All Forum Posts by: George Red

I have an inherited tenant that I was putting up with because although her rent was always late... she did pay and I wanted to avoid the turn cost and headache of getting her out. Short story is that after a "reset" about paying on time last month it's 5/19 and I have half the rent and just had to send a plumber out to address a tenant caused water issue and I'm done at this point. I do not think she will go quietly and I'm trying to gameplan out process and wanted insight from other investors... when you're about to send someone notice to vacate and don't think it will be a clean process... do you also start the formal eviction process at the same time as you send the 30 day notice to vacate if they're behind on rent?

My assumption is that she'll say 30 days is not enough time to find a new place (if she can't promptly pay her under market rent, how will she come up with first and security deposit elsewhere), will not finish paying her May rent and won't pay June either so trying to see if it's best practice to have that eviction filing in process as an incentive for the tenant to move along quickly.

As a note to others in a similar situation, what I've read here in the forums that I didn't adhere to was "stick to the lease" and if someone is a consistent problem, they're not going to turn on a dime and get better, you have to protect your investment and part ways when things aren't working.

Any insight appreciated.

I believe the OP said earlier in the thread that the neighbor has another STR on his other side too… maybe he's had trouble with guests and a rotating cast of strangers beside him daily and he wants to ensure the misery is more evenly distributed… I would hate to have a STR on both sides of my house. Not a great way for him to handle it but just saying…

I’m actually facing something similar and justifying it because she pays monthly (albeit late) and I’m figuring that’s at least money coming in as opposed to the outflow of a unit turn and vacancy. 

In trying to be “understanding” I’ve been enabling her and not enforcing late fees to boot… sent a “reset” for May and enforcing lease but it is a c class area so as an earlier poster said… May not be isolated to class of tenant but of multiple units this is the only tenant where this is an issue. I just don’t want to eat the unit turn costs.

Yeah @Caleb Brown I've been looking at my next purchase either being west of Troost or just north of Rockhurst but west of Paseo... thinking about 1031'ing my SFR on 75th as it has gone up a bit since purchase. There is such a pricing distance just west of Troost vs East of Troost.

Hey all, remote investor here that has some property in 64132 and it looks like (online listings anyway) that there is a decent amount of flip activity happening between 75th and 85th between Troost and Prospect in south KC. Any veracity to that... looking to people in town with greater visibility than I do from OOS. I own a SFR on 75th and multi family just north of there in the Arleta rentals... trying to see if people are seeing an upswing in that area and long term prognosis is moving in the right direction.

Any insight appreciated!

@Brock Mogensen and @Brett Deas the part that is fuzzy to me is... when do you need to register with the SEC and what rules determine that. I have looked online but it seems kinda fuzzy and the idea seems great but my understanding is that doing a syndication requires a lot of capital to meet the proper SEC requirements. Some seem to opt for Joint Ventures as opposed to syndication but I have not been able to find "the line" legally in a way that makes complete sense about when to go through SEC and when that is not necessary. Your thoughts...

Unfortunately in the last freeze in KC I had a property where some pipes burst. The tenant assured me that he had the heater on but I called the gas company and they said that the gas has been off since the summer. I checked the lease and there is no stipulation saying that gas must be maintained in the unit and fortunately the tenant alerted me when water started to leak. We got the water shut off pretty quickly and I got a plumber out there to find the breaks and fix them... I'm just leaving insurance out of it as I would still need to pay the deductible and then my rates would go up in perpetuity (what a racket).  It sounds like your damage was more extensive and I think it would be prudent to have a plumber identify all the breaks and then involve insurance and have them confirm it is a covered expense and how to best proceed... a freeze like this has not come through KC in some years so I know a lot of people must have had to deal with burst pipes. Best of luck.

I have some open rentals on the market and two have been on the market for weeks… I know there was a cold snap recently which would disrupt some showings but trying to see how long landlords are experiencing to place tenants recently in KCMO. Zip is 64132 and one in 64109.

Any recent experience would be useful.

Where to begin... stock up on tin foil!