All Forum Posts by: Anne A.

@Katharine Chartrand - I think that's what they would want us to do. Since neither my brother nor I are going to live in it, I would hope they understand that we want to make the best out of what they left us. ;)

@Jeff S. - We have followed through. The Unlawful Detainer has been filed and is already in the system. The Stipulated Judgment is just an agreement that they will move as promised on the 21st of this month. If they don't, the UD goes into effect immediately and they get locked out the next day. And as far as inheriting money goes, I don't think it's easier to lose. I actually feel a huge responsibility to take this money and invest it wisely so it will grow - just like my parents would want me to do. 

@Katharine Chartrand - Sure! Here's an update:  

Per my attorney's instructions, I sent a letter to my tenants last week, returning the check they'd given me for the full month of July. In the letter I stated that I couldn't accept the check and that they only owed me for the first 7 days of the month (since their move out date was July 7th). I also stated that we would begin the eviction process on July 8th.

Their attorney contacted ours on Monday the 7th and asked if we would enter into a Stipulated Agreement/Judgment to allow them to stay a bit longer (July 21st). We agreed, but still filed the Unlawful Detainer, which will go into effect immediately if they don't abide by the terms of the agreement (paying us the rent for July 1-21st and leaving on the 21st as agreed). 

So as of now, we have an agreement in place for them to vacate on the 21st. They've already submitted a cashier's check for the rent, have signed the agreement and asked for a move-out inspection on the 21st.

Now, we're looking forward to getting in there on the 22nd to start getting the house ready for sale!

This house has been in our family for 50 years and is my and my brother's inheritance. It's the house we grew up in and I currently live about 4 doors away on the same street. So, it's definitely been an emotional journey, and it will be even more emotional when we sell, but I feel like my parents would want us to take the money from the sale and make it work for us and grow, so that's my plan.

Thanks for asking!

Anne

@Account Closed - Thanks for the comments. 

I'm using an attorney who specializes in tenant/landlord law and is also a real estate investor/landlord himself.  He is very experienced in evictions and landlord/tenant law in California. I feel very confident that his office will make sure everything gets filed and served appropriately.

 That's what I'm hoping happens. That they'll move in a timely fashion and not drag this out. I sent the rent check for July back to them by Priority Mail yesterday, so they should receive it tomorrow. I'm interested to see what happens!

Either way, just looking forward to getting them out, getting the house in good shape and then getting it sold! We wanted to sell it in the Spring or early Summer, but this has pushed us to now having to, hopefully, sell it in the late Summer or early Fall. I just hope it isn't too late in the year...

@Troy Sheets - You're right, thanks for that. It was something that was suggested to me several weeks ago when we gave them their 2nd 60-day notice to vacate, but after reading all of these responses, I'm definitely not going to do that. 

@Account Closed  - No offense taken at all. My lawyer said as much to me yesterday! I'm determined to do this as professionally as possible, and am preparing a letter today to send to them (per my lawyer) to return the check they gave me for the entire month of July. They're supposed to be out this Monday, so I can't accept it.  I'm going to return it and  let them know we're beginning the eviction process next week. 

Thanks again everyone!!

Wow, thanks everyone. You've made our decision so much easier! We spoke with our lawyer and have decided to move forward with the eviction process. Although, I have to admit, I'm still a little uncomfortable, since the house is 4 doors up the street from my primary residence and I see them occasionally driving in the neighborhood.

@Jon Klaus - They're paying a little under the market value for rent ($3,350). We could probably get $3,900/month or so for the property.
@Serge S. - I have learned my lesson for sure! This is my first rental property (inherited from my parents) and as we go along, I too am starting to care less and less about the excuses.
@Katharine Chartrand - Good idea! I'll check out that website. :)
@Ben Leybovich - You sound EXACTLY like my lawyer. I think she said almost the exact same thing to me yesterday!  LOL!
@Ursula B. - Our lawyer suggested something similar to us. I might offer to give them part of their security deposit early and the rest when they move out. Although, I need to inspect the house before to make sure it's still in good condition inside.

Like I said, I've really learned my lesson. Along with all the things I've learned here on BP, hearing from other members like you has helped so much. When I re-read what I posted, I'm a little embarrassed by how naive and nice I've been. We may not even sell the house now that it's getting to be later in the year (The whole idea was to sell it in Spring or early Summer), so if we re-rent it, you can bet I'll be a LOT more careful about who we rent it to!

Anne

Long, frustrating story, the specifics of which I don't feel comfortable posting online, but we have a family renting our property (nice neighborhood, $800k home). They've been there for about 2 1/2 years. We told them in February that we were putting the property up for sale and gave them a 60-day notice.

Because of financial issues, they've been unable to move and have been stalling us for months. Their final 60-day notice ends on Monday. They've asked me for 60 more days and promise they'll definitely move at that time. I don't think they will.

Because they're a pretty nice family and, they say, no where to go, I feel like if we evict them, not only will it add to their financial/credit issues, but it will put them in a terrible situation. Having said that, though, I also feel like I shouldn't be the one worrying about their financial situation. I also feel we've been more than accommodating by giving them more than 120 days to vacate.

We're going to make a decision today on whether to evict or extend another 60 days. 

Any words of advice from experience to make me feel better? ;)

My brother and I also inherited a property from my parents. The first thing we did when my dad passed away was to get a cost basis appraisal. We live in the Los Angeles area and the house has increased in value quite a bit since we inherited it in 2010.

We're planning on selling it soon and I've just now started doing some research into 1031 exchanges in hopes that I won't get killed by capital gains taxes. I'm going to schedule a meeting with our CPA (who also happens to own a mortgage company) to figure out the best course of action.

I'm just glad that we only have to pay taxes on the difference between what is was worth when we inherited it and what we sell it for. My parents purchased the house in 1964 for $40k and the house across the street just sold last month for $925k! 

I don't know what @Christian Lincoln thinks, but I just watched your video and thought it was not only very nice of you to do, but very informative as well! Thanks for showing how to use that calculator. :)

Carlo - I'm also new on here, and own one property that I'm renting out. All I can say is take all the advice here and screen your tenants thoroughly! Trust the numbers, facts and history and don't let emotion play a part in selecting a tenant. I learned this the hard way.

Chances are if they have jobs, good credit and no previous issues with rentals or foreclosures, they're going to be trustworthy. Sloppy car or not. ;) 

Best of luck!