All Forum Posts by: Andrew S.

Sorry I used a Coverdell for my 3.5 year old and 4 month old.  I don't think I can do real estate investments in it but it is more flexible.  Only 2k per year into it though.

1. Get a new Month2Month agreement or Annual lease with terms that are favorable to you. ( The old lease is no longer valid legal due to the fact that the contract (rental agreement is not with you. Previous owners are no longer property owners of that property.) (Review your rental agreement to make sure it is legal in your area{state}.

2. If they refuse to sign new rental agreement give them your state required notice to vacate (unlawful detainer). (Hire an attorney)

3. If I were you I would offer them 3 free months to move out voluntarily with notary; and file that agreement with the court. (Make sure attorney write agreement.)

4. Once you get a judgement make sure to screen new tenants e.g {income, previous landlord, employer, credit check all 3 bureaus.

5. Take pictures of everything in the unit before renting it out so in-case the new tenants claim something was wrong before they moved in you got proof to the contrary.

6. Always do written notice to inspect unit every couple months to make all necessary work and extermination to keep unit habitable and note those expenses for each tenant.

@Shelley Johnson - When I say tax free, I mean that the earning on my 529 investments will be tax free.  I obviously will still be paying taxes on the rent as income just like any other property, but will have foregone any capital gains taxes on the earnings of the 529 investments as opposed to if it had been in a taxable account.  I just am not sure if the IRS will like that my daughter will be paying rent to a family member.

It does not appear like you are obligated to pay.

Should you?  The tenant enhanced the value of your property.  They are saying (or offering) to extend a year which might not happen if they feel unsafe.  Maybe the system helps them feel safe.  What is a vacancy realization going to cost you?

If it were me, I'd remind the tenant they aren't allowed to make changes without my permission and I did not authorize the system.  However, I would also recognize the value they've added to the property and my appreciation of them as good tenants (assuming they are).  I'd then offer to split the cost with them in exchange for the lease extension: 50/50% for 1-year extension, 75/25% for a 2-year extension.

Jim.

Rob Sasser

Do you have a realtors that you would recommend for SFR's or do you source your own deals?

we are on the same meter, and I didn't put it on the rental agreement for them to turn the AC of. I will do the adjustment for the next time I lease or @ renewal.   this is indeed an expensive lesson to learn. And they still have bout 8 months on the lease. Thanks for your response  , I have to research the RUBS system as I don't know how that works,