All Forum Posts by: Angie Keefe

Hey BP Family!! I'm Angie, a seasoned real estate investor and bookkeeper specializing in empowering real estate investors with streamlined financial management solutions.  Having accurate and up to date financials is a major asset when making business decisions throughout the year, not just at tax time.  Please feel free to reach out to discuss how I might be able to help you and your business. 

I need advice please (wasn't sure which forum to place this under). Long story short, I have a property that I have under a ‘Contract for Deed' and I owner finance this property to a guy. He is a constant problem and headache. He is habitually late, is a constant issue with the HOA, just an overall entitled jerk to work with. About 18 months ago after not paying for four months, I restructured our agreement and had him sign a quit claim deed that I would file if he were ever more than 30 days late.

Fast forward to this month, March 2020. He's three weeks late which is normal but due to everything going on, I reach out to him to see what his plans are for paying this month. In addition to his mortgage, He also owes me $550 for HOA dues and fines. He says he cannot pay. I offered him several options on ways to pay but he won't. He says if the government helps him out with a stimulus check and/or assistance, he'll try to pay what's due.

I still have a mortgage on the place also and am barely cash flowing it.  It’s now April 1st and another mortgage payment is due and I have no payments from him. 

I really just want to file the quit claim deed and be done with this guy. I realize I will have to foreclose on him and it could be a lengthy and expensive process. I also realize with everything going on, it might be hard to do this in the court system right now?  

Any advice?? What would you do?  Thank you in advance!!

We use Mark Weeks with Weeks and Irvine and have been very happy!  They have quite a few offices over the Charleston area.