All Forum Posts by: Jim Bryant

I went through most of an eviction with a lousy tenant and they have vacated the premises.  I plan on getting the judgement in court for the eviction and I plan on suing them in small claims court for back rent, cleaning costs and some damages.  I realize these losers are probably not going to pay me, or it will be down the road.  That's fine, it's the principal of the thing.  Here's the question:

They had turned my house into some sort of loser inn and I was told by someone that they had up to 8 people living in this three bedroom house (originally just two people living there).  I have been able to piece together who was living there by some clues around the house.  Can I name these people in the suit as well, or just the renters?

So I tend to be really conservative and don't purchase another property until the last one I bought is paid off.  This is a bit easier to do since my area has really cheap housing.  However, I'm starting to think maybe I should be a little riskier and try to grab more property at once, particularly if a good deal comes along.  I have a good job right now that allows me a bit of a cushion.  I have just bought a house, that my family lives in for 63k that I put 10 down for.  So about 50k of debt currently and that house, of course, doesn't generate any rent. My first instinct when I buy I house it to pay off the loan quickly, so as to save on the interest. 

What do you think?  Should I get a bit more aggressive?

Well I had something in writing, but not a straight up lease.  I'll go ahead and tell Uncle Dick that one there, Nate.  

He wasn't really giving legal advice, he mostly handles wills and the like.  Thanks for the help, but no need to be rude.  

Ok thanks for the inputs guys.  I was thinking I'll probably go ahead and create a lease then.  Did you guys get them drafted by professionals or did you do it yourself?

I've had pretty good luck so far with tenants, but we did have to evict one guy.  The absence of a lease didn't hurt us in that situation, although as I read, tenants rarely contest evictions.  

I have four single family homes and have been renting them out without a lease.  I started when I was 22 and I got some advice from my uncle who is a lawyer who said that "a lease gives the tenant too many rights, you're better off without one".  As I get older, I'm starting to wonder if that's a wise way to go.  

What are your experiences with leases and what makes for a good lease or a bad lease.  I will be retiring from my job soon (gotta love government employment) and will be taking a more active role in my properties than before and want to better organize what I have.  

Thanks!