All Forum Posts by: Account Closed

Originally posted by @Account Closed:

Say your brother marries a woman who isnt the salt of the earth type.   She just became your partner............................happens all the darn time.   No one is happy.  

Nice. I have my “partner” ie Family member have their spouse sign away their rights to the property or anything involving the property.  I don’t need a divorce of some relative to interfere with my investments.  (May sound harsh but sometimes you need a harsh dose of reality).  

My concern is more their kids (sister/brother in law) then their spouse.   

Originally posted by @Account Closed:

@Chris Connery The partners are in my immediate family, so definitely trust them. 

Mmm yea money is involved you should have a formal agreement written up.  Nothing says a crappy thanksgiving dinner then misunderstood expectations involving money.   

Originally posted by @Matt M.:

Hey BP, So I have a tenant in a SF property, since April 2017. Chronically late, normally gets caught up, and takes pretty good care of the property. I’ve finally had enough, and filed an eviction. Hearing was this morning. Owes me about 2 mos rent, he has 10 days to now either come up with all the $ or a plan that I agree to. He makes good $, it just appears as if “something” always comes up... my question is.. if he doesn’t come up with all the money, do I just file for possession and be done with him or give him one more chance?

You’ve answered your own question.  He’s already behind 2 months.  I typically will do a 3 day pay or quit on day 4 (rent is late in the 4th).  That trains the tenant into how I want to be paid, which is on time and monthly.  Like it says it in the lease.  Learn from this.  Have a system that is the standard for all your tenants, last thing you want is for them to claim discrimination at the eviction hearing. How I have it set up it allows my tenants to know my expectations and they know to communicate with me if there is any issues with them paying on time and then that is communicated and if they fail they get a 3 day at that time.  I have one inherited tenant that pays me via check on the first but post dates it for the 15/17 (his social security check deposit date).  Doesn’t bug me but means I won’t renew him either.  Unless he starts paying on time before his renewal date consistently.  (Surprise surprise he is now paying on time).  

@Grayson Gist Start eviction immediately. Run it like a business. Everyone wants to be friends and play nice and less headache. I say screw that, evict them. More then likely the 3 day pay or quit if they are behind or a 7 day notice should get them out. But like someone else said no more communication except “get out now” here’s some legal paperwork. Good luck

@Jeros C. Thanks. The numbers seem to work. Still trying to get the seller to do some simple math, like always people selling think their property is made of gold.

First how did you Vet this individual to her renting this property in the first place?  Next it’s all about your lease and local landlord laws.  I would have her sign an addendum stating you are letting her out of her lease however she is responsible for rent until you find a viable replacement. My honest answer would be she’s gone make sure she’s gone and claim her deposit as unpaid rent.  Screw it she hasn’t paid drop her a 3 day pay or quit. Boom she’s gone you keep the security deposit.  

@Stanford Neal Mead The 9 unit won’t qualify for the FHA loan. You are in the commercial market and you can’t/shouldn’t owner occupy it. There’s not enough info to say whether it is a good deal or not.

Breed Restrictions

A landlord is permitted to refuse accommodation for a service animal based on breed if allowing the animal would constitute an undue burden. An example might be if the landlord’s insurance carrier would drop his coverage if an animal of a restricted breed were kept on the premises.

https://usaservicedogregistration.com/housing-laws-service-emotional-support-animals/

Don’t have any legal answer.  But if this is true you would be exempted from allowing the animal. If you know he is full of it move forward to remove him as a tenant.  I would boot a tenant in a second if it was between them and maintaining insurance on a property.  

@Jim G. Repair the grass and deduct it from the security deposit. If you leave the cameras then you can’t charge them to remove it later. Or do nothing and charge nothing. But when this tenant moved out in a year or two or whenever you can’t then charge them any amount of money for the yard since the move in condition was as you stated.

@Migeul Obramowitz Honestly it isn’t about the numbers. Whether it is a 50,000 home or a 5,000,000 apartment complex. The math is all the really matters, along with some knowledge of the area helps. Right now it seems deals are harder to come by. But that doesn’t mean the info is outdated. Maybe you can’t easily acquire a hone that cash flows 500 a month. But maybe you can find one that is slightly under valued and you can add some value to it and make it cash flow 100 bucks. Real estate isn’t hitting the jackpot lottery. It’s like winning a 50 dollar scratch off monthly, for life. The more “tickets” you buy the more you win. And given time you acquire 100 monthly scratchers that give you 50-100 a month each. Real estate investing should be renamed to the turtle race to riches.