All Forum Posts by: James W.

I agree with the above - sounds way too high, especially with your credit score.

I work with 2 banks and I pit them against each other. One is US Bank, and they give me prime + .25 on a variable 3-5 year loan amortized at 15 years. The other is a smaller bank that gives me the exact same rate, but they are more flexible with their approval process which allows me to do more creative deals. The reason I use 2 banks is to ensure neither one of them ever get too greedy and it keeps them competitive for my business.

 Take it easy on the guy, there's a lot of text in this thread.

But to answer your other question... ;)

I am going through the eviction process on another property with other tenants. That one is also fairly unique situation for me.

I'm learning very quickly to take the emotion out of my decisions and just make business decisions.

 Yeah, I meant to update this thread but I've been super busy. They did move out and left the apartment pretty clean so lesson learned and we move on!

They were at the end of their lease and I decided not to renew it with them.

I filed the 28 day notice beginning of September. They did not communicate until October 1st when they begged me to reconsider and let them renew their lease (she said they have nowhere to go).

I agreed, provided they understood that this was the only chance I would give them.

One of the two tenants came in to sign a new month-to-month lease. We explained that the other tenant also needed to sign. We accepted the check but did not cash.

Since they didn't comply with the 28 day notice, my next step is to go to the courthouse, get a court date, and have the sheriff remove them. That part I'm not worried about. 

Property is in Wisconsin as is the LLC that owns it and rents to the tenants.

@Dawn Anastasi do you have any more info?

(Sorry, I should have posted this in General Landlording most likely... GO PACK GO! :D )

I have a set of tenants that were on the fence about continuing lease. 

I decided NOT to extend their lease, and actually did everything right on this one, sending out the proper notices etc - they were supposed to be out by noon on the last day of September.

Now on the 1st of October, one of the two called to beg to renew the lease. Whatever, come in and sign the lease - BOTH of you, and know that this is the LAST chance I am giving you.

She shows up alone, with the rent check. We make it very clear that the other party needs to show up to sign, no later than end of business on Friday.

This one tenant signed, but we did not give her a copy of it as it's not complete without the other party's signature.

Other tenant never showed up, so I feel comfortable going to the courthouse and getting a date and forcing them to leave. 

My question is... do I deposit the "rent" check, even though I am not going to extend their lease? They are still in the residence, with no lease. They received proper notice to vacate.

Or should I send it back with a note stating that they do not have a current lease and in fact should have vacated already?

Obviously I'd like to deposit the check to cover my additional expenses, but my kneejerk thought is that I'm in a catch-22 here.

Give me some hope please! :D

TIA BP 

Thanks everyone. I've decided not to pursue this angle for the time being. Thanks for saving me potential headaches. :)

 I'm amazed at how often I'm seeing this kind of post here on BP.

For the record, I disagree. There is ALWAYS a way to get around the "definite" rules, and there is NEVER a reason to use the word "can't".

And the "best" thing to do is always to try and find something that defies "normal" logic.

Fred, I'm sure your method is sound and you are doing good for yourself. I am approaching REI from a different angle. Best regards :)