All Forum Posts by: Michelle Marty

In my main rental market (middle TN) I'd say 75% of asking on a property that has been on the market 6 months are longer is usually taken very seriously. In Washington DC maybe a few thousand knocked off but most go for close to asking, and quickly.
I find zillow is helpful for sold prices.

Problem building. In my real estate career I've been pretty lucky so far. I haven't had any "bad" tenants. I've had a few that occasionally paid the rent late a few days or had to do more repair work than "normal wear and tear" after a tenant had moved out. Until now that is. I've inherited a problem building. I purchased 4 townhouses, all one structure. None, zero, zilch...of the tenants pay their rent on time. It was a huge red flag when, per the contract, i asked for the security deposits, and was told they had all used them for the previous months rent. The previous owner was very generous/stupid with them. I currently have 1 unit empty. Another tenant pays but has always a couple of days late. When she does pay its always accompanied by a compliant. Here is my rent but I need.... minor thatthings most tenants wouldnt even complain about or do themselves. I use a property manager so even though it's little things like replacing the weather stripping on the door And unclogging a toilet anyone with a plunger could unclog I have to pay fees. She's done this every single month. the next two tenants are headaches. I've sent out two eviction notices each. They always let it get to the final stages and the cough up the money then next month rolls around and they don't pay. And since I inherited these leases they included nothing about court costs or fees. Now one tenant is paying $25 more than the other two. She just happened to move in during the height of the renting season for the city and paid a little more for it. Now she's found out her neighbors pay less. So her last rent payment, which was 15 days late was $25 short. When she was notified it was short she said she wasn't paying more than the others. That it wasn't fair. She asked the property manager to ask me to lower it. I told the property manager no. Then she said in a very round about way i should reconsider because it is now at the low of renting season and I'd get $25 less now anyway she's afraid the tenant would stop paying and use the eviction time to save up money to move. I'd also have to fix the place up as I'm sure it would not be in broom clean condition. These 3 tenants have given me more headache than all of my others, ever, combined. What would you do?

I just saw a loan like this close with Everbank. They required A LOT of extra paperwork and took a long time approving things. You'll most likely need an understanding seller as things will take a lot longer to close, at least with the loan I saw. You'll also most likely have to have someone move. I'd check the leases. I also heard they do post occupancy inspections. I've never seen this actually happen but I'm sure it does. Good luck.

I remember reading mice droppings and urine have some virus in them that can make people really sick. I think its hentavirus... Im sure its searchable. I wouldn't personally buy a house that had them.

Thanks all for the input. The leases were given to me before we closed but at closing the attorney representing the seller mentioned new tenants were in 2 of them. I didnt have leases for them. The taxes were prorated and all utilities are paid by tenants. I was able to get ahold of the seller and she's going to get everything to me and was very agreeable to everything. Hopefully she follows through! Lesson learned from this, hire an attorney to represent me instead of a realtor because nothing about prorated rents and deposits was in the contract.

Thanks Mitch! I had to look up estoppel. Thanks for teaching me something new!

I finally bought a multi family building! It's a good step but I am pretty confused and hoping for some guidance. I have never purchased a property with a tenant in it until now. I bought a building of 4 townhouses. All rented. At closing the seller was not there. I asked for keys, the title company didn't have them. I asked for updated copies of leases/tenant information as at least one of the units has a new tenant the title company didn't have that either. I also asked if I were supposed to get the deposits and prorated rent (the building closed on the 10th and rents were collected on the 1st) and have been told by everyone 'I don't know' so mainly my questions are 1. Am I entitled to prorated rents? 2. Am I supposed to get the deposits? The seller is on vacation until Monday and has so far been very helpful and cooperative I want to make sure I'm entitled to these things before I ask for them.

I don't think anything...maybe a 1 bedroom 1 bath in a D area. But probably not even that. I'm in DC.

I have a voicemail saying they were moving and my lease says it converts to a month to month and 30 days notice is needed. I'm going to go ahead and serve the notice. Next time I'll automatically send them out each time someone calls. Lesson learned! Thanks for your replies!

I have a tenant nearing the end of their lease. The last time I spoke with them they stated they would be moving out. Today they sent an email saying they were staying. The problem is I already have a new tenant lined up. The new tenant is paying more in rent and I have had a few issues with the previous tenant, nothing I could really document though. They would just complain all of the time. They call me to come and replace light bulbs, fuses if something makes a noise or looks crooked they call and demand I come. I always do and 90% of the time it's nothing. I send a handy man there at lease once a month. It isn't because the house is falling apart. It was built in 2007. They are just complainers and are never happy. They've really just been a big pain and I was happy to hear they were leaving. I emailed back and said I was sorry but already had a new tenant. They responded that I didn't give them proper notice to vacate. How in the world do I handle this?