All Forum Posts by: Account Closed

Many of the requirements in the law are the "default settings" if nothing is done (tenant disappears) or the two parties can't reach an agreement (one or both parties are being difficult).

In this case, it sounds like the surviving family wants to get this matter over with as smoothly as possible and not have their former loved one become a burden on the landlord (otherwise, why would they have bothered to let you know the rent would be late). The family probably understands the landlord is running a business and wants the matter settled without any hassles. They probably don't understand landlord-tenant law (unless they happen to own rental property or one of them is a lawyer).

When I was a student (and didn't have much money), I was at a mom-and-pop sandwich shop where another customer requested a special order of half of one sandwich and half of another. When one of the employees asked how they should ring up the order, the owner said the full price for both sandwiches. Legally correct, but bad PR. I scratched my head and decided never to eat there again.

Human nature never changes. When something is made illegal, it moves underground and prices increase. Most people don't really care. Many home-based businesses are technically illegal (what they do is legal, but they do it at a location not zoned for commercial). As long as these businesses remain under the radar, most people will ignore them.

In my case, I worked out of my home for years as a technical writer (standard desktop computer and laser printer, along with a telephone and high-speed home Internet connection). If I was running an independent business, I would have needed a business license and commercial insurance. But I was working through a small temporary help agency that let me work at home, the same way Corporate America allows some its workers to work at home (no special license or insurance is needed).

The city business license where I lived was $150. California came up with a way to catch these small illegally-operated businesses, but my tax return showed W-2 income and no 1099 income. I legally flew under the radar.

https://www.ftb.ca.gov/businesses/City_Business_Tax_Program/index.shtml

I wouldn't mind if the house next door to me was used for short-term rentals as long as the guests behaved like any other resident. But if I was bombarded constantly with loud parties, I do care what is going on even if the occupants living there are rowdy long-term neighbors. If I ever found out the house next door to me was dealing in street drugs, I would quietly submit a tip to the police. 

Helping would-be homeowners scrape together a down payment is creating opportunities for entrepreneurs.

https://www.nytimes.com/2018/06/01/your-money/home-buying-shared-equity.html

To afford my first home back in the 1980s, I used "creative financing" when interest rates were in the double digits.

In the 2000s, I was a homeowner and remained on the sidelines when we had NINJA loans (no job, no income, no assets).

I'm going to answer your question with a joke.

Dreamers build castles in the sky. Optimists live in them. Realists collect the rent.

https://www.nerdwallet.com/blog/banking/best-high-yield-online-savings-accounts/

Talk to your lawyer to make sure you understand and follow the rules (Google "lease obligation tenant death").

Put on your friendly customer service hat when dealing with the family and friends of your (former) tenant.

If it was my decision, I would be cautious.

https://www.biggerpockets.com/renewsblog/2013/02/19/tax-sale-properties/

If everything goes right, I could end up owning a house for pennies on the dollar. But if something goes wrong, I could find myself making many posts on the Tax Liens, Notes, Paper, & Cash Flows Discussion Forum.

https://www.biggerpockets.com/forums/70-tax-liens-notes-paper-cash-flows-discussion

You might want to go through the fine print of the lease and see what you can find.

The lease with the old landlord included tampering with a utility meter as a breach, but I don't see that clause in the lease with the new landlord.

Since you're looking at renting out your building, you might want to consider adding a home security system and have the monthly monitoring cost (charged by the alarm company) built into the rent. If you're in a high-crime area, this might be an amenity to offer.

Some cities have an opt-in program where people with web cams can volunteer to let the police see any video footage of a crime. The police can always access the footage by going to court and getting a search warrant, but opting-in means you've given them permission ahead of time.

When I sold my house a few years ago, the paperwork asked about a burglar alarm. What has changed over the years is that these systems have gotten much cheaper and more sophisticated than they were when I had mine put in.

Security systems don't eliminate crime. Surveillance video is shown all the time on the local evening news asking the public's help in identifying the robber. But at least there's satisfaction knowing that the bad guys might more likely be brought to justice.

I knew a landlord who owned a fourplex with four long-term tenants paying below-market rent. All parties liked the arrangement and no one wanted to rock the boat. The landlord kept the rent low and the tenants remained wonderful tenants. Since the fourplex was purchased (early 1970s) before a major market appreciation, it cash-flowed well.