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All Forum Posts by: Michael J.

Michael J. has started 32 posts and replied 337 times.

Post: Inheriting Tenants - What Should I Ask For From Seller?

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123

Make sure the lease and applications are signed by the tenant and not a printed copy.

Post: Finding Motivation to Start

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123

IMO I would focus 100% on passing the bar exam and once you get that knocked out then focus on RE. Chances are it is holding you back dealing with the stress of passing. In my experience it is better to follow taking the test after a period of study with no distractions in between.

I have had to deal with stress of taking high level IT exams for certifications and I’m sure the bar is even harder than that and takes a lot of focus and attention. RE will still be there after you pass.

Post: California proposed giving tenants 10 years to pay their rent

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123

In the OP it says that the "The state would purchase unpaid rents", does that mean the landlord still gets paid but the tenant has time to pay back the state? That means the LL still might have to go a while with no rent income.

Nothing like committing lower income renters to 10 years of debt servitude.

Post: The Tenant on the Rental Agreement Informed they moved out their.

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123
Originally posted by @Jennifer Harper:

*** Update**.  The friend rent check appeared in the mailbox today (without the late fee)  He (owner) is thinking of just avoiding vacancy/eviction hassles and see if friend will sign a new lease in their name.  Is that smart?  Since it came in the friend's name as return address we believe this is the first time this person is paying rent.

IMO I would also only put them on a official lease if I ran them through a full blown background and reference check. 

Chances are this friend of theirs is a terrible candidate otherwise they would not have pulled a stunt like this to start with, they probably can't get through a background check.

Cash for keys might be the most pain free way to get them out. In the long run if this squatter is a turd of a tenant then they could cause more damage and pain if left in the unit.

It sounds like it is too late but better to not accept any money if you are evicting. He could reduce the rent by the late fee amount and evict on non payment.

If possible he should try to get any evidence that the tenant moved out, has a different address etc. Anything that cane prove they did a switcharoo and help  get them evicted if it comes to that.

Post: The Tenant on the Rental Agreement Informed they moved out their.

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123

The tenant is still legally on the hook. The friend staying may have tenants rights now though.

I would remind the tenant that will be responsible for any damages during the eviction process. If they had any sense they would cooperate fully.

When evicted there is certain terminology they need to use, they need to evict the tenant on the lease and all residents, not just the named tenant. Might be worth evicting with a lawyers help.

Post: Abandoned booze, keep it or leave it?

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123

Personally I would not leave anything consumable for the next tenants that I did not provide and have control over.

Too many possible liability issues. All it would take is 1 out of 100 to be a problem and you have a massive issue to deal with.

Post: New tenant is requesting repairs after signing the lease

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123

You should be very careful. If she is disabled or claims to be disabled in my state you must make accommodations for any disability, in my state the tenant has to pay for the change but I can’t refuse it if there is a disability.

I don’t know what the issue is but if there is a legitimate concern like loose steps or missing handrails then get it fixed ASAP.

Hopefully she won’t be a complainer but if she continues asking for repairs that are not related to possibly being disabled then maybe try the happy clause but do not let anything be construed as refusing something for a disability. Fair housing laws should be taken very seriously.

Post: Move in without having turned on utilities ??

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123

I would make sure that you set them to be turned off before the tenant moves in. It can depend on the state laws but it is most likely illegal to turn off utilities once a tenant moves in so if the tenant decides not to put them in their name you are stuck billing them for the utilities and evicting if they don’t pay.

Post: Tenant said he'd be naked when I'm doing tours for new tenants

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123

Haven’t read all the replies but an interesting topic, lol.

I see things a lot more from your perspective than the tenants and I think you are technically right as far as the law goes.

But IMO I would avoid showings on holidays, he very well could have had plans for the evening that involved the horizontal mambo, I would make an effort if I can to avoid a showing on a day that is not convenient.

I definitely agree with the idea of showing the unit in advance and try to get a new tenant on a lease before the old one leaves. But it is a nuisance for tenants and they just need to deal with it ultimately, however if you have a obstinate tenant that is not working with you it may actually be better to wait for it to be vacant or work with them on a convenient time to do a showing. A bad tenant could tank a good prospect and you don’t want that even if it means taking a little longer to fill the unit.

You could also offer a bonus after they move out. I have offered tenants a $100 bonus after closing on a property to just help ease their cooperation with showing the building to buyers and it worked great for me.

To the average mid to lower income tenant $100 is a lot and makes a big impact.

Post: How I Created an Additional $7,000/Mo. Cash Flow in 4 Years!

Michael J.Posted
  • Rental Property Investor
  • Louisville, KY
  • Posts 342
  • Votes 123

Awesome! Thanks for sharing your story.

Winning the lottery is luck, building a business is hard work and determination!

I still work a job but don’t let the health insurance issue hold you back, just think of it as another business expense you budget for. Buy another building to cover the extra cost.