All Forum Posts by: Kwabena Dean

Hi BP world. I am wondering if it is a good idea to give the appraiser that is doing the refinance appraisal a copy of the report from when I first purchased the house? I figured it would serve as a good point of reference to the improvements that were made. I just don't know if there would be any adverse effects of doing so. Has anyone done this? By the way this will complete my first BRRRR.

Yes, I'd like to see that list.

Hello BP, 

This is a what would you do question. I have applicant for my rental property that after screening, seems to be a pretty good prospect. Good income, good rental history, good credit etc. Their current lease is up on March 1st and they went to give notice today.  Their apartment manager told them they would not be let out of their lease until March 23 because their lease requires a 60 day notice. 

I was having them set up to move in Feb 15, so they would have time to move and I would not be without a full months rent.  So now with them having to pay for March rent as well the wont be able to move in on the anticipated date. 

No lease has been signed with me yet and I do have other people interested.  My question is should I wait on this good prospect or move on to the next? She also asked if she should just move and not pay March's rent they would charge? I told her I would get back to her. I am also considering a hold deposit but I'm not sure how that works. 

Opinions??

As I understand you are not able to get a HELOC in Texas with a rental property. It must be a primary residence to qualify. If you find out any different let me know! I am in the same situation, trying to find a way to get cash from my equity in a rental property with out refinancing. I am looking into a Line of Credit rather than a Home Equity Line of Credit.

@Marcia Maynard, no I have never met the person on the lease. I have met the mom, who by the way is not on the lease. Property management was supposed to have a grip on this and they didn't, which is why they were let go and why I have asked the tenant to move out. The contact number I was given from PM is the only one I have and I do have an email address. Just trying to fix this mess is was thrown into.

Thank you all for your speedy replies.  @Marcia Maynard, thanks for getting me to see the "tenant mentality." I had been very flexible but am now being very firm and I think they may feel threatened. What frustrates me is I am still not sure if I am communicating with her or her mom.(via text) They hasn't been very respectable of my time during this process although I have been very accommodating to them. 

@Greg Lemmon Cash for keys is not an option. She fulfilled the lease and will be looking to get her deposit back.  I'm trying to figure out what I can do about the deposit as well.  If you know of any suggestions about that I would appreciate that too.

@Thomas S. this exactly what I want to keep from happening, "letting the tenant control my business."

I have one hour til the scheduled walk thru. My plan is to do as Marcia suggested, verify that thing are going as she said.  Stay the course and post an notice of eviction if they are not out by tomorrow as @James Wise suggested. 

Thank you all for your help. I will update you on the outcome.

I have a tenant that is supposed to be moving out today. She is giving me the run around on turning in the keys.

Backstory: We started the lease under a property management company. The tenant was always late with the rent and the PM never done anything about it. They say that they charged her late fees but never collected. The lease ran from Jan. 1, 2018 to Dec. 31, 2018. November we filed for eviction for non payment of October and November.

I had a 1 yr agreement with the property manager. Come December I fired the property manager because the agreement states I need to give 30 days notice.  The PM then and there gave the tenant all of my contact info and basically told me I would need to finish the eviction process. 

The tenant then paid the rest of October rent and Nov. rent and would eventually pay December in return that I cancel the eviction. I did cancel the eviction on the condition she move out on Dec 31. 

Dec 31 turned into today Jan 1. We agreed that she would turn in the keys and we would do a final walk thru at 4pm. Now all the sudden she got called into work and will not be there. She insist she has most of her things out and should be done late tonight.

My problem is I feel like I gave her all the leeway in the world and on top of that I don't think the person on the lease was actually staying there. Anytime during the year I have had to interact with them it has been her mom and mom's boyfriend there. 

My question is, should I just wait another day to see if she moves? What recourse do I have since she did not meet the 4pm deadline we agreed to and we are technically in a new month?

Thanks for the welcome @Brandon L. I wanted to read your articles before responding. I have found it very difficult to find a good agent. The ones I have spoken with either are not investors, seem to be misleading or giving information I can find myself. I have one that I have actually known for a while and he said he would put me on his list for multifamily listings. I got a few emails and they were for over priced 4 units in D neighborhoods. It's been tough but I will keep looking though. 

Thanks @George Blower!