All Forum Posts by: Brendon Pishny

@Ben Miculob Title companies usually have good for sale by owner contracts that lay out all the terms and contingencies.

@Steve Kenoyer The title company should be able to credit you all the security deposits on the closing statements. Just make sure you have the lease for each unit.

I would qualify them together. If one tenant requests to move out then have the one staying requalify and sign a new lease. If the remaining tenant can't do that then let them break the lease pending any early release penalties you have in the lease. 

Sounds to me like you have done everything by the book and even went above and beyond by offering to have the work done while they are gone. Tenants should not be allowed to withhold rent for any reason. Their job is to pay rent and your job is to provide adequate housing for that rent. 

I had this happen. A tenant called me the Friday night before Memorial weekend on an AC issue that I feel they should have known about the day before or at least earlier that day. I told them it wasn't an emergency that evening. Then rethought it and had a technician go out over the weekend. Most of the bigger HVAC companies in our area don't charge extra for weekend calls. This was for long term tenants that have been good so far. They were very appreciative, and I think the extra effort was worth the relationship. My opinion is, even if it costs a little more money, just make the call and get the repairs done. It takes the stress off you especially while you're on vacay. Hope that helps.

If they both sign the lease and they meet your criteria as a whole I say approve them. Make sure to verify employment and salary.

Banks lend on the appraised value. So if the value goes up you can pull out money. Plus any equity buildup you’ve gained by paying on the current mortgage. You should be able to refinance after a year but be aware there are some fees that will need to be paid out of pocket to complete the process. If it helps you pull out enough cash to make a down payment for another property I say go for it.

That sounds fair but I personally would give them 2 options. Maybe extend for 1 month through July so they can find a home or they sign a 12 month lease at the new rent rate. I would hesitate to give them the option of canceling the lease if they find a home. Make them decide now. Chances are they’ll leave you with an empty unit in the winter when it’s harder to fill. Just my advice.

My guess is they’re sold. Depending on where you’re finding your deals. Some websites are really slow to update status.

You can always make offers. Worst thing they can do I say no.