All Forum Posts by: Cory Lucas

@Mary Mitchell no prorated rents were credited and I was operating under the previous lease, but it definitely sounds like there’s some good question to be raised as to best course of action since he may be in breach of it

@Jill F. Yep, plan to call tomorrow. I was in email contact with them today, but before I go there to implement anything I plan to call them to make sure I’m clear on my course of action. Definitely appreciate all the advice and insight. Luckily no I don’t live in Chicago, good thought though

@Jill F. To answer your question, yes rent is due on the 1st. Then late fee if not paid after day 10

@Jill F. That is the kind of advice I love on here at BP! Thanks a ton for the reply and thought out info

@Michael Peters appreciate that man. Just trying to find out the best remedy and that’s what is sounding like the best way to go is unfortunately. Is what it is, I was optimistic about it. The previous seller had his hang ups with him, yet when I met him he seemed outgoing and was easy to converse with. Young kid, but I was giving him the benefit of the doubt. Is what it is I guess

@Theresa Harris no, rent was not paid to previous owner. Know that for certain

Thanks for the insight, good thoughts

Purchased my first duplex on March 2 and it came with tenants currently occupying both sides. I currently have been able to get a lease signed with one of my tenants and rent collected for March with them.

The other tenant I’ve talked to via Facebook messenger multiple times, previous owner said that was the best way to get in touch with him, which I’m not thrilled about that as a communication tool, but I’m navigating that avenue as best I can with him.

I’ve tried to set up times to get together and go over the lease and collect his rent. I feel (and I’m pretty sure I am) getting the runaround in regards to him signing the lease and paying rent. Per his previous lease, late payments do not kick in until day 10 of being overdue.

I should probably preface with I’m not freaking out or anything and I’m perfectly ok with this being a hiccup. I certainly wasn’t planning on posting something like this and asking questions like this so soon, but it is what it is and now I just need to figure out how to best handle it most effectively!

My question to you all without dragging this out much more is, what do you feel my best course of action is?

I have a five day notice from my lawyer that I can use.

Do I just try and stop by and catch him at home? To try and find out what is going on and why he is reluctant to sign and pay? But I’m unsure of tenant rights on that one and just stopping by?

Or do I just serve him the five day notice and if he continues to not pay offer him $200 (his security deposit) to just get out of there?

Or do you all have other better thoughts?

Thanks in advance for the time and replies! Look forward to hearing from you all

@Shayla Collins time to hit the pavement and start calling all of your local banks. They won't refinance your HML, rather they'll refinance the property and give you 75-80% of its value then you can pay off the HML. Hope this helps

@Ryan Freet I’ll be managing it myself to start out! Once I get rid of the truck and camper and start acquiring more properties I could definitely see the necessity for a property manager.

There’s not much in terms of forced appreciation, unless I somehow turn the downstairs area into bedrooms. There is a downstairs area that has garage doors, although it really doesn’t serve as a garage. They have the washer and dryer in there at the moment. It’s just a small duplex, one bed, one bath on each side

@Paul Wachtler thanks! I'd love to stick to multi, but I'm not opposed to SFH. Next on the plans is a fixer upper as my local bank has a construction loan program available to investors, purchase price plus rehab costs, once done with the rehab it rolls into a conventional loan. Pretty sweet, essentially nothing out of pocket if you play it right. However next up on the plan is selling our truck and camper to free up money in the budget. Know anybody lookin? It's a pretty sweet setup