All Forum Posts by: Dick Stevens

Some states will not allow a landlord to do that.  It’s considered a form of age discrimination.  Check your local laws.

Never do that again.  Forgoing the security deposit for pet rent is an odd choice.  Now you’re out the security deposit and pet rent.

Contact the co-signer and make him aware of the situation.  He may be able to talk some sense into her as he isn’t going to want to be dragged into the mess.  Ask him to pay you any money due that the tenant has refused to pay.

Always collect cash or money order for move in funds.  The lease is valid and you’ll have to evict.  You got scammed.

In that case I’d probably rent first to see if the buisness is actually going to be successful before buying.  You could probably even start out of a home office.  I can’t imagine there is much demand for commercial subletting though.... have you done any research on this?

Very poorly worded... what is your question?  Are you starting a subletting business?

If you previously determined this was a good investment purchase, don't let one tenant ruin the deal for you. Given the new information with the tenant being behind on rent, just use that as a negotiation point with the current seller - reduced purchase price, paid closing costs, money in escrow to use toward tenants eviction, etc. If you already signed P&S I'd say it's too late though.

Curious to know your monthly net profit on the $1450 in gross monthly rent?  Was it rented at $1450/month for all 14 years of occupancy?

The homestead act will protect your primary residence in Mass.  Make sure you properly filled for homestead.

You should have considered the time factor prior to buying the place.  Consider hiring some of the work out.  Sure it will cost more to hire out, but your real goal is to get a tenant in the unit ASAP so it starts generating income.  Vacancy is a landlords biggest expense.