All Forum Posts by: Bob B.

I assume the seller is considering on complying with Dodd Frank.

I require a Zillow application.  I state all the requirements in the and along with "I will only reply to applicants that fill out a Zillow application".  I then do a little background check. You can learn a lot from Facebook, Been Verified and Google  I might even ride by their current house, if it's convenient, If not I'll Zillow the address, never know what you will find.   If they check out then I set up a phone interview.  I don't take phone calls anymore and feel if they can't or don't want to follow instructions they will not take care of my $250K house.  I set appointments every 30 minutes and do my own credit and criminal checks, if they like the property.  I usually have a pretty good idea of what I'm dealing with before we meet.  

I'm not an attorney and don't know your local laws, but knowing that the property is unsafe could you have a lability issue even with an insurance policy?  Could posting on a public forum weaken your defense?  

Would you be in a position to pay off the mortgage if they called the loan? 

Be sure to follow your local laws regarding sending the tenant a letter outline the disposition of their security deposit and how much she still owes.  Send it certified and regular mail. If the mail is forwarded and she or some one signs for it you should be able to get a new address.  In Georgia failure to send notice within 30 days will allow the deadbeat tenant the opportunity to obtain a judgment against the landlord. 

I assume you are you the only sibling.  If not make sure everyone involved is on board and I would get them to sign off on it to avoid issues in the future.  Good for you to help you Mother.  I guess you feel confident you can find a cash flowing rental in this market. Also ask your mortgage broker if it would be better to do a purchase money mortgage vs pulling cash out. Good luck

Are the utilities on?

I'm guessing she doesn't show that cash on her tax returns, if she even files a tax return.  Realize, that without a guarantor you'll not be able to collect from her if she defaults.  She's garnishment proof. Make sure she understands that the 3-4 months upfront is a deposit and not prepayment of rent, if your state allows a large deposit.  

Are you doing this without an experienced real estate Attorney?  If so, contact one.  They might be able to get the ball rolling.

Stop texting her.  The power company does would not text you or plead with you if you did't pay on time. I would send her a pay or quit based on your lease and local landlord laws, outlining the past due amount.  If she doesn't pay I would start an eviction when the time limit is up. I would not ask her to please pay the rent or late charge.  I would also do a inspection to confirm who is actually in the unit.  As far as not renewing the lease, follow the lease and your local laws.  Here, in GA I send a letter at least 30 days in advance, telling the tenant that the lease will not be renewed and include move out instructions.  No need to explain why and be sure to stick to your plan.   Good luck.