All Forum Posts by: James W.

Originally posted by @Doug McLeod:

@James W.

You did what???  What were you smoking???

What was I smoking? Wow - congrats on making the least helpful comment in the thread and also painting yourself as a jerk.

I rolled the dice. 

I was well aware of the risk, I'm not complaining at all, and honestly there's no reason for that kind of response. The property is still positive cash flow and even if I was losing money, it's not YOUR money is it? I'm sure you have nothing but A class homes in A neighborhoods and all of your tenants have 800 credit scores - good for you. In a perfect world, we would all be as cool as you.

The responses in this thread range from helpful to lecturing to the above... it amuses me that some people feel the need to post useless comments, get up on a high-horse, or even comment when they clearly have nothing of value to add.

My goal here is to hear from other landlords who may have also made such an atrocious and unthinkable mistake, and learn from their mistakes. That is what I plan to do in the future, when I stumble across a thread where someone rolled the dice and then needs to determine an exit strategy.

Thank you to anyone that's posted a non-judgmental, helpful, and thoughtful feedback.

The 5 day notice is "Fix or Quit"

The 14 day notice is "No Fix, you have 14 days to get out."

We didn't sign anything from the Assistance places. *thumbs up*

Originally posted by @Mike H.:

We've all been thru it a bit. Sometimes, you're just so intent on getting the money coming in and in believing in people, you assume that they will never hose you - especially in the very first month.

I think you have to start the eviction process.  But I'd probably recommend contacting an attorney and letting them do it. They can review your lease and the circumstances and get you thru this with as little pain as possible as this is not your standard eviction based on what I'm seeing. All kinds of land mines in there I think.

btw: One rule I have found is that if a potential renter no shows on anything - showing, meeting, etc, you need to write them off your list immediately. Whatever excuse they give is a probably a lie.   The fact that they didn't show and didn't call means they simply don't care about other people and they're more than likely going to pull a fast one on you at some point in the future anyway.

On a brighter side. At least, you're only out a couple hundred bucks a month on a tough lesson.  Could be a lot worse. Could be 1,400/mo instead.

 Our eviction process starts with the 14 day notice, which was sent certified.

Thanks for the feedback, I agree with it all. Cheers! :)

Originally posted by @Account Closed:

Remember that doing an eviction is to regain POSSESSION of the home.  (not just getting money)  Once that tenant has POSSESSION of the home, it will take a court of law to get them out.

Watch PACIFIC HEIGHTS THE MOVIE!!   Warning, this movie is not for the landlord who is weak of heart!   I still sweat when I see that movie. 

Nancy Neville

 I watched the trailer, that's as far as I'll go. I don't do horror movies LOL

Well, lesson learned and thank you all for the feedback.

From now on no leases are signed or keys given until full payment is made.

In this situation, I believe I have every right to evict because rent was not paid on time. It's unfortunate that I have to do so, but fortunately the other unit pays the mortgage so there's no huge loss other than my time and rents that would have been received.

This actually gets me thinking... since I believe I do have the right to evict, I should actually deposit the Assistance checks. 

Thanks BP 

Oh - the 14 day notice in WI is used for violating lease agreement. The reason stated here is "late payment of rent for the month of September, non-payment of security deposit for the premises located at ..."

Howdy BP! I'm hoping to get some feedback before I make a mess out of an already sticky situation.

Here's the deal: On a duplex I recently purchased, the upper unit was vacated before I took possession. Cool, because the carpet and paint hadn't been replaced in at least the last 5 tenants, or 15 years, or longer. The stove and fridge were so bad I just threw them out and got replacements. I redid the entire floor, painted, and made the place actually livable!

With all that said, the place is by no means "nice". It's small, I wasn't able to get it professionally cleaned, and the bathroom needs updating. But for $450/month with heat included, I'm not going to turn it into the Taj Mahal (at least not until I've turned some profit on it!)

Now for the tenant. Here's the timeline:

08/25 application & walk through. Male tenant looks HORRIBLE on paper - at least $14,000 in judgments, minor criminal, etc. Needs a place of his own to help with a custody situation. Female has a restraining order against her, violated the restraining order, but nothing else serious. I decide to rent to them.
08/26 signed lease in office - did not bring funds 08/27 no show - no deposit
08/28 paid $350 cash
08/31 rec'd call from Assistance that they may assist with $250 toward SD - did not mention that they would need additional assistance. 09/01 no show - no payment
09/02 paid $100 cash; said St. Vincent was assist with $200 toward SD 09/02 - took possession of unit, with the understanding that the deposit would be funded promptly.

09/03 rec'd $200 check from St. Vincent (did not cash)

09/04 Still haven't received full security deposit.

===========================================

Ok, now here's where it gets interesting. My first question should be simple enough:

By giving them the keys, am I obligated to wait for the security deposit? Or can I send a 14 day notice immediately with no right to cure?

The female has expressed that the place now does not meet her requirements, and in fact called the building inspector because she believes it is not in livable condition. The male informed me that he believes he has legal rights to stay in the apartment. On the August 26 date, the female walked in my office and helped herself to a cup of coffee out of my Keurig without even asking. (I wasn't present, and when I heard about it I immediately thought I should get out... lesson learned, trust the gut!)

I have already sent a 14 day notice, and I informed them that I will return all the money they paid as soon as they are out, because I know they need it. 

Comments appreciated. Happy investing! :D

One more cheesehead reporting in, feel free to connect. :)

Originally posted by @David Dachtera:

@Brittany Tucker,

That $15K would cover 75% of some on-line classes you could get to learn not just wholesaling, but also most of the other strategies currently producing profitable results in today's market. The basic classes cover key elements of entrepreneurship, asset protection and structuring your investing business as well. The classes are available on-line, 24x7 and you would have access to them for as long as you want. The classes are updated as laws and practices change and the list of classes is expanded as new instructors become available. Commercial property investing was recently added, for example. The classes are taught by active practitioners who must earn $1M/yr doing what they teach to qualify as an instructor. There are associated communities of active investors (basically, REIAs) in 11 major metropolitan areas including Boca Raton / Boynton Beach and Weston, FL with whom you can connect, also.

If any of this sounds interesting, let me know.

 I'm interested.

Originally posted by @Roy N.:

Originally posted by @James W.:

You are obviously wise enough to know that a young(ish) person shouldn't be driving a brand new Maserati or something like that, but let's talk about the average home-buyer that OP might be catering to.

People like you already own a home, and you're not going to be hopping in the car with a 22 year old kid.

People that are using Realtors, rather than hunting on their own, are influenceable and I will stand by my opinion that a nicer car (but not too nice!) can have a positive impact.

I voted your post because I appreciate your respectful discourse. Best wishes to you :) 

 James,

That was more-or-less the aim of my original post - no junkers, but not too fancy ... the exception being if your are selling pretty houses to Dick & Jane who may be influenced by a nicer ride.

BTW:  I'll often use a young realtor (22yr old kid) as they can often be trained to step out of the way for negotiations.

Negotiations? I think you mean closings. :)