All Forum Posts by: Scott Johnson

Looking into purchasing a duplex for 175k. However, closing cost are  exactly what I have in cash 20k. I was planing on doing renovation to the first floor as the second floor is ready to go. This will be all done through an fha loan. The seller is not offering seller credit but is willing to do the repairs to meet the fha requirements.

Should I proceed and buy the property?

And take out a loan for the renovations?

Any tips or suggestions would help.

Thank you

I have a seller that recently received a notice of sale under power. When the seller is in this phase of the foreclosure process is it too late to sell to a cash buyer? 

Asking because I’m getting conflicting answers elsewhere.

I generally agree with the others. I know you want to be nice, but it's more likely to give an appearance of weakness and could cause even more confusion. It's best to start the eviction process and keep it professional. There's a very good chance the Tenant will just disappear.

Speaking of which, have you actually confirmed they are still in the rental? I'm amazed by how many times Landlords go for weeks or months before realizing the Tenant has already moved out.

"Dear Tenant,

I told you I needed 30 days notice of your intent to renew. You have not responded and the deadline has passed. Your lease will terminate and I expect you to vacate no later than 11:59PM on July 31, 2023."

Any time you expect a response, set a deadline for that response and a consequence for failing to respond. That puts the ball in their court and it gives you the next step if they refuse to cooperate.

Our general rule is that a future tenant who has signed a lease, will have to pay for the rent until we can find a new tenant to move in. Per our lease we also can, and usually do, charge said tenant a fee to cover the additional admin cost of re-leasing a unit. 

Your lease is your best friend in any tenant landlord issue. 

Hi All!

First time landlord here. I have a three family apartment building where I’m renting the third floor to travel nurses. I just recently had a nurse sign our lease (expected move in was June 11) and now she wants to back out of the lease because she found another place. My lease doesn’t have anywhere stating about early termination of the lease (my fault) but isn’t a lease a legally binding contract once signed? Is she able to just say she wants out and we’re supposed to allow it?

TIA!

 I would rarely sign a lease without a deposit (there are some very specific situations and other non-monetary type deposits I may consider).

Hello BP community!
I realized I need to utilize this resource more when I have situations I'm not sure how to handle as a newer investor/landlord and could use the input/advice of a group of experienced people. 

Here is the situation. I have a MTR. A nurse has signed her lease and is set to move in tomorrow.
I just got a message from her with this scenario:
She had hip surgery in Sept. She was having hip pain so on her way from last contract (Colorado) to new contract (Omaha) she stopped in to see her doctor in Colorado. She was told the hip is not healing well and she needs to be on light duty. She contacted hospital to see if they could accommodate and was told no so her contract is going to be cancelled. 

I feel bad for her, I really do, and yet the lease has been signed and states:

Notice of Termination:
24. If Lessee(s) intends to vacate the Premises at the end of the lease term, or if the lease is month-to-month, Lessee(s) must give at least 30 days written notice prior to the end of this lease, or prior to the date of intent to vacate. If 30 days notice of intent to vacate is NOT given prior to lease term or date of intent to vacate, Lessee(s) are responsible for the equivalent rent amount due for the 30 days after notice is given.

What would you all do?
Do I release her from the lease and just try to get unit rented ASAP?
Do I ask her to pay the one month of rent?
(FYI no rent has been paid yet. It would be due today)

Sorry for the long message but wanted to get all the details so others knew the full story. Thank you all for your help!

Disabled people are not exempt from the law. They still have to pay rent, abide by the lease, and obey the law.

They are bad renters. It's not your fault they lost their leg or that they are struggling financially. You can pat yourself on the back for letting them live without an increase, which means you have subsidized their rent for four years and probably saved her tens of thousands of dollars.

Treat them like any renter. Give them a 30-day notice (or whatever the law requires) and get them out. Clean it up, figure out what market rate is, and find a good renter. In the future, consider an annual review and increase to stay close to market rates.