All Forum Posts by: Jimmy NA

Yes, Notice to Quit really is the only option. From what I understand, If I call the City, the City attempts to fine ($) the owner of the car. But if they get no response (or can not contact them) they then turn to the property owner and begin fining him/her. So, can't turn my self in.....
I didn't want it to go this way but, I asked nice, asked again, sent the letter, practically beg again and still no response.
So, guess I will call my lawyer. The funny thing is, the tenants pay a reasonable rent, $600 per month. Every 2 bedroom available in my market is $700 per month and up. If they had any brains they would follow the rules keep their cheap unit.

Sorry to post this again....but I still haven't found a resolution. I bought a 3 family and there was an unregistered junker car in the yard. I met with the tenants that owned it and had them sign a new month-to-month lease. I wrote in that "no unregistered cars allowed, car in yard must be removed immediately." That was December 1st 2007. Each week until Jan. 1st I spoke to the tenants and asked them to remove it. I played nice and said to was for all our benefit to have it removed. We were doing work on the property and it was in the way of the improvements we were trying to do. Each week I got another excuse from the tenants. I finally had to have my own contractors move the car so we could do the work. On Jan. 1st I gave them a letter again saying the car had to go. Still the car went no where. I called the tenants again and they said "it will be gone in days." Today I go to the property and not only is the car still there, there is an additional car with no plates. Now today, Jan. 14th there are 2 cars without plates sitting on my freaking property!!! I called the tenants and they screen my calls. One tenant called and left me a voice mail. He said the 2nd car would be regstered soon. I guess he thinks if the car is registered it can stay because I wrote "un-registered cars" must go. Of course I can not have each unit with 3-4 cars. There are 2 people in the unit and my intention was that they could each have 1 car for a total of 2 cars.
Should I just give notice to quit, and if so, will it hold up in court? So far (2 months) they have paid the rent on time. But they clearly can not follow the rules of the house.

Was it cash? What else (besides hating the business) motivated the seller to get out so cheap? Fast closing?

TC,
You're right. Those poor, innocent tenants: they didn't dump that trash in the yard, they didn't throw those mattresses over there, they didn't abandon that car out by the shed, their kids didn't kick holes in the hallway walls.....It was those rich, scoundrel landlords. I'll bet the landlords out on his yacht right now relaxing, right?

Isn't that picture ridiculous? I think it was a photo from a county fair; some vendor was selling pickles on a stick. I just thought it was a funny picture....

Nice! Well done.

Eric,
Good luck with that house. I just bought a 3 family and the attic filled two 30 yard dumpsters (almost $1000.) In this attic there were 10 vacuum cleaners, 7 TVs, 8 mattresses, 8-10 microwaves, mountains of clothes, several bowling balls, pots and pans for 10 housholds, and several tons of other junk collected from at least 20 years of tenants. After several days of clean out, I put a nice, new shiny lock on the attic door! I promise it will never be used again under my ownership!

As a landlord, I have been thrown a few curve balls and learned as time passed. I operate in a new area and have been shocked by the type of potential tenants I have been encountering to fill my units. I knew it was a low income area I would be in but....darn these people have every social ill imaginable: drugs, alcohol problems, no jobs, single parents with 3-4 kids, etc. Some potential tenants have a combo of these issues. I guess I am asking what should I focus on? Credit? Passsed references? Should I take the least worst of the lot and just accept that this is the clientele I will be dealing with? Thanks to MikeOH and others on this site, I bought right. I can leave a unit vacant for awhile and not be hurt financially very much.
Should I just stay focused and wait till I find someone that meets my standards or re-evalute my standards?

Boy, have you got a funny take on this. My experience is you fix something, you make something nice it is either stolen or smashed and destroyed by the tenants. Is it the landlord "letting their tenants live" this way or is it the low-life, unresponsible tenants that create their environment?

How do I calculate "cash-on-cash"?

50,000 purchase price
5,000 seller concession
1,150 gross rents
575 expenses (50% gross)
6,900 NOI (yr)
690 Vacancy/Rent Loss (yr)
6,210 Adjust Rent (yr)
10,000 dwnpayment (20%)
40,000 loan
7.5 rate (%)
360 term
No points
2,000 legal/filing fees/misc. fees

The second part of the loan is an additional 30k which I get disbursed as I move along with the rehab. So, how do I calulate "cash-on-cash" with these number before I use the construction money and after?