All Forum Posts by: Jesse T.

I would get the requirement to pay in writing.  Also any a reference to any applicable regulations that support the payment amount.

Make sure you still do your due diligence on them.  Generally good tenants can find a place to rent without paying for it upfront.

One possibility is it is one of the phony cashier check scams.

There also are reasons you may want a tenant out other than failure to pay rent.  If they have paid rent, an eviction can be very difficult during the period where they are prepaid.

One option might be to do a prepaid short-term lease, e.g. 3 months.  If that works out maybe offer them another one.  If it is a windfall paying for this lease, what happens in month 13?

As others have said replacing the microwave is the way to go.

Is it a built-in or separate microwave?

It actually isn't that different than an unpaid utility bill.  If you don't pay your utility bill there is a process that the utility has to follow before cutting off service.  The landlord is in a similar situation in that they have to follow the eviction process to get the property back.  Another similarity is the process/requirements will be different depending on the jurisdiction.

Paying to get a tenant deadbeat out isn't fair.  However it may the least bad option for a situation.  This approach is used general used when the incentive to the tenant is less than the expected loss in terms of lost rent due to a long eviction and potential damages to the property.  Those can often be mitigated if the tenant leaves somewhat willingly.

 lol

Will the next post from this poster be "I can't pay my loan and now the banker is moving into the property.."?

I think having a lawyer specifically look at your original loan documentation and the documents related to the principal reduction will be the best way to proceed.

Whether the recourse rights transferred with the loan sale or not, they will still exist.

What do you do in terms of furniture for staging?  Do you use the client's furniture or rent furniture?

welcome to BP

 If you are going with a property less than 1//3 of the proceeds, it might be better to take the tax hit and get the flexibility in being able to take your time selecting a property.

One thing you might want to consider is a partial 1031 exchange.  It looks like with transaction costs you would end up at about 25% equity.  If you did an exchange for 1/2 of it looks like after taxes you could be at 40% equity.  You would still have unrealized capital gains and depreciation that could potentially be recaptured.

I agree it makes sense to sell your current investment property, but I wouldn't rush into buying the target properties just to complete a full 1031 exchange.