All Forum Posts by: Akeim Fin

Welcome to Rhode Island !! 

One of the things I did to get to better understanding of  the area is to speak with the locals. I would tell people I'm looking for a place to live and see what they recommend. This gave me an idea of the reputation of each city. I would take it with a grain of salt but sometimes perception is reality and if you speak to enough people you can get an idea of what each town is like. 

@

Jason Boulay

That is my concern, that they will just pay after I send the 5 day notice but before the eviction then do the same thing next month dispite the lease coming to and end. I sent a notice that the rent will increase on Jan 15 and I feel like that’s what started the entire thing. Right now I just want them out and the place in good condition. The lease says they do not have the right to hold over without consent. Can I use their security to cover attorney fees and unpaid rent ? 

@Anthony Thompson

Thanks for the advice. Where/ How do you find a good attorney. Its like picking a doctor I know nothing about medical so what's "good". Same thing with a lawyer. They're just names on a paper to me. I am not from Rhod Island  so how do I build my team? How did you build yours? 

Lastly how do you protect your investment? Other then screening what can you do if a tenant decides to trash the place on the way out? Does insurance cover this? Is it worth going to a collection agency?  

I was considering the cash for keys but how much does an eviction typical coast?  My only hesitation is if one unit sees me do this guess what...now I'm doing cash for keys twice.  I guess it no different than two evictions lol.

@Thomas S.

Great idea, but if they don't reply to the notice to inspect can I still enter the apartment? Looks like rhode island makes you wait 15 days before you can give a 5 day notice to pay or vacate. Thats 20 days before something can happen. Unit 2 sends me a screen shot of this.  lol I guess they will just wait to the 14 to pay each month. Inherited tenants suck. In my lease I charge an additional $5 each day they are late. 

@KEVIN FLYNN

I have them making online payments via cozy so their is no lost mail check etc..  On the 4th I posted a courtesy late notice saying rent is due on the first and if not received by the 5 they will have a late fee and eviction process will start. Also says please call to discuss. Its a BP form I got from one of their books.  unit 2  called sob story, times are hard, pay you by the 12,  etc. the other never called. unit 3 ask for their security about 2 weeks ago so they can move out told them they will get the security after they move out. they ended up loosing the place because they didn't have the money to put down on the new place.   

Posted another notice on the 6th with the addition late fee no word from anyone. 

Also keep in mind I live in unit 1. 

Lastly I think its illegal to collect 1st last and security in Rhode Island. But their lease just shows a security which I got from the seller. 

Recently Bought a turn key three family that I'm house hacking  and inherited two tenants with the purchase. Its the last month to their lease (February 28 is last day) and surprise surprise they're not paying. Currently the 7th. 

Im still new to investing and property management. Any tips on finding a good Lawyer if I have to get them Evicted? Should I even go to a lawyer? My lawyer that closed on the house doesn't handle this type of stuff but he was saying all the eviction will do is maybe get them out but it won't get you your money. Maybe?? they didn't pay why maybe?   The eviction will also be on their record but if they are getting evicted then their record is probably not the best anyway. What happens if they reck the place when they leave I ask? Then you can take them to court but good luck collecting.  

In short I'm screwed? At least that's what I got from the convo. I read the BP's book on property management and felt so confident but now it seems like there is no real way to protect your investment. Am I missing something ? 

TLDR: When your tenant bails  and the security is not enough to cover expenses what do you do? How do you find them? If the cost for repairs is low (~$500) is it worth it? What kind of information is needed to send to Collections ? 

I recently purchased a turnkey 3 family that I am house hacking. With the purchased I inherited some tenants. One of the tenants got the family hook up as they are related to the seller/flipper. (About $250 under market value). No one likes new management and their no exception. Their lease is coming to an end and I notified them that I intend to raise the rent $150. Of course they intend to leave but they ask for their security before they move (NOOO) so they can move into their new place. And it appears they are going to just break the lease as they still have a mouth left and move into their new place.

I can see them not paying the last month and moving out. This leaves me with the security to cover the missed rent but nothing for repairs. I asked for their new address so I can send their security deposit and have gotten nothing. So what do you do if this plays out how I predict? How can I better protect myself from this in the future? First, Last and security is allot to ask for. 

@ Thomas If i do roommate how do you handle when someone moves out? What happenes to the security desposit?

Because of the images I am getting allot of inquiries. 77 e-mails about the place in 5 days. I had my first viewing yesterday. showed it to 5 people. All are collage student and or collage age. Ofcourse the ones that I want smile, say they don't have any questions and that's it and the ones that are interested are asking how to get around the qualifications. The questions usually starts with "What if I ..." I think they get excited because its a nice place with a low/doable price.  Below are my qualifications please let me know what you think. where do i need to be firm vs loosen the rigns?  The neighborhood is inner city with many collages surrounding it.

Applicant must have current photo identification.

Applicant's monthly household income must exceed three times the rent. All income must be from a verifiable source. Unverifiable income will not be considered.

Applicants must receive positive references from all previous landlords for the previous 5 years.

Applicant may not have any evictions or unpaid judgments from previous landlords.

Applicant must exhibit a responsible financial life. Credit score must be a minimum of 600.

A background check will be conducted on all applicants over 18. Applicant’s background must exhibit a pattern of responsibility.

Applicant must be a non-smoker.