All Forum Posts by: Bryce Litwin

I use ally online bank as well and this is what I would recommend as well. FDIC insured and ultra safe.

Have you talked to any local banks?  If you've rehabilitated it since you bought it, it may appraise higher now, giving you more current equity.

What loan rates do you have?  Mine are consolidated at a 2.5% rate.  I pay the minimum and will continue to do so as my cash is better utilized by paying down my home mortgage or investing.  I'd say start investing unless your student loan rates are high.

Thanks for all the replies thus far!  We sent them an email trying to clarify the issues , they acknowledged they received it via text but have not emailed us back.  

I checked the lease and there is no early buyout or lease termination fee listed.  It appears they did pay 1st and last months rent and a security deposit, so at this point they owe 3 months rent plus are responsible for paying heat, utilities, etc.

Well they have not paid January rent yet so at this point they owe 4 months rent...

Hello All, New Member With A Question,

I'm hoping to tap the collective wisdom about our situation.  We (myself and spouse) are relatively new to landlording, say between 1-2 years (5+ years if you include renting to family/friends though - not the best idea).  We are renting a small house which we previously lived in to two young men in their 20's.  They had good credit, references, background checks, etc.  We have recently received a text message asking about a buyout option for the lease from one of them.  The lease runs through the end of April.  He has apparently taken a job out of the area to start Feb 1st.  We have not heard from the roommate, but doubt he would want to or could afford the place on his own.  So, they want to get out of the lease early and at the absolute worst time of the year for us to find another qualified tenant.  We are in PA.  So, I'm curious if most Landlords would offer a buyout option to them or just inform them that they have signed a legal contract through the end of April and will be responsible for the rent until then unless or until we can find another qualified tenant.  I should mention they have pets and there has been some damage and they have made some unauthorized modifications as well.  

Thanks!

Bryce