All Forum Posts by: Michael Peters

Use that equity as a down payment for another property that will cashflow the cost of your new monthly car payment.  After the truck is paid off you'll still have performing asset and more equity to draw on.  Also agree with the new vehicle arguments and Joe's tax points.

For me I would say 1/6 get their deposit fully refunded.  About 1/10 do not receive anything back from their deposit.  This isn't necessarily because the place was trashed but damaging a few time consuming items can add up fast.  Those in the middle have about 25-33% of their deposit withheld.

Where the tenants aware of the roof issue and just now reported it?  If so I would charge them at least a portion of the expense for not upholding their part of the lease agreement to maintain the property and notify you of issues in a timely manner.  Get the leak fixed asap.  Replace any damaged areas and killz over the rest.  Then worry about what the tenant potentially owes.

I would definitely charge the tenants for the plumbing issue but it would depend on how your lease spells out these types of negligence or damage.  Cost to bore out the drain will mostly likely be under $200.

Leave a voicemail, send an email, certified letter, and post on the door with the amount due.  Be firm that rent is owed and that the eviction hold does not waive her responsibilities.  Unless the tenant makes good on her arrangements and keeps you regularly updated you will have no choice but to file for eviction on the first available date and pursue litigation for damages.  From the few people I've dealt with in similar situations they simply don't understand what the eviction hold means and how non-payment is going to affect them down the road.  

File an eviction.  Every day you wait is another day you'll regret later.  If they get stuff figured out you can always drop it.  I've never had good luck with inherited tenants and would prefer to get a new property vacant.  Be clear and firm with your exceptions and the tenants financial responsibilities.  If you bend on this issue you'll never hear the end of it.

Sounds like with the city opening up she has no legal grounds to prevent you from entering the property.  Start with a conversation to explain the situation.  Assure the tenant you will follow all CDC guidelines and with a proper notice the tenant has the option to leave the property during your visit.  The biggest thing here is to show you understand their concerns but be firm on your rights to enter the property.  

As a last resort I would inform her that she is breaking the lease agreement and you would need to provide her a 30 day notice to terminate the lease.  Not sure where CT evictions are at but you can always threaten to file for an eviction which would hurt her renting future but it would be a last resort.

It could but it depends on your provider.  Get them to look at the property in question so see if its even on the table then have the conversations above.  Then just run a cost benefit.  Most insurance claims will prorate the roof based on its remaining life expectancy on top of your deductible.  I like the idea of keeping a larger deductible like 10K and only using it when its truly needed.

Just reach out to the prior tenant and let him know that items were left at the property.  If he confirms he doesn't want the items and you can remove it them no issues.  Just make sure to get it in writing.

I'd call the $20 a cost of living adjustment.  That's not even a 2% increase in rent which won't cover inflation.  I also wouldn't decrease it after the current lease expires.  I'm a pet owner myself and would never require a tenant to prove their pet died.  If you are leaning towards dropping it make sure to walk the property to verify there is no damage.

They are most likely within their rights to withhold certain information.  I've had owners try to steal tenants right after we placed them so I understand their apprehension.  They should however be able to clearly explain their leasing criteria and demonstrate the tenant hit all those marks.  All they would need to do is white out the name and contact information.  However since this is a placement agreement you would be getting all that information once the tenant was placed.  

I would just call them up and ask why they are unwilling to share this information and your apprehension with approving them in your home without more information.  If they still say no I would look into terminating the relationship.