All Forum Posts by: Elenis Camargo

@Arion D. Definitely sending a certified official letter is what you have to do. They are breaking the lease and that's grounds for eviction. I did some googling and found this form for the state of Connecticut (link at the end). It is basically telling them they are breaking the lease and they have X days to correct it or you will pursue eviction. I've learned that with tenants, you have to be firm or they'll never take you seriously. Especially if you inherited them. The last landlords probably let them run wild and now you have to train them to be good tenants and respect your property. Junk cars bring down the appeal of your property so it's definitely a problem. Best of luck!

https://www.uslegalforms.com/ct/CT-1500LT.htm

@Jordan Vanherwynen I purchased a property for $90,000 in Florida last year and the closing costs were closer to $5,000. Definitely $1,500 seems extremely low. You want to add a good amount to make sure you're not underestimating. I also would never do a deal that gives me $76 in monthly cash flow. I have 3 properties and they have cash flow of $381, $344 and the last one is $250 (which came with tenants and we will rehab next year to sell for a profit). Those cash flows include capex and vacancy. Some things to consider:

• Things break so imagine you are only making $76. It would take you months or years to recoup maintenance issues if something major happens.
• Tenants stop paying, so if you had to evict that's several thousand dollars down the drain. And this WILL happen. It's just a matter of when. We already had one tenant abandon with our first property within 3 months of acquiring it and now our second property the tenant is super late but has been communicating so I'm working with her. They were both inherited tenants so if you place your own tenant you're less likely to have a problem.
• Are you hiring a PM to get you a tenant? Then they charge one month's rent for that. If not then okay you save some money there.
• When your tenants move out, remember you may have a few weeks or couple months of the property sitting empty. Another time where you'll have to invest more money paying the mortgage yourself rather than bringing in income. 

If you have a higher monthly cash flow, it helps ease the issues above. If you want to make this a long term investment and get into rental property investing heavily, then I advise to look for higher cash flowing properties and reconsider your closing cost numbers. Feel free to PM me with anything you need  :)  I'm happy to help! I felt lost a year ago with my first property but after the first one you learn so much that it becomes second hand eventually. Best of luck!

@Angela Smith Agreed with @Andrew B.. I think they will try to sneak in their dog. I have snuck in pets before back when I moved into my first place to avoid a pet fee. But then again the apartment lessor told me to just not put them on the application, so different story. Definitely re-iterate that you do not allow pets and if there ever is a pet in the home, they would be breaking the lease and it would be grounds for eviction. I would find a nice way to say this.

Also as @John Thedford said, I used to not allow pets either but now I charge a $250 security deposit per pet that is refundable as long as they don't destroy the property. I would also charge for cats because in reality cats destroy more than dogs if there is carpet in the property. You can also charge a monthly pet rent fee if you want. So many Americans have pets nowadays but if your area has so much activity that you can pick from dozens of applicants, then I guess no need to worry about accepting pets.

@Account Closed I don't think it's a lot. I say try it and if people complain then you can try to find another place to screen. But I've paid that and more for couples. It's just an expense they have to put in. Remember they also have security deposit so if they can't afford $80 then imagine a one month security deposit. Sometimes we stress about things and they end up being a non issue  :)

@Shaun M. Oh boy!! I can imagine all the small town talk! I'm glad all turned out well.

And you're welcome! I am expecting a baby in July so I know how exciting it is  =D

@Shaun M. WOW!! I felt like I was reading a movie script. How horrible. I'm glad that you were able to save your tenant's life and that the knife missed his heart! Also that they caught the psycho who did it. What luck he had. Nothing can prepare you for a moment like that. Lets hope it never happens again  =/  Congratulations on the upcoming baby!

@Carmela Gonzales Congrats! I've inherited a few tenants. This last one was my first month to month tenant. We want them to sign a one year lease. Here is what we sent to her. Best of luck!

NOTICE OF TRANSFER OF OWNERSHIP/MANAGEMENT

OUR NAME AND ADDRESS

DATE

THEIR NAME AND ADDRESS

Dear TENANT NAMES,

As of DATE, my husband, NAME, and I are the new owners of PROPERTY ADDRESS. We understand that you currently do not have a written lease for this property and are currently renting the property month-to-month for $XX due on the first of each month. You are a valued tenant and because of this we would like to enter into a new lease on the referenced property for a term of one-year at a rate of $XX per month. A Lease Agreement will be emailed to you today via DocuSign.

If you decide to enter in a lease with us, please sign the lease and initial each page via the DocuSign website. Each tenant must sign on the line provided and initial as requested. Your new lease must signed by all three parties no later than DATE. If you decide not to enter in a lease agreement, you will be expected to vacate the property on or before DATE.

Moving forward beginning on DATE, any rent payments will be made online via Cozy.co. We will be sending you an invitation via email. Once you receive the invitation, please create an account and link your bank account. It takes approximately 3 business days to have your bank account linked, so please plan ahead. There are no transaction fees when you pay with your bank account. We encourage you to set up automatic payments as this will ensure all your payments are made on time. If you cannot pay via Cozy.co, please let us know and we can make other arrangements.

As of today, any maintenance issues or questions regarding your lease or the property should be directed to us. If you need to reach us to report an emergency maintenance issue, please call or message us at PHONE NUMBER. For any non-emergency maintenance issues, please send us an email to EMAIL ADDRESS and we will reply or call you within 24 hours for non-emergencies.

Thank you for your cooperation. We hope that you stay as tenants. If you have any questions or concerns, please contact us via phone or email.

Regards,

OUR CONTACT INFO

@Karen L. I think it's always important to have something in writing, even with a friend. Sometimes people remember things differently and that can cause an issue in the future for you as the home owner. I have never heard of there being a law where you NEED something in writing but it's more for your protection. Whatever you do decide to put in writing, make sure it's notarized in case you ever have a big issue that requires you to go to court. Just to be safe. Unless you do a standard lease then you don't need it to be notarized.

@Elford Stephens That's the best way to learn (along the way) and that's how we learned as well! You're welcome and I'm sure it'll work out well.

@Elford Stephens I just acquired an inherited tenant with my third property last week who is used to paying with money orders for the past 12 years. I'm out of state and told her that it's not recommended to mail a money order because it can get lost in the mail and no one can get it back. I gave her a few options: 1) Use cozy.co, 2) use Zelle from her Wells Fargo bank directly to my Chase bank, or 3) deposit the money directly into my Chase bank. Just tell them that you definitely cannot accept cash payments because there would be no record of this, and that you do not accept checks or money orders. All monthly rents must be paid online via Cozy or some other online payment system. I had one tenant that ended up asking if she can use Venmo and I said yes. Whatever makes it easier and it's all electronic and free for me so it's fine. Just make it sound like you have a process in place, these are the rules and they have to follow them if they want to stay in your property. Best of luck!!