All Forum Posts by: Daniel Lehman

Long story short I'm a new investor that might have to evict my first tenants for non-payment of rent. Great start... Anyways, there is a section in the lease agreement (which was already in place before I bought the property) that I think might be saying that the tenant will have to pay for attorney fees and anything that comes along with the cost of an eviction. Here it is below:

Tenant will be in default of this Agreement if Tenant fails to comply with any material provisions of this Agreement by which Tenant is bound. Subject to any governing provisions of law to the contrary, if Tenant fails to cure any financial obligation (or any other obligation) after written notice of such default is provided by Landlord to Tenant, Landlord may elect to cure such default and the cost of such action will be added to Tenant's financial obligations under this Agreement. All sums of money or charges required to be paid by Tenant under this Agreement will be additional rent, whether or not such sums or charges are designated as additional rent. The rights provided by this paragraph are cumulative in nature and are in addition to any other rights afforded by law.

I highlighted the part that makes me think this means that basically if i have to evict them, they'll have to cover all the fees associated with me having to evict them.

I live in New York.

If anyone can translate this for me that would be a great help. Thank you!

I am in the process of looking for my first small  multi-family property and am trying to be prepared for when I make my purchase. I am wondering what the general procedure is on finding new tenants. I know I should list requirements upfront in any listings, but at what point in the process do I verify all these things with a potential tenant?

For example, if I require a background check, former/current landlord references, employment/pay verification, credit check and eviction check etc..., would I do this before I show a potential tenant the property (not counting open houses), after I show someone the property, or maybe some checks before and some after.

Here is what I think the order would be:

• Place ad with requirements
• Possible tenant calls having seen said requirements
• Perform all necessary checks (having person pay for background and credit check)
• Person qualifies in all areas (or doesn't then you start over with new person)
• Show person the property
• Meet for lease signing (person brings 1st month's rent and security deposit at signing)

Part of me feels that maybe you show the property first THEN perform all the necessary checks but to me that seems like you'd be doing more work than you have to because some people will not even end up qualifying.

Anyways, if you guys can give me a rundown of the order in which you find tenants beginning with whatever listing you use, all the way to signing a lease with that person I'd have something to work with when the time comes. Thank you!

Hi my name is Dan and I am looking to get into real estate investing with my fiance. I am looking for a mentor in either the buffalo, NY area or Rochester NY area. I currently live in Lockport NY and am from Rochester NY so I guess anywhere between those two areas will be fine.

Looking for multifamily properties (2-4)

Have VA loan to work with

About $10-15k to work with (going for VA loan though initially)

Going to manage our own property 

Looking for a mentor to help me analyze deals, give landlording advice/help, experience with small-large multifamily properties, and all the other basics that come with real estate investing/landlording for beginners and even possibly to work with someone eventually as a partner. If interested, send a reply and we can go from there! 

Highly motivated and ready to buy.

Thank you both. I intend to buy and hold. I looked it up further and appears that pulling soft credit checks doesn't have an effect on my credit score so I guess I'll just get quotes on each properties I'm interested in.

Hello, I am currently looking to buy my first 2-4 unit property in the western ny area. I am trying to analyze a lot of properties and i am having trouble with figuring for property insurance. I understand there are a lot of variables and its different in different markets but is there a way i can calculate general numbers based on each property? i know i can call and get quotes but they run soft hits on your credit for each one so i'm not looking to have tons of hits on my credit. 

The car has 112,000 miles on it. At the rate I drive I put around 3,000 miles/month on it. The payoff amount is $8,900. I did the Kelly Blue Book value for it and trade-in value is around $4,800 and the private-sale amount is $6,200. I actually just listed the car on craigslist for $7,000/bo so if I could sell that for no less than $6,200 I could use that towards paying off the car and I have a credit card with a $3,000 limit that I could pay the rest.... Oh wow... just realizing that that won't work. That would be enough to pay off the car but then I won't have the money for a car around $2-3,000. UGH!

Maybe I'll just keep trying to refi with other places but they're going to keep running my credit which is what I wanted to avoid.

 I shouldn't have gotten the car at such a high % interest rate, but it's not like I went out and bought a Dodge Viper lol. I bought a 2009 Honda Civic. But yea, i need to get out from this bad decision.

 I wish I meant to say 2.4% :( lol. It's not the end of the world. It's just a bad situation I need to get myself out of is all. I'm currently using 2 credit cards for everyday purchases.

If I get rid of the car payment that would help tremendously. Also i know they can consider the rents as income which also helps. I'm very much not concerned about whether I can get refinanced for a car. Your comment is coming off as pretty negative regarding being denied for a refi and if I were to let that one issue stop me then I don't deserve to get involved in real estate. 

Feel free to apply that negative thinking to your own life but keep it away from mine.

Yes, I'm interested in multifamily. I would rent out any other units and possibly the other rooms for the unit that I occupy.