All Forum Posts by: Missy H.

Hi Mike

Welcome.  My home base is in LI but I currently live in Bloomfield, NJ.  

You have definitely come to the right place.  There is soon much to learn.  I have just started reading BP again and try to get in about an hour a day to read and respond to posts.  So, ask questions and we will all be there to help.  

Contact an attorney to have them send a 3 day rent demand letter - or whatever the first step may be in your state.  This will do two things.  1.  Begin the eviction process so you are not waiting until you are finally fed up with excuses and not wasting time.  2.  Let her know you are serious.  

Tenants can smell the blood of a new landlord from a mile away and they will bite.  Let her believe that you have your ducks in a row and won't be taken advantage of.  

Let us know what happens.  

I would not use their "last month's rent" to cover this current rent due.  The rent that is due is NOT their last month.  This money is to be used to cover month 24 not month 6.  

If they have not paid, start the process to evict.  It may take you only one month to get them out, in which case you would still have some money to cover the one month, or it could take them three months and if you wait until next moth, your will then be out four months rent.  

Good luck

I think that is a personal choice for you to make depending on your long term goals.  Did you run the numbers on the BP rental calculator?  Do they have a good cash flow?  Have you had it appraised?

If both of these numbers look good to you, then you are the only one who can make that decision.  Can you tolerate being a landlord?  Personally, I would hold it as a rental.  Just my 2 cents.

Hi All

I just visited my rental property to do an inspection and found that my tenant reversed the locks on the front and back door. The deadbolt is fine and can open from the inside. However, the doorknob is reversed and can only open from the outside.

During my time there, about 20 minutes, she could not find the key for the locks - allegedly. Of course my first concern is the danger that this presents. God forbid there is a fire and she and her children have to get out. I told her, in my limited Spanish, that she has to change the locks back immediately. Unfortunately, although I asked, my Spanish does not go so far as to understand why it was changed. I do suspect that either her boyfriend is up to something shady and is locking her in or she has done that so that she can lock the kids in when she leaves. Either way it is not a good thing.

I sent her a registered letter, both in English and in Spanish, instructing her to change the locks back. I would have done it myself but did not have the time or the tools. I am also planning another trip up (the property is 2 and a half hours away) to check and ensure that the locks are changed back.

My questions are:

1. What else should I be doing to rectify this?

2. My lease does stipulate that the locks cannot be changed. Of course I meant that the locks cannot be changed out, but this could also qualify as a change. What should I do if the locks are not switched back on my next visit?

3. How can I protect myself if she should attempt to file a complaint for whatever reason with the city?

4. What other pitfalls in this situation should I be looking out for.

Thanks for any and all advice.

Missy

I would say to go ahead and fix the kitchen then add the cost to the next month's bill as "additional rent"

How is your lease worded in terms of monies applied?  Does the payment first go towards repairs owed, late fees, rent overdue then current rent?  If so, it seems as if they won't pay, in which case you would evict them for non-payment.

Do NOT let them do the repairs themselves.  You will have no recourse if they screw it up. 

Keep us posted.

@Lance Cummins

I am assuming that you ran the numbers and it works on paper to be a great deal.  Is your family member in residential construction?  You can always approach him and ask for his input in renovation costs, if needed for the property.  This will also give you added information on the numbers you have for your calculations. 

Show him the profit you would make on this.  Is it a fix and flip or buy and hold? 

Ask how he got started in his business and where he got his financing?  Ask if he has any advice for you?  Finally ask if he knows anyone who would be interested in helping to finance this deal.  Keep talking about the profit potential.

Let us know how this turns out for you.

@Alex Applebee

Fantastic!!!!

Can you tell us what your subs did that made them terrible and when did you know that you had to let them go?

Hi Ricky

Welcome!!  The best tip that I can give is to listen to the podcasts, starting from #1.  When you get to the end, you can listen to them again.

Good luck!!

Missy