All Forum Posts by: Hunter Fitch

Sorry to hear about your dilemma. Business with friends/family is so tricky. Tough to make a call on this one but you might save the relationship if you sat down with the GC and poured over every detail on what has been paid out (down to the last cent) and then come to an agreement on what is owed back to you from the initial $15k. 

You can file for an abandoned title. You'll probably have to buy a bond as well.

Obviously I don't know your friend but the situation sounds like he has no financial discipline. Paying your property taxes is a no-brainer. Even if you "own" a property with no mortgage, go on avoiding paying the taxes and you'll soon find out who really owns your property.

Yes. Their current lease will transfer during sale... then give them notice they'll need to vacate. Make sure you do it according to your state laws, most require a minimum of 30 days notice.

Doors are cheap to replace vs. a water leak.

What are you renting? Undeveloped land?

Never count on appreciation. Look at it like icing on the cake. Will they appreciate? Most likely. Could you have a Detroit v2.0 and they all become worthless? Possibly.

Is there anything about your rental that stands out? I just rehabbed a condo and was beating wannabe tenants back with a stick because I spent about $1000 on a rock wall feature with a 50" TV in front of it. I'm able to get above-market rents (which quickly gets me my money back) in a very hot rental market by adding in a bit of eye candy here and there.

In the US you can go to the County Assesor's Office (or their webiste) to do a search. Sorry, I don't know what the equivalent of that would be in Canada.