All Forum Posts by: Douglas Snook

You did not mention any school loans so I assume that none will be coming due within the next several months.

I would not open any new credit. I would ask for an increase in the limits on the ones you have.

I would push forward with the goal of purchasing property sooner rather then later. I like the idea of momentum. Do it now before you get sidetracked with family etc.

Interesting theory. You would really have to buy the cars cheap enough to make it worth while to fix. Don't forget to figure in sale tax (at least in this state) when you purchase and the cost of the parts, even if you do the work yourself. Also while you are driving and fixing, it is still depreciating. Is the $1500 you would make really worth it or would you end up paying yourself $5 an hour?

Also, in this state (Massachusetts) I believe if you sell more then three cars, they will consider you a dealer and you will be stuck under the Lemon Law.

As an aside, all through college and several years after, I would buy $500 cars, fix them or maintain them and run until something really big went wrong that I could not fix on my own

Who or what did you make out the deposit check to? I would start there. There should have been some kind of agreement that the deposit be held in escrow and can't be released without written instructions from both parties. Did he deposit it into the IRA right away?

I would sue him individually and as the custodian of the IRA

Just my two cents worth

Has the foreclosure taken place and are you buying it from the Bank? If you are buying it from the bank after the foreclosure be sure to ask the bank lots of questions although I am sure they will not be bale to answer most or will deny any knowledge.

Do ask them questions about them, especially if you plan to keep them as tenants. Like how long they have been there, do they have a lease, what maintenance did the former owner do, what have they done, do they want to stay, what are they paying for rent, did they give the owner a security deposit or lat months rent.

They may have plenty of questions for you and you may want to be vague about how you answer.

It is rare that you get to speak to the current tenants and even see the property before foreclosure You may end up being held responsible for any security deposit they will claim to have given to the former landlord.

If you do purchase be sure to advise them immediately and end any tenancy, get them a new application so you know exactly who you are dealing with etc. I have done several evictions of tenants for new multi unit  owners.

Mark

Feel free to contact me by email. I am an attorney located in Bellingham and would be happy to sit down and talk to you about your needs. I am a title agent and have done many closing. I am also familiar with landlord tenant law and have done many evictions.

I would be careful and keep it separate.

Charge him the rent, have a lease etc. But then have him invoice you for any work he does and then take it off the next months rent

As others have pointed out, how do you know you will have $500 a month worth of work for him?

Can he otherwise pay the rent? what does he do for work if not for you?

I think Rich Ng has explained it pretty well as far as what your letter should say. You should have a good idea what needs to be done if you have access to the apartment now. Take pictures too!

If the dames exceed the deposit,be sure your letter spells shows that.

Do NOT include any back or future rent, just damages.

I would send it first class AND certified with a notation that it is being sent both ways. If the certified comes back unclaimed, hold on to it

You have 30 days to return her deposit or send her notice why you are not doing so.

Yes she can sue you within two weeks, the courts will let her file anything but if you comply within 30 days she will not have a leg to stand on.

If she has moved out, how can there be an eviction? Concentrate on the damage and the deposit you are holding. Comply with the law about returning it or telling her why you are not.

As for general questions:

If you do not have a security deposit, you can try the small claims route and take your chances with the court.

If they leave before the end of the lease you can also try to sue for any lost rent. As was pointed out before, the court will not look kindly on you doing nothing to cut your losses. Get it rented again ASAP and see how much rent you are really out. If it is only a month or two, you may want to just forget about it

Since she is gone your first concern must be the deposit you are holding. You have 30 days to return it or send a letter with an accounting why you are not returning it (because of the damages etc). If you do not do at least this there is the possibility she could sue for its return AND get triple the amount because you did not send you the notice required within 30 days.

As for the back rent or damage above the the deposit, I don't know if I would bother. Yes you may get a judgment but then you have to try to collect it. May not be worth the time and effort.

Rob is right about the two month penalty. Where does that come from?

If she said she would be out by October 1, I would wait and see what happens. If she leaves, I would retunr the deposit within the 30 days and be done with it. I would not bother with suing her for any damages or back rent.

If she does not move and does not pay, I would send her the notice to quit ASAP and follow through with the eviction