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All Forum Posts by: Justin German

Justin German has started 3 posts and replied 9 times.

Post: Asking a good tenant to move out for sale

Justin GermanPosted
  • Investor
  • Scottsdale, AZ
  • Posts 9
  • Votes 0

Thank you to all that replied with helpful and insightful ideas.  I just met with the Tenant and explained my situation and got to look around at the place (messy but not broken).  We agreed to basically him looking to see if he could buy the place at market value (If he commits to buying at market value then i will probably cut him a deal since we are avoiding realtor fees).  If he cannot purchase the place then he will begin looking for another place.  We did not commit to timelines yet because he is still unsure of what will work due to kids starting school in a few weeks.  I felt it was my responsibility to offer that i pay him one months rent for lease termination and to pay up to $500 for moving expenses (no money changed hands yet as no decision has been truly made yet).  He will continue to pay rent as normal just to keep the books a little cleaner.  I did specify that if this cannot be completed by the time we move which we are expecting to be end of this year, then there is no point and we will wait out his lease. I explained that a big issue with it is dealing with things remotely is not ideal to me but is possible and very much so is an option if need be, just not preferable.  

As far as the negotiation went, I approached is as me asking him a favor to do this.  I think it worked very well because he seemed very understanding.  

Moral of this story - Some times things in life come up and you have to deal with some not so wonderful situations.  As long as you approach it open minded and willing to listen be receptive and take others into consideration things will play out as well as one can ask in the circumstance.  

Hopefully i remember to post the final update on how the entire process went but that may be a few months from now so good luck to me on remembering to do that...

Again, Thank you all very much for presenting me some options. It really did help me to discuss with him multiple ways to make this work for both of us.

Post: Asking a good tenant to move out for sale

Justin GermanPosted
  • Investor
  • Scottsdale, AZ
  • Posts 9
  • Votes 0
Thank you all for the information. I will be looking into the tenant early termination fee to see how much that is. I think I have all my options together. I will approach the meeting a little more like a negotiation, starting low and working our way up. I don't want to be insulting to him so I believe that at least paying moving fees is reasonable. I signed a lease as well and it was my life's changes that is effecting this. I normally know enough and far enough ahead that this situation doesn't arise. All this said if my property is trashed I will go hardcore on him. If it's not then he has been a great tenant and made me a lot of money. The rental used to make good money, but expenses in the last two years have gone through the roof. HOA went up 20% one year then 10% the next. Been having issues with the AC unit (seems that people are sabotaging it) and the appliances are about 9 years old. All that has added up to me just not wanting this property under my belt anymore.

Post: Asking a good tenant to move out for sale

Justin GermanPosted
  • Investor
  • Scottsdale, AZ
  • Posts 9
  • Votes 0

Because we just signed a new lease a couple months ago.  The wife and I have had some life changes and are looking to move out of State.  It has put us in a bit of a bind.

Post: Asking a good tenant to move out for sale

Justin GermanPosted
  • Investor
  • Scottsdale, AZ
  • Posts 9
  • Votes 0

I will be meeting with him on Sunday to talk about what is going on.  His rent is currently $1260 and his new lease for 9 months will be starting on the 1st of August.   So I was thinking maybe offer something like:

Out by August 1st $500

August 15th $250

Maybe that is too much?  

Part of the reason I will be meeting with him on Sunday is to actually get in the property as well to see it and make sure nothing is wrong and he isnt one of those guys that sounds amazing on the phone and on paper but is actually taking walls down...  Once I am in the property I will make that determination of wether or not I want to offer his deposit back.  

I honestly think he will react better to just getting some money rather than paying for moving. I can throw that in there to another option for him though. 

Post: Asking a good tenant to move out for sale

Justin GermanPosted
  • Investor
  • Scottsdale, AZ
  • Posts 9
  • Votes 0

Hey BP,

I am looking to sell my property that is currently occupied by a tenant.  He is a great guy, a single Dad, never been late on payments and has been very understanding about some not so great property management issues in the past. So I want to be sure he isn't put into a difficult position.  When I approach him about selling the place I would like to have some sort of document for him to sign saying that he agrees to the terms of moving out and breaking his lease.  I have been told that in cases like these incentifying the tenant with sums of money if they are able to move out by certain dates is a good way to go.

My question here is does anyone have any legal type documentation along these lines? (I have looked through the BP files, Problem is I dont really know what i'm looking for).

Lastly, Any strategies on how to approach this will be very appreciated.

Thank you!

Hey Michael, Thanks for the info. I see I just missed tonight's meetup... boo! I will try for the next one. I will get in touch with James to talk.
Hey BP, I just had a wonderful midnight idea that may or may not work. So here I am! Will I be able to do the Brrrr strategy with short term rentals? I know normally the goal is to have a renter in the house before refinancing. Is that piece critical to the refi or is it more about showing income? For instance, if I had a couple months of income from the short term rental to show that it's making money. Thank you in advance, Justin German

Post: Looking for a printer/scanner combo.

Justin GermanPosted
  • Investor
  • Scottsdale, AZ
  • Posts 9
  • Votes 0
https://www.amazon.com/gp/aw/s/ref=is_s?k=Dell+Color+Multifunction+Printer+-+E525w+-+NJMVP Not the cheapest, but long term it will serve you well. Toner > ink any day. Laser printers sometimes need adjusting on the software side for altitude. So if you are having issues look into altitude settings ( just google "e525w altitude adjustment"). My Printer investor credibility ratings with the BBB is an A+. In other words .... I worked in the printing industry for a long time.

Post: Fix and flippers in Astoria, Oregon

Justin GermanPosted
  • Investor
  • Scottsdale, AZ
  • Posts 9
  • Votes 0
Hey BP, The wife and I are looking to move to Oregon somewhere. We aren't too crazy picky about where in Oregon other than we want to be in the green area. As long as we are surrounded by green we are good to go. We are as we speak in a restaurant in Astoria and the town looks like it could use a fix and flipper to get these houses up to par. So my questions are, does anyone know if there are established fix and flippers in Astoria? Does anyone have any input as to how much potential Astoria may or may not have? Thank you in advance, Justin German