All Forum Posts by: Patrick Owens

So, I have been reading about the areas that have rent strikes and draconian “No Eviction or Penalties” cities and states.

I feel that these cities and states have set a new precedent. I would like to leave these areas of investment for more adventurous investors.

Is there a centrally located list of newly landlord-unfriendly places?

https://www.bloomberg.com/news/articles/2020-05-12/if-landlords-get-wiped-out-wall-street-wins-not-renters

@Colleen F.

Yes. It's a whole neighborhood of zero lot line houses. If he places a gate anywhere else on his property, it will go into so.eone else's back yard. The reason he chose my yard is because I do not have a completely enclosed back yard yet and the neighbor behind me does not either. So, the kids can go through my back, the neighbor behind mine's back yard, beside her house and into the cove via her front yard.

@James Wise

It appears to be 4” inside his property line

@David Clay

Excellent advice from all. Posting questions on BP is always worth it.

I really don’t care about the kids cutting through as my yard is ok, but no showpiece. It’s actually going to be a rental one day.

What I fear is the possible litigation if a child is injured playing in the yard.

This actually happened to my primary residence...

My neighbor recently enclosed his back yard with a standard 6' wooden fence. He added gates to each side of the house (nothing atypical here). Then he added a gate that can only be opened from his side that leads into my back yard. It appears from the traffic that this so his kids can cut through to the cove behind us.

Just for reference, he has broken several HOA covenants, but the HOA has proven to be toothless. But that's another story.

Has anyone had similar experiences or know of a remedy? I am planning to seal his gate off on my side with a second fence if there are no answers.

So, I recently saw a news clip stating Congress will release funding to help small businesses.

Has anyone had experience with the Small Business Administration (SBA)?

Do they help real estate investors? LLC s?

Thank you everyone for the information.

We sent a welcome letter to the tenant on the closing day. It was especially important because they were new to renting and new to the state. They voiced concerns to the previous owner that we would toss them out or immediately raise rents. The letter was sent to calm those fears and give them the necessary information (who we are; how to pay rent; who to contact us for emergency and non-emergency issues; etc).

We just wanted to make sure that if something ever “got ugly” that the tenant couldn’t say that the contract was not between us and them.

I will look at the existing contract for verbiage on turning it over to us.

So, I closed on a rental property last week with a new contract in place (12/2020).

I know that I must maintain the original contract terms. Since the contract was between the previous owner and the tenant, should I try to have a new contract drawn up and signed or possibly an addendum stating the contract is between us and the tenant?

They have been good tenants for the previous owner, but I would like to have coverage for us

@Brian Eastman

Thank you.

I suspected that was the case.

I am considering methods to increase cash flows in my self-Directed IRA that can benefit me now. So, can my Self-Directed IRA hire me as the property manager over the rental property?