All Forum Posts by: Ron Huff

4 people when you leased to 2 people is twice the wear and tear on the property. Also, if they are not on the lease, they are not legally bound to anything. Yes, the main tenant (the signer of the lease) is ultimately responsible, but what if they move out? The others need to be on the lease.

Hi Johnathan. Kudos for wanting to be totally up front with the seller, but they shouldn't be concerned with the assignment of contract paperwork. They should only be concerned, and satisfied with, what you (or your asignee) are giving them for the property. Remember, there are two deals here:between you and the seller and you and the buyer. I wouldn't complicate your deal with the seller by mixing in parts of your buyer deal. It is okay if your seller knows you are trying to find a buyer besides you. You are providing a service to him/her. Hope this helps.

As far as the $, if they do pay you something for this month, the first portion of that is your late fee, the remainder is the rent. If they just pay the rent amount, they will be behind again. If you have a grace period on the rent (ie...due on the first, late on the fifth etc...), and it isn't past it, you should contact them and let them know that they are behind the amount of the late fee, and give them the opportunity to catch it up before they are late. Like everybody else has said, serve that notice as soon as they are in breach.

He's going to be there anyway, and it's really good that your tenant thinks enough of your relationship to seek your approval, rather than just leaving it up to you to figure out. That being said, it is better to have him on the lease. That way, you are covered. A new lease would be in order.

Hello! My name is Ron Huff. My wife, LaWanda and I  have always loved real estate. We have dabbled over the years (we currently have 2 sfh rentals, recently completed a land contract sale (mobile home with land), and have done a couple of small rehabs). We are looking to begin a rehab business to generate income, and continue to buy sfhs and small multi family properties for passive income (we ain't gettin' any younger!) I am a firefighter, and my wife works in the oilfield supply business. Looking forward to networking with like minded people here on bigger pockets.