Once they get their principle and their interest (which should be decided beforehand) they need to shut up. You are using their money. Don't let them use you.

So what happens if you want to sell but the other dude doesn't want to sell. Or if you think maybe you should use granite countertops and he is a real cheapskate like me and wants only laminate countertop? Also what if tomorrow you get an offer to buy the house for $200K in the dead of winter, and he wants to jump right on it, but you being the smarter one, wants to wait till you get $210K, which you think you might get come Spring time.  How do you resolve the conflict?

Somewhere between traditional financing through bank and hard money lender.  I would ask for Interest rate of 7-8% per year. 

If you have a friend kind enough to lend you money without any interest, tell him I am interested in being his friend also.