All Forum Posts by: Ryan Murdock

@Jon-Michael Veronesi Check your state law to make sure billing that back is legal. Some states are very specific on what fees you can and cannot bill back for with regards to eviction proceedings, 

@Bryan Carleton

@Justin Freeman is a CPA out of Brewer, a real estate investor, a BP guy, and lives and breathes taxes. He takes care of all my stuff and does a tremendous job with it.  

@Matthew Wright

Lots of well intentioned but incorrect timelines for ME here. 

When rent is 7 days late you can/should serve the 7 day notice to quit on the 8th of the month (assuming rent due day was the 1st). Follow the statutes with wording and process or it'll get tossed out if you go to court. Meanwhile, secure a court date.

Late fee can't be assessed until 15 days late so hit them with that on the 16th. Late fee can be no more than 4% of monthly rent and has to be previously stated in writing with the tenant (like in a lease....). If they are just a tenant-at-will with no lease you can't charge them a late fee at all.

If they still don't pay have the summons and complaint filed and served by the sheriff since you already have a court date scheduled. Make sure you leave enough time to have the summons served far enough in advance of the hearing to meet the minimum time requirements (again, follow the statutes).

I would definitely suggest using an attorney for the first few evictions which will help you learn the process. After that there is little reason you can't handle them yourself so long as you follow the process to the letter. 

@William Mendoza Welcome to BP and congrats on taking the plunge.  Lots of great content here in forums!!

I've only done a handful of flips but I always replaced the heating systems, roofs, and any other major system that was even remotely borderline on age or wear. 

I'm guessing that beyond recovering the cost of the system(s) with a higher sale price I also expanded my market by attracting buyers who may not have otherwise been as interested in the property. 

I think this is especially valuable with homes marketed to first time buyers as they like knowing all of the "big things" won't have to be tended to for many years. I've seen it hundreds of times as a real estate agent in addition to my own projects: Brand new stuff sells.

What did the bank use for collateral? The land? The mobile homes? Both? Or did you refi a nice car you owned outright...?

Will your real estate lender still approve a loan if you refi the car? It may push your debt ratios to the point where you no longer qualify. Might want to confirm that before pursuing it much further. 

Or, sell the car and the ring :-)

Definitely tenant negligence. Take the entire deposit. They are lucky the damages weren't more costly.

@Aaron Sardinha ^^^ yes to everything @Ryan Naylor just said above. Great post.

That idea definitely did not come from me. I know of several people who do it but for years now I can't figure out how it's legal in Maine as all it really does is charge a late fee prior to 15 days. Anybody here ever test the early pay discount in court? I'd think you'd get blown out of the water by Pine Tree Legal. I would love to be wrong though.

Also, for the standard 15 day late fee - if rent is due on the 1st don't assess the fee on the 15th. Wait and do it on the 16th as that's actually the 15th day of it being late. And late fees also need to be stated in writing. If you have a tenancy at will with no lease you can't charge any late fees.