All Forum Posts by: Nichola Dotson

I have tenants violating Care of the premises, Smoking AND Parking rules in their lease agreement. There is a small personal junk yard going on next to a non working vehicle and leaving food around for the purpose to feed wild animals outside their window. 

I am bringing in a trash removal company to move the trash from one of the units I am renovating and wanted to take out their trash as well but first want to give them a notice to comply so there is no surprises when stuff starts getting tossed. 

How many days would you give?

No I have not Teresa buchanan 

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Thank you @Deanna McCormick I am going to go ahead and waive the application fee I don't want to do anything too drastic but I want to screen them and adjust the lease and rent rate and give them the option to renew or not once I make them aware of the expected changes and timeframes. I could afford all the bills if I did have total vacancy because me and my husband are both still employed full time but I don't want that to have to. Thank you for your input very helpful for me.

@Matt Souza I have gotten the chance to speak with the tenants and they are not happy with the current owner and property management because their issues to them have been ignored and  the two who were saying they were ready to leave are the ones that pay late but all three are violating the terms of their current lease and since my family will be moving into one of the unit apartment with our children it isn't imperative to us that we know who isn't really living amongst us. I want them to leave but I want to do it like they are actually making the decision to leave which I wasn't thinking that telling them they will need to qualify and giving them a head start up that the rent will be increasingly by November to give them adequate time to find other living arrangements if they can't handle the increase or the new qualification and lease requirements.

Hi!

My name is Nichola and me and my husband are closing on our first 4-Plex in Michigan today that currently has 3 tenants that we are inheriting and we will be moving into the open unit later this month. 

All the tenants are currently on month to month leases and the rent is below fair market and the screening process they went through is very shady and 2 out of 3 tenants do not pay on time. I want to send a notice introducing us as the new owners and giving them notice that in order to renew their lease they first must consent to a criminal, credit, and eviction screening under our new minimum qualifications/new lease terms for all persons over the age of 18 that live in the home and also inform them that rent will be increasing November giving them the chance to stay if they want  and meet our rental qualifications or decide if it's best for them to move.

I want to know does this seem reasonable and if there are some things I should consider before moving forward with this plan?

Thank you for your time.

Once you've decided you want a property and seller will consider a land contract how do you go about putting the deal together? Do you submit a LOI a purchase agreement with contingencies etc.? Where do you start what does a Land Contract process look like and how does it flow?

Thank you both for your input very helpful and great advice!

Hello I am new to BiggerPockets found them while just trying to figure out how to qualify for a personal residence and it has now turned my life completely around! 

I found a 4-Plex for sale by owner and I asked if they would consider owner financing they came back and said they would consider a Land contract, 30 year with 5 year balloon, 6% interest, $8,500 down. Sell price $85,000 firm for Land Contract. I need about 6 more months to be able to qualify for conventional financing but I do plan on taking a mortgage to pay the owner financing  debt.

I have run the numbers with the information given for the scenario of the rent revenue being Gross or After expenses just in case but waiting on them to confirm if the rent revenue is gross or after expenses: 

Rent Revenue - $23,040/yr

Expenses (approx. annual) 

Gas - $3,600
Water - $2,000
Electric paid by tenants
Waste Mgmt - $780
Lawn Maint./Snow Removal - $750
Taxes - $2400
Insurance - $800

I want to know how to put this deal together?