All Forum Posts by: Lee Nugent

thank you both for your insight on this.  I'm out making sales calls but I'm going to review this more tonight.  I may have other questions and again, thank you both

They expire at the end of the year.

Thanks Mark and Bob.  One of the clauses of the lease agreement is a bit cloudy.  Under the rent section of the lease, it states "The landlord may increase the rent for the property upon providing the tenant such notice as required by the act."  There isn't a definition of "the act" unless they mean the term of the lease in which, isn't defined.  

The issue with this property isn't really with the property itself.  The owners have treated their tenants more like friends than tenants.  For example, their response to some clarification that I requested seemed defensive.  I asked about raising the rent and they said that "I was not planning on raising the rent on the property until the lease was up...if then..."

Also, in the lease under pets, they don't charge a pet deposit, just a clause that says "A reasonable number of pets or animals are allowed to be kept in or about the property.  If, at the sole discretion of the landlord, this privilege is abused, or if the pets damage the property, or if the pets cause problems or interfere with the use and enjoyment of the property for the other tenants, the landlord may revoke this privilege upon (30) days notice. 

I know that I can increase the rent of one unit by $100/mo and the other unit can be increased by $150, but taking over the property with no security deposit for the pets (there are a total of 5 dogs between the two units) has me a bit on edge. Aside from that, the numbers make sense and would generate about $400/mo PCF even with the 6.5% 15 year term I have on financing.

Good evening BP.  I have a few questions that I'd like to bounce off of the community regarding a couple properties that I have under contract.  

1)  Do I have to honor the full terms of the lease or am I able to move the tenants under my lease terms?  (One of the property owners doesn't require a pet deposit, but I do)  

2) Increases in rent.  The same owner of the property with no pet deposit is shorting themselves on the rent that they are charging tenants. 

3) Can I have the tenants "reapply"?  I'd like to get background checks on the tenants, as well as ensure that all occupants of the unit are listed on the lease.  One tenant has a boyfriend/husband that isn't listed on the lease.  

I appreciate your input on this as this is my first go around and I want to be fair, but I also want to do this properly and not take a loss.  

Thanks everyone, have a great night.  

Lee

*will make or break your career.  I also believe that autocorrect is out to break me.  

@Bill Gulley  

Thank you for the great input.  I am in outside sales and I firmly believe that your reputation well make our break your career.  Thanks again!

@Bill Gulley 

 Thank you for your input on this and while I do appreciate it, I asked for examples so that I can educate myself.  I don't put stock in what someone just provides me; I want to know the why and the how behind a contract.  

I would still like examples from people if they are willing to provide them.  I want to see examples of what I've heard referred to as "weasel clauses" and why they are viewed in such a way. 

Thanks again, and have a great night.    

Good evening everyone.  I'm looking for a contract example for wholesaling that could be used in Louisiana.  If anyone has something that I could review as well as an assignment contract, I would greatly appreciate it.  

Have a great night,

Lee

Good evening everyone.  I'd like to also get copies of contracts so that I could run them by someone in Louisiana.  I may be looking at some deals in East Texas, so documents for TX would be greatly appreciated as well.  

 Thank you, this was gold!