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If you search, you can find places with tenants already in place and run the numbers with that way. Why get into a situation where you're loosing money from the start? See if you can negotiate the price of the duplex down to something more reasonable based on the comp rents. And, maybe consider a few choice upgrades to command a higher rent...

Don't do it. You'll regret it.

I'm working on simply brokering a deal for a friend of mine right now. He has horrible credit, no money, gets paid in cash and doesn't like to keep money in the bank. Nightmare huh?

Check it out: I find him a house, negotiate closing costsand minimal deposit of $500, open escrow and approve him for a loan and get a signed purchase contract within 2 days! We'll close in 3 weeks. He has the nerve to complain that he should be getting money back and that he'd better get a good rate...

I told him he's lucky to be getting anything...I doesn't matter what you do, people don't appreciate anything/

get an Attorney to send them a letter. They're full of B.S....

They'll probably tell you to take a hike, so I would ask what needs to be done to remove them. You must be able to access the property. It belongs to you. They have a possessory interest but should not be able to prevent you from entering or improving the property...

This is a real pain in the arse... Maybe I should sell..

Here's the stats just in case anyone has other ideas or wants to take these tenants off my hands. I have them on lease till the end of July 2007.

5/2 house with pool 2100 sq ft. nice layout, wood floors, fireplace, etc...
I pay pool and landscaping. Nice cashflow with 20% down. Nearest comps are in the $700k range. This would list for high 600's.

Extremely close to huge University so there's always renters. And they'll pay higher prices to avoid living in the nazi style dorms...

Or, should I just tough it out and stop my whining?

I need a :beer:

This is the feedback I was looking for...

It's not that I'm being a hardass for no reason. It's merely what we negotiated in the contract. I see your point about getting the rent monthly but my thinking was that if they pull some crap like this now and I let them do it, what does that 1) say about me? and 2) set up for the future?

As much as I like the tenants, if I bend now, will I be a fool to re-sign them for another term and possibly encounter more shenanigans? Or take the monthly rent for now and throw them out at the end of the term?

I can get other tenants but these are moderate types. No college frat parties here!

My other thought was to have a sit down with them and re-negotiate with them on the following terms: I'll take the rent monthly but will need them to sign a new contract for another year with a (?)% rate increase for the next year?

(They might plead poverty but I drove by the other day and the lead guy is sporting a new Porsche Carrrera) Hardly impoverished... :badwords:

I'm new here so forgive me if this has been covered.

I have a house I rent to 2 tenants. Before I rented to them it was full of college kids that trashed the place and wondered why I took the security deposit. :shock:

Anyway, when I ran the credit for these guys it was pretty bad. 500's. So I was apprehensive about renting to them until the lead guy said that he could pay 6 months up front and an additional 6 months after. I thought "yeah right". But the guy gave me a check for the 6 months and moved in right away. They called me a couple of times for minor things and I took care of them immediately. They have taken care of the palce and it seems fairly clean. I haven't heard from them for months. (that's good)

Now, in late December I sent them a letter telling them that I'd like for them to send the net 6 month check a little sooner than February 1 (ideally 2 weeks) because that's how long it took to clear my bank.

I got no response from the letter. I called one of the guys and he tells me that they don't like this 6 month deal as they are working on "investments" but that they are willing to "honor" the contract ad continue to make payments monthly.

I told them that I'd review the contract (only to keep from loosing my temper)

I later called back (had to leave a message)and explained that after reviewing the contract, they were obligated to the full 6 month payment but that in an effort to be reasonable, I'd re-negotiate with them and only require 3 months now and 3 months later.

Once again I heard nothing from them.

I called again today and the guy tells me that he had some of "his people" look at the contract and that it might be illegal to demand all 6 months, etc... All complete B.S. Anyway, I told him that I'd talk to the lead guy and try and resolve this matter. I called him and he was "busy" Still hasn't called me back and his "voicemail box is full".

I explained earlier to the first guy that if they were in anticipatory breach that I could start the eviction process right away and force them out and still have my contractually obligated damages for the 6 months as agreed.

So, here's my question: I've read that I should be a hard *** with tenants but am I being unreasonable? I don't think I am but I'd like to get other, more experienced opinions.

After dealing with this kind of crap I think I may be looking to sell and do other types of investments.

Hello. I've recently become a real estate investor in SoCal and am excited to be doing something like this.

I have a nice rental property right now and am always on the lookout for the next big deal... So nuch so that I've gotten into the "business" in order to have the inside track...

Anyway, just wanted to introduce myself. Look forward to learning a few things around here.