All Forum Posts by: Nick Carlson

Thank you for the info. We'll hope for the best and see where it lands us.

I spoke with a tenant and handed them a notice to vacate about 2 months ago for 90 days that would end on May 1st and they would have to vacate so we could do updates to the apartment (and subsequently rent out again to a new tenant). So far this tenant hasn't shown any signs of staying past the agreed date, but I'm not sure what I could do if he changes his mind with the new developments with the pandemic. I know I've heard talk that you cannot evict people during this time, but I don't know if that's actually been put in place yet and I don't know if that holds the same for a notice to vacate in general.

Would you ever consider an applicant who talked about (as to why they are moving) how they had to withhold rent and take their previous landlord to court (I'm not sure who initiated actually), even if they were completely right and justified?

My gut here is to say: no, there are enough applicants out there and just find one who hasn't had this situation.

It makes me wonder though if tenants in that situation are just in a "screwed if I do, screwed if I don't" situation. This specific example was that the landlord was not making necessary essential repairs and in the end only was entitled to half of the withheld rent. 

To add onto this, if this comes out during the pre-screening process before you've made an appointment, do you still agree to show them the apartment and move forward with the application process or how would you handle this?

@Anthony Wick

You're right about the lack of instructions after closing. That was pretty inconsiderate on my part. I had expected to have a property manager for this property, but they dropped out at the last moment which put me in this situation. As for security deposit and everything I did get a tenant estoppel certificate and since there was no lease it was more of just a...piece of paper outlining the situation.

@Scott Wolf

Good idea. I'll reach out and make sure everything is all correct to keep myself out of hot water.

Yes, he does. We've met on probably 4 or 5 different occasions, though each time I meet with him I have to reintroduce myself and remind him I'm the owner and then it clicks. I don't think he really is an ideal tenant. He's good in the fact that he's a long term tenant, but he is quite messy, and doesn't take super great care of the place. 

I just purchased a property that has a tenant in it who has no lease, is month to month, with no security deposit. As tomorrow is the 1st and nothing formal has been set up I was planning on collecting the first payment in person, as I assume the previous landlord did, and then move to an online system afterwards.

As the tenant is currently paying about 200/month under current rates (600 vs 800), i'd like to either raise it up slightly (700~), or remove the tenant after 90 days and do some renovations and then rent out for market rate. How do I properly approach this situation? Is this a situation where I give them an ultimatum of either the rent goes up in 90 days or here's your 90 day notice and provide paperwork for each situation? 

Even before that, would I provide them with a lease agreement tomorrow, requiring a security deposit, that would be month-to-month for the interim?

If what you're saying is true, then as long as you know there is enough interest in the area to have it constantly rented out and there are no monumental problems with the property then it seems like a pretty good deal.

My only concern is if this is an on market property then those numbers seem high that would indicate it either needs work or is in a bad neighborhood. If it's an off market then who knows. Just make sure to verify everything. Liens/tenant info/structural integrity, etc.

Recently got into real estate and I can't get enough. I'm addicted to learning new information and try and do at least one positive thing a day to move forward. I'm hoping to be financially free in 5 years and currently am in the process of closing on my first property (Done before I knew all that I know now, but it's still not a bad deal). Still in the process of forming my Core Four and networking locally to find private money to fund my BRRRR style deals. I'd love to meet and chat with people to learn more.