All Forum Posts by: Byron Scott

You can advise him that you do not report to credit agencies or to anyone really. Nobody knows that he's on the lease unless he defaults and you have to go into some kinda eviction process. So there is no need to take his name off. 

According to your agreement with him, he is a tenant and I would treat it like if any other tenant "living in the property" asked to be taken off their lease. The lease doesn't work without a tenant. A qualified tenant. 

If he insisted on being taken off the lease, I would explain to him he has agreed to the lease and everything included (payment included). If he wants to take his name off that would end the lease. He has to pay the termination fee and move out protocol. Good luck! Keep us posted!

@Adam Christopher Zaleski On refinances most things on your closing paperwork is tax deductible. I would contact a cpa to verify. You should see tax breaks during tax time. A good book to find out more about deductibles from refi is Amanda Hans book on taxes. She is a cpa and does a great job breaking it down. The book is free if you start a trail on audible I put the link below. 

https://www.amazon.com/Book-Strategies-Savvy-Estate-Investor/dp/B07LB7ZSNK/ref=tmm_aud_swatch_0?_encoding=UTF8&qid=&sr=

I only know cozy it does 1-4. Its free. I use stessa for #6. I would jump on youtube and get a run down of all of those but cozy seems to be the only that small investors start with. May have to switch to others as you grow.

Hey @Brentin Trent I am in the same situation. I have a triplex. I plan on taking the previous month water bill and adding it on to the rent. I use cozy so you can add a bill to tenants account and they will see their total rent amount that is due. I plan on taking the total rent and splitting it in 3. Keep us updated on what you do. I'm open to other options. 

This is a good example of why deposits are important. Thanks for sharing your story. I would let them walk put the property back on the market. If you are having a hard time finding people think about creating a video walk through or lowering the rent to attract more potential tenants. Good luck and keep us posted.

@Robert Collins Hey Robert, I'm in a brrrr right now but I'm in Carrollton, Ga. I think you have an easier time finding something that needs more than a light rehab to get a good brrrr. Everybody is looking for a light brrrr in order to break in you have to be willing to do something somebody else isn't willing to do or have some type of inside advantage through networking or something. I think better than driving for dollars is cold calling or going to home depot and meeting other landlords that have properties. These are things I've notice as a new investor. If you ever want to connect I've been wanting to start a meet up in the douglasville/villa rica/ carrollton area. I think it could help us network and grow as new investors. Let me know if you are interested.

Is this rent by the room? Duplex? Tri?

If both tenants are paying, paying on time, and have not given you a reason to not renew then I think you renew with both. Once the tenant is unable to pay or breaks the lease you evict. If you just know tenant #1 situation and didn't want to renew with her let her know she won't be renewed because she doesn't meet tenant requirements.

If the boyfriend moves into the room he needs to be put on the lease. That way he's on the hook too.

Good luck!

Just serve them an eviction notice and call and google eviction attorney in the area of your rental. Talk with them and sometimes they will do it for free if you let them collect on the suit. Just call around and see what they offer. 

Here is a link to the eviction notice for Florida. Good Luck!

https://eforms.com/eviction/fl/

If its month to month you could give them a 60 day notice to sign new lease or leave the property. If its a longer lease you can amend the lease. Most states have their own documents for amending a lease. 

This guy looks like he knows what he's doing according to the pictures. I would look at the market and have a target of what I want to rent for or sell for and make my decisions based on the comps.