All Forum Posts by: Account Closed

@Bryant Brislin I went through this earlier this year, however it was not exactly friendly.  Basically the tenant stopped paying rent and utilities, had the water and electric shut off then abandoned the place with possessions left behind.  Once I had in writing that the tenant had abandoned the apartment I paid to have their possessions moved to a storage facility, where is was to be held for 30 days then disposed of.

They eventually showed up and asked for their possessions back, which I had to legally provide even though they owed thousands in back rent and unpaid utilities, plus damages.  For good measure they left the windows open in December apparently hoping for the pipes to freeze, but the water was turned off so you know.

It was incredibly frustrating, but you have to keep your cool and follow the law.  I am not in the process of trying to recover the unpaid amount, who knows if I will see any of it but I am still pursuing.  

Interestingly enough 2 months after they received their possessions all of the sudden they claimed that things were missing and broken.  I told them that everything that was left in the apartment was cataloged and condition documented, and that the case had been turned over to our legal team.  Have not heard a word since then.

So from my experience a few pieces of advice. Make sure you have it in writing that they have moved out.  DOCUMENT everything you find in the apartment with pictured and videos the more the better.  Finally, follow the law or you will open yourself up to lawsuits.

For anyone who read the amount owed and thought it should never have been that high, you are correct.  I started the eviction process promptly after the first missed payment and 3 day notice.  I ran into a judge who delayed the eviction and only convenes once every 2 weeks.   Good luck

@Nathan Killebrew great mindset, just need to be in a different room.  Focus on financial independence is unique enough, having that mindset in college makes you a unicorn.  You will do great things, stay focused and know others are out there.  Good luck!

@Simon Savard thanks for the clarification.  Are you partners local to Rochester?  If you have a partner who is a US resident would you then be eligible for a bank loan?  

@Simon Savard perhaps a local hard money lender would be an option.  Not sure what your timeline is, just an option to consider.  Good luck!

@Eric Jones that is funny, I am in the same situation with a tenant and about to renew the lease.  With all of the late fees they have paid you essentially have a security deposit equal to a year rent.  Enjoy the extra cash!

@Whitney Michelle Buckley of the 2 deals that you had under contract that fell through, could you have sold one of the contracts then used the proceeds as the earnest money on the second contract?

If you are able to find true deals and put them under contract you have something of value, even if you don't have the earnest money at the time. 

Good luck. 

This seems to be an emerging strategy in locations with a shortage of affordable housing.  Instead of making difficult decisions to provide a long term solution municipalities are going to shift the responsibility to landlords.  

@Mitch Kennedy that is good to know, I have not had that experience.  In this case it was not that new oven smell, but will definitely keep that in mind!

Best recent complaint was that the oven was making the smoke detector go off.

@Steven Gilbert are you looking to raise money from people you have an existing relationship with?  You need to be really careful raising money, as it is easy to unintentionally violate SEC rules, and they do not play around.  Turns out, "I didn't know" doesn't work as a defense.

Your ambition is great, and wish you the best.  For what its worth, some things are worth doing yourself, some things are worth paying a professional.  I highly recommend consulting an attorney who can advise on following SEC guidelines.  

Please post an update to the thread to let us know how you are doing.  I have raised money for a few deals and they turned out well for everyone involved.