All Forum Posts by: William C.

@Emily McCabe,

How did it turn out? 

I'm about to go through a very similar situation.  Just bought my first rental property and one of the inherited tenants isn't paying rent.

Thanks

Bill

Hi @Debra Grumbach  Thanks for the reply,

   I was paid for the prorated July rent, and the deposits, at closing.  So yes, I was paid.  My concern was what to do if the tenants paid me the July rent they never paid the previous owner.   Now that a couple more weeks have gone by, I realize I don't have to worry about it because I doubt they'll pay the current rent, yet alone any past rent.  

Eviction time, I reckon, ugh

Thanks @Nathan Gesner  I feel I should simply say they're 2 weeks late on rent instead of 6 weeks late, simply to avoid the can of worms that could be opened.   And I imagine that is enough to cover my bases if they contest an eviction, especially considering the month-to-month.

Hello Pros.  I have learned so much from you already by searching and reading within the forums, Thank you!

However, I have gotten myself in a bind, and have to straight up ask for help on this issue.

I bought a rental property (duplex) in the middle of July 2017.  Both units are currently rented, unit A is month to month, unit B goes to a month to month in September.   At closing, I was paid pro-rated rent for both units for July. 

I find out while trying to collect the rent due August 1st that neither tenant had paid the previous landlord for July rent.  The previous landlord was not great at keeping accounts, apparently.

One tenant finally paid rent to me on August 9th.  The other tenant has not paid anything as of yet.

While writing up a "Notice to pay rent or quit" I feel justified in saying that the tenant has not paid July or August rent, and is in fact over 6 weeks late.  However, if the tenant was to pay all the past due rent and late fees to me, I would be over-paid. 

I don't want to be seen as overly lenient, but also want to avoid being over-paid due to the complexity of the issue if it was ever to come to light.  

I'd like to hear all your comments, and specifically those related to;  What would you recommend I put in the Pay or Quit?

Thanks all for your welcome and input!  I will be sending out connection requests shortly.  I look forward to all this in a way only you investors can imagine! ;-)

Hello,  

I've lived in Wyoming most of my life, and am starting to build a team and jump into the RE game here.  Primarily interested in 2-4 family properties that need a little work, but nothing drastic.  I have some time, some rudimentary skills, and a bit of capital to invest.

I made an offer on a foreclosed pseudo-duplex but backed out when inspections found some serious foundation problems.

Currently I'm doing inspections on another duplex type property and if they come out ok, I might just close on my first investment property next week!

I have 20 years with my current employer, which is in the oilfield.  My goal is to replace the W2 income with by and hold properties. 

I will eventually look for properties in different areas, but for now, I'll be sticking to my own back yard.

Thanks to all who've posted on this site, its an incredible resource!