All Forum Posts by: Account Closed

 Good question.  I had the same thing. Now I’ve lost money.  

 What is Indiana’s policy on abandoned property?  

I agree go knock on the door.  Give the required noticed as well and enter the property.  Take pictures, if you can use the abondoned property side of things versus eviction that’s the way I would go.  If they don’t live there any longer and you can reclaim your property and rent it to someone else that is what I would recommend.  It isn’t your job to track them down. Post notice if they do t respond time to use your legal options. 

yes yes compassion first. But they still owe rent and I would not waive any late fees at this point for them.  Time to run a business.  Good luck

Has anyone had any success from the HML list here on BP? I sent off some requests for information to start a possible bridge loan for a commercial multi family and haven't heard back from any of them. They all close their doors?

 You can get a registered agent that serves as the physical address for Florida   It’s around 50 dollars a year.   You also need a Florida address to be “served” at though I never have.

deleted 

i agree with what @Peter Walther said. She should have a lawyer.  I would suspect that if it is amicable to some degree she would be able to play the game of monopoly and trade something to essentially put her in title and remove him. 

Lesson learned if your wife and daughter didn’t want to be on the title (principle or whatever then you should of passed on it). Profits aside. 

On top of that @Steve Long maybe this is why people don’t like to mix business and family.  Full disclosure I do, however, it is all only in my wife and I’d name and they lend on the side.  No loan attached to ensure this situation never occurs.  Though my honor is more valuable to me than money so it makes it easy for me to make this claim with my family investors.  No one is ever worried I’ll not pay my end of the deal.  

Call the city.  Actually call a attorney and get the eviction completed.  You have the order just need a signature.  Shouldn’t be a impossible task. 

Good luck

@Byron Scott could be a deal.  Questions I would have are. 

1.  Can you get 30 year financing on this property?  I would expect a 25 year with a 5/7/10 year balloon. 

2.  How much rehab, if any, do you need to put into it to get it to 800?  Or is it just blatantly under market?. If a rehab how much do you anticipate it costing?

3.  What’s the current tenant base?  SSI, service workers, students, section 8, other??

4.  What’s the market rate for per unit sales?  At 510k it’s 63,750 a door.  Can you negotiate it down to 55-60k a door?

5.  It’s a newer property so is there central air and city utilities?  

On the surface it looks like it could be a deal but again I don’t see all the numbers.  What other costs are there?  Trash dumpster?  Parking lot lights?  Lawncare more then likely. 

 I think people aren’t aware that the CARE act added 600 a week (some rules apply) in addition to the unemployment weekly check. So your restaurant tenants for Florida will receive at a minimum of 1,200 a week plus whatever they qualify for with Florida unemployment, up to 275 a week.  So once they start getting their unemployment checks they will be making as a couple 1,200 to 1,750 a week which equates to a 62,400 to 91,000 a year salary.  Oh and Florida has one of the lowest weekly unemployment payments in the US. 

While I am all for generosity and charity etc etc.  that is separate from my rental business.  The federal government are handing out money (granted it’s just an advance on 2020 tax return but most aren’t aware of that) to essentially 90% of the tenant base at the rate of 1,200 a adult and 500 kicker per kid.  For me that would be a large sum of money if I qualified for the money.  For a family of 4 that would be 3,400 directly into their accounts.  On top of either working or unemployment.  Couple that with lack of commuting or ability to spend money and people should have a easier time paying rent not a harder time.  

Not trying to rant at all. Just pointing out that giving someone free money (or in our case free rent) doesn’t help anyone learn.  

@Nyan R. simple just start searching for a new PM.  Either your expectations weren’t clear for them or you didn’t understand the contract (if any) that you signed on with them for the charges they would charge you. 

good luck