All Forum Posts by: Mario B.

See you all tonight! @Bogdan Constantin Stefanide @Rob Winter 

@Thomas S. @James Barnhart My tenant knows I have him on the hook for the full amount of the termination fee, he admitted to it today and my attorney confirmed it.  I'm going to take only $600.00 from him vs the $1020.00.  He works multiple jobs; Uber, Home Depot, etc. and just got accepted into affordable housing.  I have the place rented with no vacancy loss, a larger security deposit from the new tenant, and $125 more a month in rent with the new lease. 

@Thomas S. Spoke to my attorney today.  I can't start the NTV process because the tenant has agreed to move out and the NTV process is only for an eviction.  He stated just collect the keys from the resident when he moves out and accept nothing less then what is owed.  They will advise once keys are collected how to proceed about collecting any money owed.  

I issued the tenant an official notice today stating that rent is due, his early termination fee is due, and per our lease I do not give consent to apply his security deposit to his early termination fee. 

@Jenny Stallings Check out these informative links:

https://rehabfinancial.com/blog/why-you-shouldnt-u...

https://www.biggerpockets.com/forums/67/topics/81818-benefit-of-using-own-title-company-vs-sellers-title-company-fannie-mae-hud-etc  

I would use your own title company, it's good to bring your own assembled team to the table @Jenny Stallings

 Good point.  I contacted my attorney today before making any moves, I've stop communicating with the tenant until I make a decision on what to do.  Honestly I could probably write the $500.00 off as a loss on my taxes, and I know the attorney will charge a fee, so I'm thinking my best bet is to just accept his offer of $500.  Stay tuned.  I will updated everyone with my decision.   

@Jean H. The funniest part is, he was accepted to the affordable housing program that MY company manages!  I'm a full time property manager.  I contacted the manager of the building he is going to, he has already been accepted and screened, it won't affect him unfortunately.  They don't screen after the 1st year so it won't affect him in the short term but definitely in the long run if I pursed. 

@Thomas S. I'm going to try to get the half month's rent from him like he wants to pay, so at least I have that and try to diffuse the situation.  I'll take him to small claims court after. 

If I contact my attorney, they will charge me.  If he pays me, I only need to collect another $500.00.  

@Thomas S. I collected one month's deposit, and 1st month's rent, last month when he moved in.  He owes me for this month's rent, pro-rated which is $1020.00.  So far I've collected $2550 from him, which he argues is more than fair for such a short amount of time.  He is moving out this month so I can't evict him.