All Forum Posts by: John B. Waugaman Jr.

Huntington here, where and when Mason? I don't get to Charleston often in the evening throughout the week, but I'm open to a meet, greet, and treat (beer). Thanks for starting the thread.

Everything worked out great with this purchase. Your advise was great in handling the transition and increase in rent. Thank you for your time and input Jennifer T.

Venmo is what we have found the easiest for all involved.

@Kelly Bellini FB is the modern “look in their car and see how they keep it” trick. If it is a public account, it is up for grabs.

I believe I would ask right out if there is a chance of him moving in whether he is the brother or boyfriend. I’m asking, just say “if there is a chance that he or any other adult moves in with you, they will need to do an application as well “ That way you have addressed it in general.

If you like them and she checks out; move her in a get your May rent. Good luck.

John

So, we are closing this evening on a triplex that has two units that we will be acquiring tenants in. Our first concern is how we go about meeting with the tenants to have them read, agree to, and sign our lease. There is also the concern of a security deposits as we don't have one from them. One of the properties is Section 8 and had paid a security deposit to the past owner and the other never paid a security deposit.

We do believe the Section 8 tenant is getting their deposit back so that shouldn't be a problem as we aren't raising their rent. The other tenant however doesn't have a deposit on file to receive and we are going to raise her rent in 3 months. Our current plan is to raise the rent and then prorate the security deposit over 3-6 months.

Both tenants have lived at the property for a few years now so I believe they will stay. In fact, one has been there for 11 year I'm told. I do have concerns with the tenant that never paid a deposit as her rent is below market value and she never paid the deposit. I understand that she was in a hard place and the prior owner knew her and took her in. I won't be surprised if she tries to use the COVID moratorium on us.

Any advice you can give us in this transition would be greatly appreciated. It is nice knowing we will take procession tonight and receive rent Friday, but it is also a bit scary because of the unknowns. 

Thanks in advance,

John B. Waugaman, Jr.

Huntington, WV

New member/first post - I haven't read all of the replies, but in listening to the first 70 podcasts, I found a tactic that might help you: "Pay the Tenant to Leave". I have a tenant that is months behind on rent and I told him he was being evicted and that I would be bringing boxes to him on said day. I delivered the boxes and told him to tell me if he needed more. I followed that up with text messages and reminded him of the date he was to be gone by. He didn't know it, but I was going to rent a U-Haul for him to move as well it needed.

Needless to say, I received a call from another rental company and told them he was being evicted and within 24 hrs my tenant deposited money into my account towards his debt. He also informed me that he had increased his hour of work and would be able to pay up. I set up a bi-monthly payment for him instead of a one time $750 payment and told him further late payments would lead to eviction.

The podcast also talked about offering the tenant money to move from the apartment with the thought being, give them $250 to move and you can start collecting full rent the following month instead of them just squatting on you. I was also open to using this tactic if it had become necessary. 

I live in an owner friendly state when it comes to the courts, but it still requires me taking off work to go to courthouse and to attend the court date. Good luck to you in your case and in your investment future.