All Forum Posts by: Orrett Lawrence

Hi all,

I am in NC, I have a SFH that support the STR to MTR market. I have a MTR guest that has stop paying and refusing to leave even after I sent him a demand for payment or leave the property.

What's the most effective means of dealing with this issue?

I have started the process to sue for rent ( waiting sammons to be served via certified mail, Sheriff office is backed up). Court date is in Jan. Also client is not responding to phone calls/emails.

In the mean time, what else can I do to remedy the situation?

Looking for alternatives.

Hi Sean O'keefe I would like a copy of the real estate professional logbook.  Thanks.

Hard pass. Find someone else. Its not worth it.

Hi Alex, Your situation is not unusual, I see this happens often. If I was face with your situation, I would pay the shortage upfront now rather than taking a year to pay it month by month in case you will plan to borrow in the near future. You don't want to have an investment property that has a negative cash flow, it's not an advantage. I would also look at the current interest rate and term to see if that's a lever I could use to change the cash flow situation. I would also look at my Insurance premium and try to see if I can get something cheaper. Other options I would consider is renting each individual rooms (this generally increase the monthly cash flow vs renting to a single person). Depending on location, you can go mid term rental target traveling nurses/ business travelers (if you are subject to HOA rules check that first to see if its allowed). Are you using a PM, you can automate or become your own PM for a while, Are you charging a premium (additional $50) for being on a month to month lease instead of standard year lease. Each of these are just levers that, when combined, could change your cash flow gap. You can find a solution.

Thanks for all your input and view points. Its greatly appreciated. 

Hi Shan- Did you rent through AirBnB or VRBO or some similar platform? If you did, file a claim them. (have photos of events and invoices (to show your expenses).  If this was a person to person, then you might have to use small claims court to recoupe some of that expense. Question for you, does going down that path worth your time?  

I am by no mean an expert on how to proceed, these are just a few options I would consider.

I am real estate investor with a focus on building a portfolio of SFH and Multi-family apartments primarily along the East course . I have SFH rental properties (STR & LTR) and now looking to grow my portfolio. I have a growth mind set and want to learn and share through every opportunity.

A current tenant has damaged the rental property beyond the normal wear & tear. (3 by 6-foot hole in dry wall; Garage access door complete broken off with damage door frame, the main entrance door way frame is broken and need to be replace, damage to the rear entrance door frame as well). My PM has gotten a few estimates for the repairs and forward them to the tenant. Tenant indicates they can’t afford the repairs can do it. (cost of repair is about a month’s rent).

Besides a none renewal of lease which only a few months away, any recommendation on what to do next or another strategy to address the situation would be greatly appreciated. The property is located in NC

Hi Michelle thanks for your input.