All Forum Posts by: Brad E.

Easy enough.  I thought it would be more involved.  Thanks.

Howdy.  I have a tenant whose husband recently committed suicide.  Because of this the wife is saying she cannot afford the rent payment and needs to break the lease.  Normally I would not allow it, but given these circumstances I am willing to make an exception.  She only has a few more months on the lease anyway so its not going to be worth it to try to evict etc. It's just a ****** situation no matter how you look at it.

My question is how do I go about doing this?  i.e. what document do I need to create to execute this.  I do intend to keep the security deposit as she is in breach of contract (yes my lease allows for it). I don't anticipate her trying to give me any problems with that but just want to make sure I'm covering my bases here.  Thanks in advance.

No, I would leave enough of my money in the deal so that I broke even....on paper at least.

I'm in due diligence on a house and just learned that this house does not have its own water supply.  The water is sourced from a well on an adjacent property that is owned by a different person.  

This property is on some family land that was divided and sold off to different individuals many years ago.  The original tract had a single well.   That well is now on its own lot and is feeding 3 lots total (including the one I'm buying).

The current owner says it hasn't been a problem (shes been there 15 years) and if she ever needs anything related to water, she just calls the neighbor and he addresses the problem.  There is nothing in writing regarding this agreement. Sounds like that's been working out fine for her but I really cant rely on that.  Not to mention I'm sure it will be difficult for me to sell the property later because of this.

The obvious options are 1) Drill a new well 2) see if its possible to connect to city water.  Both of those sound costly but I have not priced it yet.

I was wondering if anybody has had a situation like this, and how they handled it.  Also, if there are any other options that I am not thinking of. 

Any advice is appreciated.

 I actually did ask an attorney about this after seeing all the posts in this thread.  The attorney told me she would not be concerned about doing this at all.  I appreciate everybody's input here!

Thanks everybody!

So this is my sisters property and she is asking me to handle this property for her as I'm local and she is not.  I've been helping her screen the tenant and I was going to collect payments for her.  You have to have a license to do this?

Hey there BP.  

I have rentals I self manage but I am going to be taking over property management for a property that is not mine.  

The property in total is 15 acres, but the owner does not want to include all the land.  There is a yard around the house that is fenced.  The area out side of the fence is not to be included.

First question is how would I describe the area the tenant is leasing and would that go in the lease?  My lease template just has a space for the address of the property.  

Secondly, as the property manager, when I have repairs made to the property, who is billed and responsible for paying the service provider?  Would the PM pay it and then bill the owner, or should it be billed directly to the owner where they would receive the invoice and pay it.

Thanks in advance!

t-bills.  not exciting, i know.

thanks! @Nick Belsky

@Michael Sherwood

What makes you so sure they are going to call the loan if you transfer it?