All Forum Posts by: Jason Boulay

Yes, you can flip as an agent, but must disclosure your personal interest as mentioned. In RI, there is the Disclosure of Personal Interest or Family Relationship form that you'd complete/sign and attach in the MLS. In addition, there is also a field when entering the listing called RE License Owned that you'd mark yes when you have any amount of ownership in the property you are listing.

@J.D. Barton

You want to study your market on a few different items. You seem to get push back on a security deposit of one month of rent. Is that pretty typical? It may be legal, but is it common to ask for that or is a lower amount the norm.

You said new construction is renting for $1,380 with a carport. Does that also have 2 bathrooms? What is the square footage of that unit compared to yours? Do they have other amenities like in unit laundry, swimming pool, fitness center, any utilities included, etc?

Without really knowing all the details and your market, I'm getting the impression that you may be overpriced. From what I gather you are asking $120/mo extra for an additional bathroom and a two car garage over a carport. That sounds steep given that the other unit is new construction, unless your unit is completely renovated top to bottom.

@David Goldstein

Does the studio have a full kitchen with range and refrigerator? Are you financing this purchase? If so, you may run into issues getting financing. Most appraisers will have a problem if there's a range and refrigerator in there. If it's just a sink, technically it's just a wet bar.

I can't say enough about Melissa D'Ellena with D'Ellena Law out of East Greenwich. I just had another closing with her yesterday. You can PM me for contact info.

Is this house on sewer or septic?  If it's on septic, one thing to consider is how many bedrooms the septic is rated for.  If it's not a three bedroom septic, the renovation may not be worth it if it requires a new septic or conversion to sewer.  You may want to start with the department of public works.

I have used Sean O'Leary in East Greenwich for many years.  If interested, feel free to PM me for contact info.

You can't change the lease terms in the middle of the lease unless you amend the terms and are both agreeable to it.  You'd have to wait until the lease is up.  I can't imagine he'd be agreeable to a higher late fee.

In Rhode Island, you do have the option to evict as the tenant loses their right to cure the 5 day demand if they have received two 5 day demands in a six month period.  Although I think a conservation of some sort is the best option before eviction as paying late has been established as an acceptable behavior.

I would recommend getting a more aggressive attorney or have another attorney who may be more experienced with evictions to handle your evictions.  This should have been information your attorney should have told you rather than you researching on your own.

My recommendation would be to have a frank conversation with your tenant.  Tell them you have been understanding of their financial situation in the past, but it hasn't seemed to correct itself.  Your looking for a tenant in the apartment that is willing and able to pay the rent on time.  You understand that life happens and from time to time rent may occasionally be late.  If rent is going to consistently going to be late, then things may not be a good fit and talking about a day to vacate would be best.  This would save you costs on filing for an eviction as well as the cost for your attorney.  Have the tenant sign something in writing of the date of move out.

If they say they can pay on time you may want to give them April to figure things out and May absolutely has to be on time.  Whatever you agree to, you have to be firm and not renegotiate it in the future.  It may not be a bad idea to put something in writing that April rent will be paid on or before April 20, 2019 (or whatever he says he can pay by), May's rent will be paid on or before May 1, 2019, time of the essence.  Failure to pay either of these payments on time, tenant agrees that lease will terminate and will vacate on X date.  I think having something in writing shows how serious you are, even if it may not be legally enforceable.  It certainly eliminates any confusion as to what expectations are of a verbal conversation.

@Akeim Fin Just to clarify the situation, you sent a notice on 15 Jan 2019 stating that the rent will increase as of 1 March 2019?  If that is the case, that may be considered a lease renewal offer.  By not vacating at the end of the lease, the lease term would renew on a month to month at the rate specified in the letter.

Depending on the terms of you lease, you may be able to charge court costs and legal fees associated with an evictions to the tenant.  You'd have to review the terms of the lease to see what is permitted in the event you are challenged by your tenants.

You can use the security deposit for any legitimate outstanding balance.  You must send the remaining refund and/or statement listing the damages deducted from the security deposit within 20 days of move out.  Fail to do so may leave you liable for damages of twice the amount due back.  You simply cannot take the security deposit to cover the outstanding balance without notifying the tenant in writing of the damages even if they may be aware.

Be sure to get a forwarding address from the tenant.  It's a good practice to have all occupants sign a vacate form in writing that they are vacating the premises on a particular day - nothing verbal.  There should be a spot for them to provide a forwarding address on the vacate form.

There's not all that much you can do to protect the condition of the inside the of home.  There may be damages and that goes along with inherited tenants and evictions.  You hope that when you bring new tenants in you avoid or reduce those chances going forward through your screening process.

Do the terms of the lease automatically renew or have the tenants give notice to vacate or have you sent a termination of tenancy?  It sounds like you expect the tenants to pay rent and vacate at the end of the month, but that may not necessarily be the case.

As @Anthony Thompson said, the safest day to send your 5 day demand is on the 17th of the month.  I have been sending mine out on the 16th and haven't had any issues in district court in Warwick.

I've worked with Sean O'Leary with O'Leary Murphy Law out of East Greenwich for years.  He focuses on evictions, among other things.  For all my evictions, I've gotten possession and a money judgment, not one or the other?

Don't refund the security deposit to your current tenants early.  The point of the security deposit is to cover any damages to the unit or cover any outstanding balances at move out.  You are required to refund the security deposit within 20 days of move out provided that you have been given a forwarding address to send it to.