All Forum Posts by: Michael Salamone

@Alexander Bowman

Have you looked into FHA203K?

@Austin Smith

Are you going to renew the tenant that was formerly delinquent? I feel like if you decide to keep them, you should maintain a month to month lease so you can remove them with provisions beyond non payment of rent if they decide to not page again…

@Marc Zumpano

There are other reasons to remove a tenant. Is she month to month?

The reason I ask is because (at least in CT) I know one way to remove a tenant is serving a notice to quit based on a non renewal of the lease and no a tenant no longer has the rights/privileges to remain on the property

Now if she has an old lease from the previous landlord that might be tricky. Did she sign a new lease with you? What does the previous lease say about hold over tenancy?

Best,

Michael

Hello,

I was just curious, who were the “winners” of the last economic recession? I wasn’t around for the crash of ‘08 or anything, so I’m just wondering if the economic market has a big pullback, who will be in the best position? Will it be people w cash reserves to buy up more? People who aren’t leveraged? I’d like to hear some thoughts here

Best,

Michael

Hello,

I am seeking some advice for my future strategy. Currently, I am house hacking my current duplex, and am wrapping up some cosmetic renos. However, in my current timeline, with interest rates going up, my new mortgage (FHA to conventional), will be MORE expensive than my current rate. So I feel like my hands are tied and I will be stuck w this mortgage. Any thoughts on what some next steps I can take are?

Best,

Michael

@Jaron Jackson

Have you thought about upgrading your insurance before the eviction to cover tenant damages in case they decide to retaliate and trash the place?

@Jimmy S.

Just curious, what is your worst tenant experience?

@Juan Mercado

Maybe pump the breaks on going straight to evictions lol. The first thing you would send to “get rid of them” is a Notice to Quit. But I have to ask: do you have a plan to renovate them all at the same time? If yes, then you would need to have contractors and a team lined up. Redoing 4 units is a lot to chew. 1 or 2 on your own is a lot.

Maybe think about keeping at least two tenants while you work on two other units. But also be very clear that you will be working a lot on them. People get weird about work being done on where they live

A big benefit to 4 families is that you don’t typically see 100% vacancy rate. I recommend against not having any additional income while you spend more money to improve the place

Best,

Michael

@Tyler Hahn

This might not be helpful at the moment, but in the future do a walk around inspection with them once you become the new landlord. I’m not sure if deceptive is the right word to use about them saying they would leave, and they still haven’t, but the whole scenario leaves a funky feeling.

Fix that hand rail with (hopefully with a licensed contractor so you have documentation), and hire an attorney

Tenants rights can get funny in this case because they can argue in court that you are evicting them for retaliatory purposes and don’t want to fix the unit. It might be worth having the windows and doors fixed, and THEN sending the Notice to Quit/Eviction process

Best,

Michael

@Shawn Stiteler

Have you called your insurance provider with respect to housing your tenant until it is deemed habitable?

Best,

Michael