All Forum Posts by: Paula Hernandez

If anyone stays in past closing you hold a LARGE amount of money in escrow and charge 2x market rent. You want to be nice you make that first 30 days reasonable and then double it on day 31. 

You shouldn't have closed until she was out. If she wanted an extra 30 days to move, you should have charged her rent AND kept a large hold back at closing with escalating amounts if she wasn't out in 30 days (ie you get an extra $500 from the hold back for every day after 30 days that she's not out).

Is the house habitable for rent? If you would have worded in rent would that have made her and her living conditions your responsibility to maintain at her benefit?

If she hasn't moved by day 35 she won't be ready by day 45. She's going to need a push by either a legal or financial threat.

Our first flip the seller left a drool covered growling pit bull caged in the kitchen. After 24 hours we told her she needs to get there before animal control takes the dog. Our lesson learned. 

Welcome to flipping! If you think things are weird now just wait. Best of luck! It will be worth it, this is just one of the many problems you will get to solve. 

This is a very creative strategy that has worked for me: If nothing works, offer this!!!!  If she moves out quickly, offer her a profit-sharing agreement of 5% or less on top of your goal profit when the property sells. This will give them the illusion that they will benefit from leaving and will cooperate with selling the property. In the end, if you do the math right and you are putting it on top, it would be better than losing time and potential money to interest payments if you have a loan. 

Why did you close while they are still there? NEVER! Also, you should have held back 10k, what to do, evict her! Knock on the door, tell her to get out! Lesson learned, never close until vacant 
Good luck