All Forum Posts by: Kristen Watts

(PLEASE PUT IN THE RIGHT FORUM)

I just went through a breakup. We own 7 properties but they are all titled in my ex-partners name. However, I did most of the work. What to do now?

My attorney believes, based on the information I've provided him, that I'm entitled to half of the business as it's clear that was the intention (although titles are in her name). We have an LLC but it did not purchase the properties and titles were not changed so as not to trigger the "due on sale" clause. However, this was done with financing from a primary home I purchased, money we both received from a bad car accident and a refi of one rental purchased with the car crash money. We have almost equal money in the business. She paid the mortgage on the primary home but after receiving all of the income from the studio in the back of that home and rental income from a friend who rented a room for 5 years from us.

I did all of the bookkeeping, property analysis, tenant communication, on and on. In other words, I have much more sweat equity and over 10,000 emails to prove that. 

I took on bad debt, like her car, to keep her DTI low and credit high. There's no questioning what the plan was; however, there wasn't an operating agreement (stupid, I know). We were a couple and just didn't think it was important.

Question is this: is it better to ask for approximately $400k from her (which would require selling property) or continue to work with her until we're both dead, LOL. Emotionally, I can do that. Not sure if she can. We tried a sit down meeting with the attorney and she claimed I owned 1/3 of the business so that wasn't a good sign. However, that was awhile ago. Not sure where she stands now. 

TIA for any ideas, replies, etc. 

@Josh Teachout; thanks for your reply. We have the eviction judgement against him; not sure if that will show up on his credit? For ten years, I've run this business without formally evicting someone. I usually just say get out, you lose your deposit and leave before I file. Worked every time. I've sent him a strongly worded letter along the lines you suggested; nothing phases this freeloader. I agree, no cash for keys in this case. If there's further damage I can do to his credit, I'll do it. Thanks! 

I asked my PM and have the answer; he wasn’t available over the weekend so just wanted a place to start and any ideas, like cash for keys. Thanks!

Hello BP landlords. I have a tenant who hasn’t paid since November of 2019. His nonpayment has nothing to do with COVID. However, the writ was posted the very day an executive order by Florida’s governor stopped all evictions. I got a message yesterday from our PM that the SOONEST evictions can resume for properties with mortgages backed by Fannie/Freddy can begin is July 29th. This is unacceptable and I’m furious needless to say.

What are the limits I can go to that will encourage this 24-year-old freeloader to leave? I have his dad’s phone number. I’d like to call him and shame him basically, plus ask if it’s an option to move back in with him. Also, we’re footing the water bill as it’s a property with a main home and a studio out back (where he lives) both on one meter. I’d like to split the meter and have both tenants responsible for water as the main home’s lease is up and the rent under market anyway. He can get his own water as his lease is null and void. We aren’t shutting it off on him, simply changing the situation. However, I realize that may not be advisable.

How much trouble could I get into if I use these methods to encourage him to vacate? Are they illegal? Thanks in advance for any advice on taking some power back in this situation.

@Andrew Postell thank you!

@Eric Johnson thank you!

@Jonathan Taylor thank you for this thread. Wonderful of you to take the time to do this. We currently own 6 properties; primary with studio rental, 4 duplexes and one SFH. Looking to buy property 7. Is there anyway around the 20 to 25% down payment for another investment property? It's such a killer every time. Thanks!

@Asim Sheikh thanks for the reply!

Hey BP peeps! We're trying to purchase our 7th property. Currently own 5 rentals and our primary home. Is there any way to avoid 20 to 25% down for another duplex to add to our portfolio? Great credit score, successful numbers on all rental properties. Thank you in advance for ideas to avoid so much cash upfront!

@Eva Holland; my experience is also poor. Disorganized, responses to me and my tenants way too slow, caught in some lies, etc. Thanks for confirming my situation; I don’t feel as crazy now or think my expectations are too high.