All Forum Posts by: Benjamin Timmins

I think you are pretty much stuck. They have a signed lease. thats a contract. Thinking you can back out on it is like if you leased to a married couple, and 5 months into the lease, the husband died. You couldn't kick out the widow just because he died unless she failed to pay the rent.

If you try and void the lease, Im pretty sure you would be liable to a lawsuit, which I doubt you would win.

@Jeffrey McKee You could only charge the tenant for lost rent. But you are also required to actively try and mitigate your losses by repenting the place. If you went into court asking for 8 months rent, no way the judge gives it to you.

Id evict. Not worth the trouble.

@Lisa Casey Will you be able to have the sheriffs physically evict them?

The problem with that is it will affect your requirements for the lease, such as if you require 3 times the amount of rent as income to qualify, and someone comes and offers top bid, but his income isn't 3 times the rent.

Ive owned (just recently sold recently) commercial property for over 25 years. Alls I know is if some property management company came in and offered 10% fee for managing the property Id laugh my butt off. If they offered 10% fee plus additional fees for stuff like calling maintenance or finding a new tenant, Id throw them off the premises and then laugh my butt off.

Absolutely ridiculous.

Depends on how many apartments (more than 4 will require a commercial loan), how comfortable you are with dealing with people. and lots of other factors.

 I have family that live around Toledo Ohio, including an uncle thats a sheriff. The gang problem is getting really bad there.

LOL that screams white trash to me.

Well, you can't do it till you actually own the property. After purchase, Id just go knock on the doors and introduce yourself.