All Forum Posts by: Jimmy S.

I will wait till the 10th and if no money is givin like promised I will file for eviction. 

If you do the math its going to sit for at least 1 or 2 months + court fees + oil heat is at least $2500 loss so 7 more days I think I can wait. I did call his employer and he did start his job yesterday.

 Closer to $350, I called the court and its around $200 to file against both of them and another $150ish for regain of possession/eviction 

O boy here goes try to make a long story short

Had first, last and security upfront.

Couple moved in july, he was arrested in september.

Rent was due September 1st never paid still as of today. I was forced to use their last month rent on 9/30 by them since they were so far behind and I needed to pay the mortgage. They are telling me I should have about $400 on october 10th and will be caught up by end of October, he started a new job (Also repaying back last month that I used, september rent even thought it was not intended for that, its not their last month)

He seems very controlling and was cursing me out on the phone f this and f that. I will bring my lawyer and sue you because your place is not up to code (1 thing they caused, wired fan wrong idk why) and that I am not allowed to step foot on " his house" without 24hrs notice. ( read the lease I can), and legally he said he has 5 days to pay the rent, anyways I am trying to resolve the issue with them but seems he is always looking to start more trouble.

So not sure if I should charge them late fees for september rent since I really used the last month rent but its not intended for that or even now if I can charge them September fees since i used last month rent temporarily.

Would you charge them fees for September and October or how would you handle this? 

Afraid if i charge them late fees about $250 it will be just to much to handle for them and really screw me over, damage the place, and make me evict them.

If it was a better time of the year I defiantly would have evicted them but with winter coming and oil heat the place is going to sit a couple of months and i will need to pay to heat it, plus not to mention the $400 in court fees I would need to pay. I am willing to ride it another week to see if they give me any money but if not I will file for eviction.

How would you handle this, this has been 1 of my worse experiences as a landlord in 4 years and not really sure how to handle this.....

If a tenant moves out early and breaks the lease by moving out early can they use last months rent? 

example, 12month lease and want to use last month rent like 8th or 9th month in because they are moving out early.

When you buy a rental property, how much cashflow do you need to make it worth your time and what price range house do you look at?

What happened to lending post back in 2008? 

I never even looked at it like that.... That is a very good point. Also I can write off all the closing fees.  My gut feeling was to take the lower interest rate from the very beginning.  Still blows shelling out $4000 in bank fees for a cash out refi on a $75k mortgage. 

Thanks for everyones help

yes its a cashout refi which is why I guess its alot to close. + title work again ($1100) . Loan is only $75,000. Loan Origination fee is $900+ appraisal $500 and + points $1500 and some other minor fees. 

4.125 Cost is $4000

4.75 Cost is $ 2600

how did you calculate the 25% return on money?

Did the math and If I keep the property 4.8 years is the break even point. I should have it that long.....

THanks

I don't know. I keep going back and forth. Closing on 4.125 is total $4000 in bank fees vs the 4.75 which is $2600.

Would like to have the lower rate but sucks paying that much in bank fees although more money back is better upfront so I dont know..  $30 a month is $30 a month which does add up over the year.

Doing a cashout refi and not sure what to do. 

Would you take a interest rate of 4.125 and pay $1400 upfront in extra fees or take 4.75 and save the $1400.  Comes out to a $30 difference on a loan amount of $75,000. 30 year fixed rate.

Keep going back and forth but thinking that $1400 in my pocket is better way to go and more and pay $30 more a month....

Thanks
Nate