All Forum Posts by: Peter K.

Anybody ever use the Patriot Express Loan to acquire investment properties? It's another way of creative financing for Veterans and I would like to know if anyone ever used it!

@Adam Schneider

Once the 10 day is over, how do I proceed with an eviction? which court do I need to submit my paperwork? 

Skipping forward to courtesy rent payment notices, calling her, emailing her, etc- Already in the process of a 10-day notification of pay or vacate after giving her a 5 day grace period per NC State laws (posted on her door and photo taken). Once that 10-day is expired and the tenant does not pay the late rent fee and the rent (online using cozy.co), I will proceed with the eviction (she ignores my calls or just doesn't have any form of communication- idk- I'm not chasing after her- it is her responsibility). How do I file an eviction paperwork? and to which court? 

@Teddy Smith @Brent Zande @Jeshua Patrick @Adam Schneider

All valid points.

I tried calling her and also emailing her, no response. I live next door to her so I can always go knock on her door but I don't wanna be a bother and want to "train" my tenant so I don't have to consistently goto her door to fetch for information. I will do so today to find out why she didn't pay rent. (Technically today is her 5th day of grace period, and she will be legally late as of tomorrow).

Cash for keys doesn't seem like the best option right now because this is literally her 2nd month living here, there is no way she's moving out in January in this cold with all the furnitures she just moved in last month.

If she isn't home I plan to print out and physically stick the 10-day notice to pay or vacate on their door and take a photo of it. Then after 10 days, which will be 16th, I will start file my eviction paperwork to the court.  

@Adam Schneider She has bad communication with me, I make all the effort. The tenant pays through cozy.co so there is no possibility of payment that is in transit or lost, no excuses.

So a tenant has not paid her rent on the 1st of January, which is due. I'm pretty sure NC law allows a 5-day grace period for the rent to be due.

I sent out an email reminder on December 28, 2017 to pay rent on the 1st since it was 5 days out. I also posted a courtesy late rent due document physically on her front door on the night of January 1st, 2018. Today is January 4th, and she still has not paid her rent. After tomorrow, it will be January 6th, which will add a late fee (per the contract), my question is, how do I serve a notice to pay or quit (and how long do they have to pay the rent AND the late fees) before I can start my eviction? Please advise the steps in North Carolina, thank you.

This pertains to Eastern North Carolina, I have a property that is NOT in a flood zone but I have considered getting flood insurance due to the severe weather here in the Summer months and heavy rain, however, the lowest insurance I can get will cover $20K property with about $33/month for the insurance, which will eat into my cash flow, I don't know if it's worth it or not. I also can't cancel the flood insurance unless if I sold the property (according to the quote I received) so if I'm going to go with this, I need to be 100% sure. What are your thoughts on flood insurance? Is it worth it for someone who is in a low flood zone area? 

This is for a security deposit, my state requires that you have it in a physical bank located in our state for holding of the security deposit, if not, you need a bond from that bank you have it deposited - since it is out of state- how do you go about getting a bond from an online bank and how does this "bond" work? Is it basically a promissory note stating that the funds is available? 

What if it isnt a physical located bank in NC? What about online banks? Does that suffice?

I own a duplex, no LLC, for security deposit, I read online that for NC it needs to be in a trust acct or a bond for that amount? Can I not put it in a separate personal savings acct? Would that not suffice?

I'm doing some screening for tenants and one I came about that is interested has more than 5 but less than 10 collections accounts. But credit meets minimum and income meets minimum requirements. Would this be a red flag and a disqualifer?