All Forum Posts by: Richard C.

Take a dispassionate look at your options.

It seems to me that things went off the tracks when you established that +30% per diem rate. And now instead of a cooperative tenant who would have left on time, you have a fight on your hands.

I haven't been a tenant in 20 years, but I can still understand the thought process. "He is trying to screw me over, is he? Well screw him, let's see how he likes this."

I am frankly wondering what the heck people shouting about eviction are thinking. They're leaving in 49 days. Can you even get an eviction done in that time? I can't, and I live in a pretty landlord-friendly state. All you can do is turn an uncooperative attitude into outright hostility. Ever dealt with Quickcrete in the toilets?

Also, as I read your post, there is no rent overdue. They are telling you they won't pay, but they don't have to until the first of the month, right?

This is a business, not a playground show of dominance. And so I would ignore the chest-thumping advice you will likely get in response to this thread, and work something out with the tenant. You want them gone, they want to be gone, you're more than half-way there.

Copying in @James Wise . Who I believe has stated before that "wholesaling", as commonly understood, is illegal in Ohio. Which would certainly explain why a clause stating that the intent is to assign the contract is problematic.

Your buyer is going to have to wait 6 months before starting work. Which means you probably don't have a buyer.

So you need to pay off the tenants. Do not expect it to be cheap. They hold ALL of the leverage.

Wholesalers are always claiming that wholesaling is about relationships, right? Well in the situation you have outlined, the most important relationship you can build is with the tenants.

Visio spams me constantly since I looked at some econohomes listings. The terms are about what you would expect. 65% LTV.

The one thing that stuck out at me was the $1495 fee required in EACH year of the loan.

When you are talking about 3 year loans on houses below 50k, that is steep.

Can they have furniture? Is it specified in the lease? How about a microwave? A blender?

I sympathize with your nightmare tenant situation, but that last paragraph is absurd. People get to do any of the normal sorts of things that people do in their residences, unless the lease forbids them.

I looked fairly closely at a couple of their homes. You have to take on more title risk than I was interested in. But I know they guy who bought one of the houses I looked at, and so far it has worked out very well for him.

And after all of the long philosophical back and forth about the intent of the tenant and landlord, etc, etc, isn't this really the essence of it?

Don't know that I see evidence of clouded judgement. Quite the contrary, actually.

So this homeowner can do one of two things with their equity. They can let the foreclosure happen, and take the overage (the equity.) Or they can give that equity to you.

Why would they do that? Not for "walking money" that's for sure.

The only thing you can offer this homeowner, maybe, is the ability to avoid foreclosure. Which is worth a lot to some people, and nothing at all to others.

The aughts. Specifically the 19-aughts, 1900-1910.

I lived in a triple-decker built in 1904 with woodwork and finish detail you won't find in any non-custom home today.