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All Forum Posts by: James Mc Ree

James Mc Ree has started 26 posts and replied 1071 times.

Post: Best way to evict

James Mc ReePosted
  • Rental Property Investor
  • Malvern, PA
  • Posts 1,103
  • Votes 825

Give them a 10-day pay or quit notice if you haven't already (follow NY number of days).

Go to the courthouse and file an eviction lawsuit if they aren't out by the end of the notice period. Alternatively, hire an attorney to do this for you.

You should have a very strong case with an expired lease since the tenants have no right to be there. For that reason, you shouldn't need an attorney to evict and the tenants might not even show up. You may want an attorney if you want to add in holdover rent, late fees and other monetary damages (attorney fees), but don't expect much in return.

The court will have its own timeline for how long this takes. You can Google for the process and estimated timeframes.

Post: Thoughts on ceilings

James Mc ReePosted
  • Rental Property Investor
  • Malvern, PA
  • Posts 1,103
  • Votes 825

It doesn't seem like it would be a detraction. Mine have smooth and popcorn ceilings and I've never heard a complaint about the style of either.

The only problem I've had with the popcorn ceilings is repairs can be more visible.

Why do you think you need SSN and birth date?

Post: Three Years Later.... Title Claim Finally Resolved

James Mc ReePosted
  • Rental Property Investor
  • Malvern, PA
  • Posts 1,103
  • Votes 825

@Chris Seveney How would you reasonably have caught this situation before purchasing the note?

The refinance title didn't catch it. Maybe that transaction's title insurance should have covered it instead of yours, assuming they had it. Doing the "dig deep" thing makes sense, but this is a situation where 2 title companies and an industry expert missed it.

Post: how do I purchase 5 acres of my families 10 acre property?

James Mc ReePosted
  • Rental Property Investor
  • Malvern, PA
  • Posts 1,103
  • Votes 825

Call a real estate attorney who specializes in zoning and is local to the land. They can help you with the legal aspects and recommend an engineer to help with the subdivision. 

You can Google for a simple real estate contract for you and your step-dad to sign to sell 5 acres. Make it contingent on the subdivision. Call a title company local to the land to assist with executing the transaction. 

Post: Is this agent spewing fake news ?

James Mc ReePosted
  • Rental Property Investor
  • Malvern, PA
  • Posts 1,103
  • Votes 825

Nearly every listing agent is also a buyer agent. They just got lucky to get a listing. It's probable the agent also has buyers, but so does almost every agent.

The problem is conflict of interest if the same person is agent for you and your buyer. I would ask how they will handle the conflict of interest. For example, you list for $550k, but tell the agent you would go as low as $500k. What does the agent tell the buyer (you will never know)? The agent will tell you they won't share your confidential info, but there's a lot of money riding on this deal....what do you think they would do for $25k? Maybe a little nudge or whisper...?

Overall, I would be inclined to require the agent to represent me alone if I am paying them so much money to do so. Another agent in the office can represent the buyer which is how I've often seen this be handled.

Post: Contract for Private Lending

James Mc ReePosted
  • Rental Property Investor
  • Malvern, PA
  • Posts 1,103
  • Votes 825

You also have another asset: a template and related documentation for your note that you can use again in years 2+. You shouldn't have to go back to the attorney again for a whole new note.

You should ask your attorney about servicing requirements and maybe docs on how to sell the loan, forclose on the loan and anything else you can anticipate you might have to do. Your servicer will have those docs too.

Post: Trying to evict a tenant based on owner occupied ending of lease.

James Mc ReePosted
  • Rental Property Investor
  • Malvern, PA
  • Posts 1,103
  • Votes 825

Two options: end the lease or break the lease. Don't keep going as you are.

You can choose to non-renew the lease. Read your lease terms. Section 8 is typically 60-day notice after the first year. That will eliminate your tenant from having a right to be there. The nice thing about this approach is it should be no-cost and you can get Section 8 on your side. Your tenant can lose the voucher if they become a holdover tenant.

Breaking the lease leverages your lease violations. You inform your tenant and Section 8 that assault and your other issues are not permitted according to your lease and you are ending it with the proper notice. The tenant can contest this one, so you will want to have evidence ready.

You will want to run your situation by a lawyer as you don't want to mess this up. You need local NJ law and Section 8 legal expertise.

Post: Notice to a tenant from ....

James Mc ReePosted
  • Rental Property Investor
  • Malvern, PA
  • Posts 1,103
  • Votes 825

Why won't eviction work in this case, at least after the holdover period? You seem to be trying to avoid it, but with no happy path alternative.

If the tenant isn't paying $X now, why would they be concerned with paying $100X? It only makes a difference if you can sue them and recover. That doesn't work well in residential cases, but maybe it would work better in your commercial scenario. It doesn't seem like it would hurt, but might not help.

Post: Notice to a tenant from ....

James Mc ReePosted
  • Rental Property Investor
  • Malvern, PA
  • Posts 1,103
  • Votes 825

"Holdover" is usually when a tenant overstays their lease. Normally, you start your eviction then. There really shouldn't be a 30 day holdover period in your lease if it is allowing the tenant to stay another 30 days. I don't know since the terms haven't been shared.

The landlord solution to all tenant problems is eviction. If your tenant is still living there, any type of self-help eviction like you are describing with locking your tenant out will absolutely land you in court as a defendant paying your tenant well for the damage you caused them. You absolutely cannot lock out your live-in tenant without an eviction.

If your tenant is not living there, but left property behind, send them a notice of the end of the lease and abandoned property. TX will have some minimal waiting period. In PA, it is 2 weeks. After that, you clear out the abandoned property and move on in life. It's fine to change the locks in this scenario after the waiting period. You can lock it down sooner and just inform the tenant on how or when to collect their belongings.