All Forum Posts by: Dylan B.

@Mark Jones The tenant that I would like to evict is apparently causing issues already with the current owner, i.e. late on rent, the pet, and suspected drug dealing.  Now I would have never rented to this lady based on my tenant screening but it is what it is. 

Thank you for the advice on the Security Deposit, those were my thoughts exactly but its good to get another perspective on the issue at hand. 

@Mark Jones If I proceed with eviction, do you recommend getting an attorney involved or do you think this is something I can do? 

Based on the lease the current owner has, the "fee" for a pet the same amount as the deposit.  Which I don't know the legalities of that... 

The seller is wanting to keep the deposit of the 2 renters who have broken their leases.  I do not think this is legal and have asked my realtor if this is legal, she didn't know so I asked this question to a lawyer here on BP and he had mentioned the seller is just trying to make away with more money. 

Annual.

Hello all, 

This is the first time I have purchased property with tenants currently living in the property. 

I am purchasing 2 duplexes and 3 out of the 4 units are currently rented out.  I know I have to honor their current leases however, the current owner has told me 2 of the 3 tenants will not be receiving their deposits back because they broke the terms of their leases.  

Personally I don't want one of the tenants because they broke their lease by getting a pet, when their current lease states, "No Pets" and the current owner has had several issues with the renter.  

Is there a way I can get rid of this renter when I take ownership without having to file an eviction? 

I have already issued estoppel agreements for them to sign and for the owner to review, also the owner is going to get the renters who broke their lease to sign an acknowledgement that they will not receive their deposit back. 

Can anyone else who has similar experiences shed some light into anything I am missing and also suggestions on what I should do? 

@Christopher Kerby

I would say, with your current business you do not need a partner, keep it as 100% ownership.  If there are other investors that would like to invest with you, do it on a deal basis like Corina mentioned above. 

Work on improving your credit score. 

Check out the calculator under the tools tab here on BP. 

I would suggest multifamily.  You can essentially live for free if you live in one of the units.  Just be sure to educate yourself. 

Hey @Jennifer Salazar, 

If you are posting your rental through Zillow, it is also posting to Hotpads and Trulia as well (as long as you had that box checked).  In this day in age of Technology, I like to stick to online advertisement. 

We use Zillow (Hotpads and Trulia), Craigslist, Facebook market place (sometimes), and a sign in the yard.  In our market this creates plenty of potential renters who are interested in our properties. 

What @Dan Schwartz said.

I have not had a problem renting to retired folks.