All Forum Posts by: Jimmy S.

They are still there I checked couple days ago but the last 6 months they have been consistently late but take excellent care of the property. I have a feeling they dont want to move and have no money to pay this months rent if they are staying.

Hello again

Long story short, lease expires on 2/1/15 and renews for 1 year without 30 days notice. I have last month and security deposit. They did not pay this months rent. They also did not say they are moving out or did not give any notice. I am trying to contact them the last couple days but no luck to see whats going on.

What should I do?

 Assuming they are moving out which I really don't think so or send a pay or quit notice and can I b/c this could be their last month and its already paid for but did not give any notice.

Thanks
Nate

thanks for all the fast and great advice everyone. It is greatly appreciated. :-) 

How do you handle late fees if tenant has paid the rent late but did not include the late fees. Do you send them a letter, call them or how do you handle it?

Rent is due the 1st and 2 day grace, 3rd day $40 late fee starts with additional $5 each day after.

Thanks

 I have been using this realtor for a few years on and off and I put a offer in on a house and on the buyer tenant agency contact they slipped in the contract that any "for sale by owner homes and any new construction homes she must appear with me on showing to represent me which I did not find out until after we signed all the paperwork, if not buyer, which would be me, must pay all the brokers fees.

Is this common practice to include things like this? I do not like this one bit not to mention I need to stick with her for 1 year now and she only does it part time. 

I still look at it that you will have no money into the new property. Your downpayment is borrowed from the LOC and what ever you finance. (If you borrowed it, its just like 100% financing. Your just risking your home its attached to. Yes it does cost alittle more because the money is borrowed from the LOC and your paying interest on it, but really you do not need to have any cash-on-hand. Your downpayment is borrowed and well as the mortgage so you bought it without using any of your money.

Id use a HELOC as long as it still cashflows since really you would be putting "no money down" if the down payment is coming from the LOC.

 I thought about it but seems like a real pain and would not really like to. Changes taxes, bank wont loan as much and just alot more headaches.

My attorney said a umbrella policy that covers over all the properties is just as good as a LLC but with alot less headaches and costs.

Right now I just use a separate personal checking bank account to keep all my rental stuff in, but does it really make a difference if its a checking vs business account?

Thanks

I have 4 rental properties. I just use a separate bank account which is a personal checking account. I do NOT have my properties in a LLC.

Should I have a business checking account or is a separate personal checking account fine? 

I though this would be a interesting topic since people are from all over the world here.

What the average cost you need to spend in your area to get a decent rental property that is turn key or if you need to rehab it how much it costs to purchase a rehab property.

In my area is around 100k for anything decent or around 70k for a rehab property...