All Forum Posts by: Moncy Samuel

I want to share our recent land lording experience. Me and my partner acquired a quadplex and have decided to manage the tenants. For one of the empty unit, we have screened the tenant (background check came with no eviction records but with few cases due to forgery). (Mistake1) We have decided to approve the application due to lack of other applicants. (Mistake2) Tenant signed the lease and decided to move in and he gave two personal checks( deposit and first month rent ) mistake3 Both checks are post dated to April 1 and tenant moved in by March 25. We deposited the check on April 4 and both checks bounced.Tenants promised that he is working with bank due to some ID theft and the account closure.he even provided some forged bank documents stating that the issue is genuine. Daily status check from tenant got same answers that he is waiting for the check from his closed account. We send the Notice or quit letter followed by eviction notice on April 23. (Mistake4 waiting too long) Court date received on May 7 and tenant want to negotiate with us. Tenant came with proof that he deposited the rent that day in the bank. ($1275) Judge asked us about our decision to settle or return the money back. After a bit confusion, we tried to verify the deposit however We were unable to verify the deposit because of the payment date was the same date. (Mistake 5 - providing our bank account ) We requested the judge to postpone and give us another date due to fact that we couldn’t verify the deposit. Thankfully, the Judge postponed after a week to May 15. Notification received from bank Two days ago, that the deposit again bounced due to lack of funds or closed account.($1275) I am glad that we didn’t blindly believe the tenant and Canceled the eviction process. We got no deposit, no rent from the tenant from March 25 until today. On the other side, We spend $400 for repairs on the A/C unit. The reason I have decided to write this, to help other landlords to not fall into these scammer tenants and learn from our mistake to not accept any personal checks for Deposit or first month rent. Lesson learned.

I am looking for some advise. My problem tenant who has a lease and its expiring on May 31.  So far she didnt notify that she is leaving or staying. I really dont want her to continue in my apartment because a week ago she caused a fire damage in the kitchen which costs me over $2k (repair in progress). 

My lease agreement states that there need to be 60 day notice either parties.  pls advise how to go next to let her go.

Any advise on terminating the lease immediately ?. The lease ends by May 31. The tenant is giving a hard time to let the contractor to fix the issue. Pain in the rear...

No reported incident with fire department. How to find the root cause ?

Got a call today from my tenant about a fire incident in her unit in the duplex home which happened a week ago. Per the photos that she send, it appears like the something on the stove got on fire and caused the cabinets to damage. Not sure what the next steps are. Insurance deductible is $5k and don’t know whether it’s worth going with insurance. The tenant is a problem tenant and want to get rid of her badly. Pls advise

I have good success in 2 unit duplex than 4plex. The more units are better but I found the class of people in 4plex is lower and sometimes difficult. Water and sewers are common and shared in most old buildings and make it hard for landlord to distribute to tenants. Just my thoughts

All units are in pretty good conditions. Some cosmetic repairs only

Hello Bp We just acquired a quad-plex using HELOC and other 401k funds and now in the process of cash out refinancing. Our regular lender told us that, it will be delayed Financing with 70% LTV, provided the property appraise for $220k. We bought it for $198k. What are some of the refinancing strategy to apply at this point. I have a partner 50/50 and we both got w2 income with 760+ credit score. Interest rate is 5.375 for 30 yrs with closing cost of 2k. Thoughts/advises pls?

Stove cost $100 in a used appliance store

I just bought a multifamily and al units are laminate and it’s low maintenance. One of the tenant vacated and low maintenance to be rent ready for next tenant.