All Forum Posts by: Jay Sechowicz

Hey everyone,

In March 2016, we bought our first property which is a duplex in Philadelphia that me and my fiance house hack.  We inherited tenants which we had until September of this year.  The apartment needed a total overhaul which we are finishing up now.  So long story short, we are about to find tenants for the first time.  I know a lot of the basics but wanted to reach out to see if anyone else had any tips, tricks, or strategies they do or don't use when searching.  Thanks in advance for any advice.

Jay

Again thanks for everyone's input.  And yes, let me be clear, the rent has been being paid.  But last month I let them put a portion of their security deposit towards it with the agreement they would pay extra the next few months to repay it.  Since then, I think its gotten worse than they expected and I just see this issue coming up in the future.  

I am not so much stressing and worrying, I am just being proactive.  Trying to have a plan if the problem does arise.  

I do understand what you are saying about letting them leave early.  I would be okay with that but I don't think that are going to want that, at least not at first.  I guess I will just have to wait to see how it plays out.  Thanks again.

@joe 

@Joe Splitrock that's one thing I'm meant to mention earlier. They are in a month to month lease right now. That will help me I would assume right? And with any eviction in general? 

Yup and this is a house hack situation so there is an even extra level of it.  Thanks for the input.  

Thanks for the help everyone.  I do understand it is a business and I do agree.  I was just wondering if anyone had some ways they handle it other than strictly business.  It is a different situation when it is personal and not just paying a bank or grocery store.  It's a little bit harder to take the food out of peoples mouths once they are already eating it as opposed to not giving it to them for free. I will have to be proactive here and minimize my exposure to missed payments.  Not every tenant is responsible or cares enough to set up back up plans for these type of situations.  

They are still living in the apartment.  I don't see them leaving for months at a time (yet), plus even if they did the daughter still lives there.  My concern is them still living there and not being able to work.  

Hey everyone,

My question is about a tenant of mine that might be getting pretty sick. We've had them for about a year and a half and everything has been going fine besides the normal landlord stuff. 

Within the last month or 2 this person has been in and out of the hospital and being tested for some pretty serious things.  I foresee them having trouble paying rent going forward. Has anyone ever dealt with something like this? How did you handle it and what might be my best route to take here?

Thanks a lot,

Jay 

Got the mortgage last March so about 18 months. 

@Nick G. ohh I got ya now I misunderstood your previous response. How long is loan for?  And are there any rules about staying at property for certain amount of time or when you can buy again after you take out the loan?

@Nick G. so the 10% would pretty much be a HELOC?

@NaDean Bowles what do you mean by that? Are you saying you're a private lender? What if I didn't live there? my plan is to leave anyway to move to another duplex in Philadelphia. Trying to do like a live in BRRRR on my next property