All Forum Posts by: Elenis Camargo

Hahaha thanks @Account Closed. I'm from South Florida originally and just can't wait to get back to my state!!

@Nathan Gesner Totally agreed! Just wanted to make sure we weren't making a mistake here. We would give them 2-3 months. I think it'll take them time to find a place and I want to make sure they are out in time for our reno and move in date. Thanks for your input.

That's what we were thinking also @Thomas S.. I really don't think they have any intention of moving. Our relator said we wanted them to stay and they said "oh thank you I love you guys!!" on the Facetime video. Thanks for your input!

@Jill F. No I didn't know they had leases! I will definitely look it up. I do need my own lease eventually once I move down there, rather than paying the PM to renew leases for me.

@Gehmelle Johnson I did keep it in a similar situation. My tenant abandoned and left a mess. But she did email me saying “I know you will keep my security deposit, I moved out this weekend”. In Florida it’s also different than DC. I would think it’s fair to keep it. Maybe there is someone you can call like a real estate attorney to ask? Or the court house? Just to be sure. Or you can try letting the tenant know you’ll be keepjng it due to breach of contract and see if they even try to fight.

@Jason Lawrence I would assume a real estate attorney. I know leases should be looked at by an attorney so most likely a PM agreement is no different.

@Simon D. Honestly going after him you most likely won’t get a penny back and it’ll waste your time. I had a tenant abandon who left a disaster in the property. I kept her security deposit and moved on. I could have pursued her for a couple thousand but seeing as she didn’t pay her last month’s rent and abandoned the property, I knew I wouldn’t get anything from her. I say keep the deposit if you feel its fair and move on. Make sure to follow your state’s rules for this though. In my state you have to send a letter certified mail stating certain things like what you’re keeping the deposit from. If the tenant doesn’t provide a forwarding address then you send it to the last known address (your property). That’s in Florida anyway. Just make sure to look up the rules so he doesn’t come after you later!

Hey BP! My husband and I are closing on our 3rd rental with inherited tenants, but this scenario is a bit different. We live in NYC now but want to move to Jacksonville where our rentals are. This property we are closing on is the one we will be moving into. It needs a complete gut job. The tenants have been there 12 years and want to stay. They are hoarders so it doesn’t seem like they will go anywhere. Next spring we will tell them they have a few months to find a new place and then we will go down to Florida, gut the place, reno and move in.

So here’s the deal. The property was just purchased in December for a quick small profit flip. The new/current owner does not have a lease or security deposit. The tenants have been month to month I assume for a long time. We are asking the tenants to fill out an estoppel agreement just to see if they did give someone at some point a security deposit so that we won’t have to deal with that later. The question is, would you put a new lease in place for a year and then leave them month to month until it’s time to gut the place? Would you ask them for a security deposit if there is none in place? A new lease costs $250 and either way we have to gut the place when they move out so a security deposit wouldn’t do much. Not sure if it’s worth it but then again if there is no lease in place now it’s worrisome. Our two other inherited tenants had leases and security deposits in place. Just wanted some feedback on what you would do in this situation! Thanks!!

@Dylan Barnard Interesting that you have that problem with one campaign and not much with the other. If you don't mind sharing the ad and the settings, I can take a look. I've done FB ads a lot for work (I'm in digital marketing) and maybe there is something there? But if not it could just be that people on FB sometimes don't set their language so FB thinks they are English speakers when they are really not. 

@Chris Phillips I think there is one more thing to consider. Your wife is a real estate agent and her business is picking up in Pittsburgh but once you move she will have to start over. Is it better to start over years down the road when she has all this success and significant income coming in, or better to start over now where her income is not significant yet? If your job can move anywhere then I think it's something to think about. 

Also, you don't know if years down the road your house will be worth as much as it is now. Well it can be worth more or it can be worth less also. We never know! What we do know is that right now you have $75k in equity and can make a good amount if you sell it and move on. Too bad the refi option doesn't work though.  

Best of luck!