All Forum Posts by: Cory Lucas

@Greg Scott thanks for the response and advice. Truly appreciate it

@Greg Scott definitely appreciate the insight and while I agree, I guess I’m just nervous for having a problem tenant. Everything I’ve read and listened to seems to say the sooner you get them out the better. Thoughts?

How did you systematize things? When you say spit out a notice from what I understand it has to be delivered to the tenant either in person or placed on their door right?

Truly appreciate the help

Hey all, I have a tenant that I would like out of one of my units. I’m still fairly fresh at the landlord game as I’m just now coming up on owning my first one for a year.

So I’m going to be going by the unit today to give him a 5 day and a 30 day notice for late rent payment, which was at the advice of my lawyer to give both notices at the same time. Late payments has been a chronic issue since I bought the property. He was an inherited tenant. He usually ends up paying, but I’m to the point where I am done chasing him for it and he doesn’t exactly keep the property up all that well either.

My question to you all is of course with everything I’ve been reading evictions sound like a nightmare right now. So I was going to put forth a cash for keys offer to him, but I’m wondering strategy wise do I make it a one time offer to him or could that possibly backfire?

Thanks in advance for any and all help!

@Kai Van Leuven good thoughts! I was definitely rushing to get it in the market with the cold weather setting in :-/

Thanks for the reply and taking the time to reach out

@Kenneth Garrett thanks for the reply and info! Great stuff, appreciate the time taken

@Alyssa Dyer thanks for the reassurance and the advice. Good stuff

@Kenneth Garrett awesome info. I’m sure the process gets easier as you go, but it felt daunting to me, but it that was how I was planning to do it, the open house style that is.

Any shot you’d mind elaborating more on your process? I am still wanting to do it, I just need to streamline it better and of course I can’t do that until I actually do it.

So when you do the open house and take the first qualified tenant like you say, what does that process look like? They come in, see the house, fill out an app right then and there, or go back home? Do you take security deposit that day? What things do you look to verify? Employer, landlord, etc... those would be some of my questions I can think of, but if you’re inclined to lay out how you do things I’d be interested in learning.

Thanks for the feedback and time in replying

@Anthony Wick well I feel as if I did! I asked him all of the questions that were in Brandon Turner’s book, I think it’s called the guide to rental property investing. (I received nothing monetarily for that plug for his book right there) LOL 

I also have a good friend that is very wealthy and flips properties from time to time, he has one rental through them that he allows them to manage and he spoke very highly of them! He actually referred me to them before they reached out to me and said the guy that runs it is a great guy, which I felt the same way after I met him. So hopefully that turns out to be the case, because I did not vet any other property management companies in the area, which there’s really only one more to which my friend spoke about them as well and said they’re very greedy and actually owe him a few thousand dollars. This friend is incredibly intelligent with his money. I just had a good feeling about this guy and liked what they have to offer

Thanks for the feedback and taking the time to comment. Much appreciated

@Joe Splitrock thanks for the kind words and those were my thoughts as well. I’ve also heard and read a lot of things in regards to doing it for the experience too...

Nonetheless I felt at this time it was better to go ahead and outsource it.

I went with a Property Management company to do my tenant placement. Should I have tried to stay the course and do so myself?

This is my first property needing to find a tenant for. I completely renovated the house over the last 3 months pretty well by myself while working my full time job. I advertised the property early before I was done to generate interest. Well it generated a ton of interest and between working my full time job, finishing the property, trying to respond to interested applicants, verify their application and then to even attempt to show the property it just became too much. I’ve read and heard to get rid of the tasks you don’t like or don’t wish to do. It’s not that I didn’t want to do this, it was more about time and providing realistic expectations and delivering for a prospective tenant. For example if I showed the property on a Tuesday and had someone that was interested and applied then worked Wednesday I wouldn’t have time at work to try and verify their information. So then if I’m off on Thursday do I schedule more showings while verifying this applicant. I just felt handing over all that it entails to list the property, show the property, verify an applicant, do a walk through, obtain a security deposit that it was worth it to hand that over for a one time fee of 75% of my first month’s rent and then take back over once the tenant is in place. Thoughts?

I should preface too with I really wanted to place my first tenant, so it’s not that I wanted to do this it just sounded more adventitious. Also I’m an RN by day, so that’s why the schedule is all over the place and not allowing for any time to do anything when at work...

Thanks for any and all feedback