All Forum Posts by: Mike Buckley

@Ryan Morrissey Rates are still very low right now but the closing costs may be too much to make it worth while. I'm not sure what credit union you use but St Anne's and Bank 5 seem to do a lot of business on the south coast... The area is great for ROI when done right. Hanging in there through the knob and tube, lead paint, and failing cast iron plumbing (etc.) is the hardest part!

Ya an old housing stock plus a difficult tenant mix can cause a situation like this to arise. I’ve actually looked to do something similar a while back. I went to the local credit union that holds the mortgage and they were willing to do a commercial 5 year short term loan around 6 percent. I would suggest a cash out re fi but it sounds like there’s not much equity since you’ve only had it for over a year. I think if you are in a seriousness crisis partnering with someone with deep pockets in exchange for equity might be the best option. 

 I didn’t even think of that. Definitely sending this certified as soon as possible. These guys are always playing games. 

@Patrick Soukup haha ya it always seems that way. Part of the business I guess. 

@Nick Ferrari I’m gonna just send it. But I don't think a $5 hard copy mailed certified would be an unreasonable amount to charge if I was going to go that route. $200 might be a bit too much. 

@Mike Cumbie Thats exactly what i'm afraid of. I do have a lawyer on it since the property is under an LLC. I think I'll just send over the lease myself then tell them to direct any other issues to my lawyer.

@JD Martin True, there is no right to stay past the agreement if I want them out. I'm just in a mode where I'm assuming everyone is going to pull the worst case scenario since I'm also going through another few residential D-class evictions where one of the tenants pulled the "trial by jury" request and made up a bunch of lies in the "answer/discovery" phase. However this one in particular is commercial so I  am most likely overthinking it. 

All great points on here. Definitely just going to send over the lease... As far as "evicting" goes. I had been serving them a 14 day notice to quit each month on the 7th for about half of the past year to keep them up to current. The last month I could have sent them a summons after the 14 days expired however I realized the end of the lease term was the following month. So I figured instead of trying to go through all the court nonsense I would just say I have no intention of extending this. But I think this is going to court anyways from the sound of it. 

@Scott Mac I like this approach. I think after reading all of this feedback in the post I'm gonna go with this idea. I'll send them the lease but charge for it and see what happens. 

 I did consider this as well. However I was also thinking that usually in court situations the party that has their information best put together is considered more credible. If the business tenant shows up to court and isn't even able to hold on to their lease agreement that would speak to their character while they are making up a bunch of stories that never happened. But like you said this could also be perceived the other way.