All Forum Posts by: Kevin Perk

Whoops @Gaurav A., I think you meant to tag @Kevin Hoag.

No worries though as Kevin's advice is correct about when the renter's insurance kicks in.  

I will add that I have never carried a loss of rents policy.  I carry just enough insurance to get the bank out of the way if something really bad happens.  You can read more in my blog post about that here.

Cheers,

Kevin

@Martin S.

Martin,

I am not a lawyer and you need legal advice, so take all of this with a grain of salt. Consult someone more knowledgeable than I.

There is an unwritten lease. With an unwritten lease the problem is that the terms of the lease are unknown and the new owner has to honor the terms of the lease. Knowing a couple of things however may help the new owner.

How long has the tenant lived there and how often do they pay rent? If the answer is over a year and monthly you may be able to claim that the tenant is on a month to month term and thus give 30 days notice that you are terminating the lease.

However, with an unwritten lease everything is really up in the air. In front of a judge it can come down to he said/she said. So find a competent landlord attorney in Nashville to help you navigate this.

Good luck,

Kevin

@Eddie T.

Tennessee Code specifically allows for a waiver of notice so long as there is a clause waiving it in the lease.

In my experience, judges here in Shelby County, TN will ask to see your lease and the waiver clause. If the clause is there, no problem. If not, they will dismiss your case.

In short it all depends on your state statute. So know your local laws.

Shawn,

Your clause is not enforceable and your tenant has not yet abandoned the unit. If she said she will be out in two weeks, set up a time to meet her at that time and get a "Release to the Rights of Possession Form" signed (see my files). That will give you possession of the property and you can move forward even if she leaves stuff.

In the meantime, you can file for eviction if she has not paid you. Be sure your lease has the "waiver of notice" clause. If not you have to send notice to pay or quit before you file or your case will be thrown out.

If you never hear from her again, you can then assume she has abandoned the place. That process will take at least 30 to 60 days to complete before you get possession. In other words, a long time and then you have to store the stuff.

Eviction is expensive and cumbersome and abandonment takes time. Can you offer her some cash ($100?) to sign the above mentioned release form (read up on cash for keys)? Trust me, it will be easier and cheaper. If you decide to go the eviction route, use an attorney experienced in that process in this area. Do not try to do it from MD.

Good luck from a former Marylander,

Kevin

@Alexandra King

Sorry you had to go through this. I hope your local reia does a better job in the future.

I can tell you as a past reia president that we really tried very hard to screen out folks like this and only bring reputable folks to our group.

Thanks for the heads up on the speaker. I will pass it along to my friends at MIG.

I would have had estoppel agreements signed before I closed.

Now I think you should just send them a letter explaining the who, what, where and whys of the ownership change. Other than that there is not really much to do.

If you wish, since everyone is on a month to month lease you can likely sign a new lease with a 30 day notice. Or you can let the current lease ride if you are comfortable with the terms.

Good luck and congrats on the purchase,

Kevin

@Account Closed

Yep it is cheap to buy in those zip codes. There is a reason for that. Be aware, very aware of what you are getting into. At the very least get to Memphis and take a tour of the city. These are tougher areas you are looking at. It can and does work in those areas, but it requires much more effort and oversight. You can lose very quickly here if you are not vigilant.

Oh and welcome to BiggerPockets!

Good luck,

Kevin

Try @Joseph Kirkland at Tri-State Title.

Tax sales here in Shelby County are usually pretty bad because they never notify the proper owner(s). Joe was however able to work one out for me after much difficulty. I got title insurance and closed the deal. Give him a call.

Kevin

Swat,

Talk to your trusted agent "on the side" so to speak. DO NOT CALL THE 1-800 NUMBER. Tell your agent what happened and what would be the best way to proceed. See if they can provide any insight as to what the response of the company will be.

Yes, they will give you hassles once you report it. What their response will be, from increased rates to a dropped policy, I cannot say but there will be a response. You need to decide if it is worth it to you to report it. I do not know how much, how extensive or expensive the damage was but you somehow need to weight this cost against the cost of increased rates or being dropped.

Know this as well, if you report it, it will be more difficult and expensive for you to get coverage in the future. It sucks, but it is the way it is. Weight your options carefully.

I hope this helps you and good luck,

Kevin