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All Forum Posts by: Matt Kaser

Matt Kaser has started 3 posts and replied 5 times.

Post: Not renewing tenants lease and Escrow account??

Matt KaserPosted
  • Real Estate Investor
  • Ohio
  • Posts 5
  • Votes 0

I have a tenant who’s lease is up October 1st,2008. I gave her a 30 day notice that I am not renewing her lease and she has 30 days to vacate the unit. She told me she forwarded it to the court. Problem is that she has her rent in escrow because of a deck issue that I fixed, but am having a hard time getting the permit closed. There is a slight bow in one of the joist on the unit next to this tenant. They use the deck now and since its been finished.
I looked at the law and didn’t see anything that I couldn’t kick her out. Am I right or can she stay?
thanks

Post: Tenant has rent in Escrow.. Need Help!! Stressed!

Matt KaserPosted
  • Real Estate Investor
  • Ohio
  • Posts 5
  • Votes 0

The property overall is good shape and I just bought it about a year ago. It is in a derisable area of town. The property is a work in progress.

After they gave me notice of the issues I promptly worked to get them fixed. Problem is the deck issue was big and I had a Structural Engineer look at it and then had to get bids and then had to get the project started and completed. It took 2 months to complete.
I was going to get a packet together to present to the court with all the dates and information of addressing the issues. To help present my case.

How much ballpark would a attroney like that cost?? I am strapped as it is now.

Worthwhile to try and talk to her about it before the court date?

There lease is up Oct 1st, which I wont renew.

Post: Tenant has rent in Escrow.. Need Help!! Stressed!

Matt KaserPosted
  • Real Estate Investor
  • Ohio
  • Posts 5
  • Votes 0

One of my tenants called the city on me with building problems. Big issue was the deck was unstable. It has since been replaced. Other issues were water stains, water leaks, Fireplace chimney wasnt tall enough and she was questioning the stableness of the building. I had a structural engineer look at the building and bless it off(140 year old building, so he said needs to be monitored). City has added stuff but everything should be cleared this week.

I have a court date with the tenant on it this thursday. She has asked the court to reduce her rent becuase of having to live there with these problems and not be able to use everything she was supposed to have. She wants it reduced to zero and abated for the whole time she has lived there, since Oct 1st 2007. (if thats even possible). She is paying $625 a month now. This is a 3 family unit.

Is she wayy off base here or will the court decide in her favor. I am planning on taking pictures of everything and showing it to the court, showing that she is using the whole unit. What are my options, anybody been through this???

Thanks

Post: Desperate for some Financing Help!

Matt KaserPosted
  • Real Estate Investor
  • Ohio
  • Posts 5
  • Votes 0

Rents are real low, about $500 below market. I own the building next door so good indications of true rent values.

I did FHA owner occupied.

Willing to do either owner occupied(will occupy) or investment(probably occupy eventually)

I just need something decent interest rate with a 30 year fixed.

Any ideas?

Post: Desperate for some Financing Help!

Matt KaserPosted
  • Real Estate Investor
  • Ohio
  • Posts 5
  • Votes 0

Little background.
Signed a contract last May on a 3 family in a desirable area in Cincy Ohio. $257k purchase price. Rents are low, brings in about $1900 a month now.

With the lending industry so tight, havent found a signle loan that will work since then. Went the FHA route twice, No doc, Investment. Dead ends every time. Talked to the seller about seller fianced but she isnt thrilled about that and would rather not do it.

Looking at 90% LTV max, 740 Credit score, can do full doc, this would be my 4th property.

Any help?? Prefer to do less the 10% down but not finding anything. Need a interest rate in the 7%s max.

thanks for any help

Matt