All Forum Posts by: Ricco Ardemagni

Hi BPers - I inherited a tenant several years ago. He's currently on a month-to-month lease. Over the last year he has slowly slid to consistently being 2-3 months behind on his rent. His attempts to "get caught up" are not happening anymore. I started hinting a couple of months ago that I will need to take legal measures if he doesn't get caught up and back to consistent payments. Other than rent issues, he keeps the house very clean and maintains the property decently. If you were trying to remove this tenant from your property, would you:

Give 30 days notice that you're not renewing his lease next month and ask him to leave? 

Or start the eviction process?

Monthly rent is $750, so I'm wondering if the costs/time/stress of eviction are worth pursuing if an option is to just tell him I need him out in 30 days. I was planning to renovate and update the property once he did decide to move out one day, so not renewing his lease would just be an opportunity to jump start that.

Thanks for your comments!

@Jennifer Dunlap @Matthew Kane Great, yes let's connect guys. I'll DM you both my contact info. Thanks!

@Billy Daniel thanks! DM sent! 

@Brandon Baker great! DM sent. 

@Brandon Baker That would be great. Do you travel this way very often? Would be great to meet and collaborate some.

Anyone flipping or building in Hot Springs? Inner city / downtown? Would love to connect with you. I'm seeking mostly buy and hold for long term rentals, but I think there's room for strategizing with flippers/builders to increase values and shore up sections of neighborhoods in chunks at a time if a group of people are working together. There is a shortage of renovated / newer homes in the area. 

@Cameron Moore @Joe Splitrock thank you for your insights. They will help guide me to a solution. 

Hello Community - 

I have a single family home under contract. Currently securing traditional 30yr long term financing. Loan and title will be in my own name. I haven't had trouble getting a rental insurance policy, but I am having trouble getting a general liability policy put on top of it because the existing tenant has a pitbull. 

Existing tenant/family is section 8 renter...been with current owner for 4.5 years and supposedly a good renter. Overall they appear to have taken good care of the property. Their existing lease isn't up until 12/31 this year. I'm unaware if they currently have a renter's insurance policy.

Suggestions or options? Anyone know an insurance company willing to write general liability coverage for this type of animal? I'm in Arkansas.

Thanks.

@Melanie Moore tough decisions! But good decisions to be faced with. I'm sure you'll make a success of it either way. I think it boils down to whether you think the equity in your current home will earn more money there over the next 15-20 years, or would it earn a better return on a different real estate investment. A town that's run down could go a couple of ways...if it's losing population and jobs then there will be downward pressure on rents, but if you're providing a well-cared for home in a town where there aren't many well-cared for homes to rent, then you could still be pulling the best renters in town. I think a lot of folks could say "I wish I had held onto that property" when they've got their hindsight goggles on. 

FYI...when I say LR I mean Little Rock...I thought I saw Little Rock in your original post and then realized you only mentioned Arkansas.