All Forum Posts by: Johnny Potts

@Kevin Sobilo

Thanks, yeah I guess I phrased the question wrong in asking what I can do now. I’m think more for future reference.

Thanks again!

Good morning BP,

I’m a newer real estate investor and my first lease just ended. I’m seeing indications that my tenant was living with undocumented roommates (mail addressed to other people, extra worn carpets and walls in the guest rooms, a text from early on asking if he may move his brother in- followed by a nevermind and no follow up, etc.)

Since the lease explicitly states that all additional tenants must apply and be approved and a new lease be executed, else the tenant breaches the contract, are there any courses of action that I may take, even though the lease has concluded and I have no proof other than those clues, or is this a learning lesson for me to do more thorough/often walkthroughs?

Thanks!

@Beau Watson @Theresa Harris @Lynnette E. @Chris Szepessy @Anne Williams @Al Pat @Scott Mac @Daniel Mears @Michael King @James Wise @Michael A.

I appreciate the input!

The reason I didn’t want to let him out after just a 30 day notice was because I had to leave on a TDY for the next couple months and I wouldn’t have been able to get the house cleaned back up or readvertised before I left.

Also, as far as the lease, if I did work out a deal with the male to end the contract, would the female be able to come back in the future and cause any sort of issues since she’s on the lease too?

BP family and friends,

Long story short, I signed a 12 month lease with a dating couple who, after about two months got into a fight and eventually broke up. The male makes less than the female, and could not qualify to lease the place on his own.

Both parties came to me looking to simply “take their name off the lease” so that they could move out. I informed them that both parties would need to agree and one would have to agree to stay (the female), or they’d just have to break the lease and be responsible for the remaining 10 months. They decided to try to work on their relationship instead.

In the meantime, in fear of them abandoning my property and leaving it a mess on the way out, I drafted up an addendum to the lease as a compromise for all parties. They would need to give me a 30 day notice, then be responsible for two months of rent after that and I would agree to let them out of the lease.

When I posed the idea to them, they both seemed very excited, and the female let me know she’s eager to sign it because she’s already on her way to moving out. I finished up the contract and sent it out. The male signed the addendum that day but the female didn’t. A couple days go by and I text to check in, with no response. I’ve sent emails and have tried to reach her to no avail. She has been known to just change her number (so her ex couldn’t contact her) and has also given me multiple different email addresses.

Now the male has been in the house for going on the second month, paid on time, and presenting no issues. I’m only concerned because when she disappeared, he said he couldn’t afford the two month rent requirement to break the lease per the agreement. Beyond that, the rent in my area has increased pretty substantially, so it would be beneficial to have them off of this lease.

Any suggestions on how I should move forward?

Thank you!

@Dan Armich

Thank you for your input! Big fan of that idea

Hey BP!

So I’m brand new to buy and hold real estate investing, and through an agreement with a close friend, I recently became able to move in with him and rent out my own home.

I’ve screened dozens of tenants and landed on a couple that exceeds all requirements who’d like a place to stay until the market cools enough for them to buy a house of their own. They’re interested in signing a six month lease with the option of going month to month after that.

My HOA states that lease agreements must be at least 12 months in length, as to discourage short term rentals and high turnover in the neighborhood.

So my question is, would it be ethical/legal/smart to ask them to sign a 12 month lease with an escape clause written into it, given they offer a long enough warning for me? The way I see it, the HOA can be pleased at the fact the lease is long term, the tenants can enjoy the flexibility and option of staying longer, and I can have seemingly decent tenants and a heads up to prepare for the vacancy.

Thanks!!

@Kevin Lanphear Now I’m just a newbie who doesn’t know much but couldn’t you funnel that extra cash flow into one of the properties to pay the loan down significantly faster, and access even greater cash flow at the end? Or would that take longer than you’re willing to wait?

@Antonio Cucciniello thanks! I haven’t used the bp insights tool to run the full analysis yet so Im just spitballing but judging by the rentals in my area, I think it should, at least a little.

Definitely need to double check that now that you mention it

Hey everyone!

I recently joined BP after stumbling upon the realization that real estate investing is very interesting to me and that it can help set me up for the life I want to live. 

I just moved to Vegas about a year ago, already knowing I wanted to buy a house and eventually rent it out when I got stationed somewhere else. A close friend of mine also decided to buy a house so we recently hatched up a plan in which I move into his home (with his wife and sister-in-law), and rent out my house. This is huge to us because I'm getting to get started on my dream much, much earlier than I would've been ordinarily and he's getting a huge chunk of his mortgage paid down . 

I come to y'all today for any tips/tricks/advice/wisdom you have to offer to someone who's brand new to the game, from marketing my home for rent, to dealing with tenants, to legal things to look out for, the whole 9 yards!

I've already learned so much from stalking the forums and I appreciate all of you!

Thanks!!