All Forum Posts by: Luis Prieto

@Amanda Kessler, I agree that their personal issues should not be my concerned. However, I'm not changing locks anytime they have an argument. When the tenant is demanding of me for their issues, is when she wants to involve me, and I just want to stay out of it. Also, I mentioned that they have poor credit because someone suggested that they may even end up buying the house. I would love to sell it to them if it were possible.

@Kris L. I have never thought about it, but will definitely think about that going forward. 

@Ellen Arsove.   Thanks for the advice. I will definitely look into the LPA.

Thanks everyone. They are not aware that we are planning to sell in March, as it is not something we had planned originally. However, after compiling about 250k in equity combined within 3 single family homes, I believe we are ready to cash out, and move on to multi-family units. From the beginning, I knew being that flexible could bite me in the rear. However, they were taking good care of the house, and had a great referral from another local seasoned investor, so I decided to give them a chance. I just think that having a nice home got to their head a little. I think I'm just going to have a good conversation with them, try to come up with an agreement and move on from there. They should not be surprised when I tell them that we plan to sell, as I have pointed out at the possibility before. Moreover, they should not be too surprised of any action taken when you consider the circumstances. I plan to buy a 5 acre lot in a more desired town for 30k, and have a very good friend who can build me a 2000 sq ft 4bd/2bath home for 100k. The total cost should be about 150k and that home will have a value north of 350k and it will be mine out right. I should have 80-100k liquid plus 350k or so in equity to either do another build and rent it for 2 years to later move into it after I sell the first New build for a big profit and then get into multi family or continue to do the same.

@Matt K. They have expressed that they would like to buy the house, but I do not think it is possible. I think that their credit is bad, hence why they have inquired about rent to own, but I want my cash now. I know that they very much like the house, because it is quite nice. It was our first and it has hardwoods everywhere except for marble floors in the kitchen and bathroom. It really is a nice place. I don't feel that they have really done anything to improve value, but they have taken care of it. Perhaps I will try the bi weekly payment method. Therefore I I'll get more money before they blow it on another Saturday carne asada and brews with their guests.

@Mike Franco.    Perhaps that's a good idea. After all, I do plan to have a career as a financial advisor after I finish my bachelor's at Penn. Has this happened to you before, I can sense the same frustration/anger in you about this that I myself feel.

I want to thank everybody for the overwhelming support and sound advice. For me, it is more about the frustration I have than necessarily the money. If I were to see that they were doing all they could to live frugally, and still struggle, than I'd be cool with the extra $100. It's just very frustrating because right now my wife and I are on only one income (hers) while I'm getting ready to transfer to Penn State to finish my B.S. On too of that, our 2.5 year old has a sensory processing disorder, and is in constant need of extra expenses (weighted clothes, compression, etc..) So, as you can imagine, we are living quite frugally, (which doesn't bother me because I'm a simple man anyway.) And then I see them being irresponsible on my dime. They do take care of the house, so therefore, I will have a conversation and try to squeeze a little more per month and try to limit my loss. A las, when we do sell, my frustration will probably be gone, but I will learn my lesson.

@Wy Kay.    We have learned our lesson. We really are not flexible anymore and demand atleast full rent. I plan to sell this home next year as I have about 90k in equity and it has only been 3 years since we occupied it for 3 years, therefore we won't get taxed on it. I am just trying to get my money back by March. 

@ Clay O.  They are aware and are paying full rent. They have made the full payment for the last 3 months but are still behind $2,200. They've been giving an extra $100, but I realize it will take forever to get my money at that rate. I'm agitated because I see all they buy and see what their lifestyle is despite owing me that much money.