All Forum Posts by: Lawrence Rutkowski

Yep. Notice is being posted this morning.

Is the notice to pay or quit the same as a notice of petition, and petition?

Also, should they be served in person, or via mail? What is the best way to prove the documents were delivered?

Hello all,

So as I alluded to in the title, I have tenants who are and delinquent and owe me February's rent, and now March. They called me saying they weren't able to pay because the one tenant's mother was diagnosed with cancer and they needed to put available funds towards treatment.  She had liquidated an annuity a couple months ago and allegedly it cleared the beginning of this month, that's when they said they'd send both months rent and late fees.  Now the month prior they were 2 weeks late because of "car trouble", and the month before they were 10 days late because they apparently misspelled my address.  ( I live in TX now, they are in NY.) The other 5 months they were late, but within the 3 day grace period).  They don't get along with the downstairs tenants and will be moving out come May.   I personally think they plan on sticking it to me as they haven't sent it yet or responded to my text from an hour ago now. 

I told them I expect to have the rent by this Monday(3/2)  I've never had to evict tenants  before, so I'm wondering what exactly the process is, if I have recourse to collect past rent, and how I can report it so it shows up on their credit report/personal background.

Any help would be much appreciated.

@James Wise I was told that Foremost would indeed cover the duplex in Buffalo, but not my single family in Texas, but I did call around. (took about 4 hours!) @Eric Belgau I did call an AllState agent here in San Antonio, I got a minor discount for multiple policy and they were by far the lowest, even against those that would actually cover the NY property, with the same coverage as other comparisons. 

Hello all,

I own a duplex in NY and recently moved to TX where I've bought a single family home that I need to get insurance for.  Allstate in NY told me they can only cover properties in NY.  

What do those of you who own multiple properties in multiple states do for coverage? Are there any options besides individual coverage on each property?

if I'm in town, I'll definitely be there.

Sounds good gentleman, I plan on attending  both..

Looking to network in a new city (San Antonio), anybody have any suggestions for useful Real Estate clubs, national or local?

@David Stergio

David, I did exactly what you are speaking about a year after I graduated from school.

If you plan on being an investor, I personally wouldn't waste the benefits of an FHA loan on a single family, and manage living with a neighbor next store. (This is a great and "convenient" way of learning to be a landlord.

I was able to buy my first duplex with an FHA loan. Mortgage, PMI and taxes are only $494/month (found a great buy). While I was living there I rented out the upstairs for 650/month. Cash flow positive even while living there. To circumvent a long story, my tenants moved out, I improved the upstairs a little, rented that for 700/month, I now live in Texas and rent the unit I lived in for 800/month. Aside from the monthly cash flow, or depending on your market, very cheap living, you get to write off almost everything associated for your rental even while you live there (not so for single family). Mileage to hardware store, tools, interest and taxes, depreciation, contractor costs, paint etc.

This has allowed me to accumulate substantial funds to further invest.

You probably won't find the ROI as discussed above as rates have went up since then (that was 3.1%), but it is a wonderful start.

Hello all,

To put very simply; 

I currently own a duplex and am looking to acquire more rental properties. I'm curious how you all structure your businesses. Do you create an LLC for each property, making each it's own entity, or do you create one LLC for all of your holdings? I can see the merits of both.

Any insight would be greatly appreciated.