All Forum Posts by: Jennifer Fernéz
Jennifer Fernéz has started 57 posts and replied 147 times.
Post: Want to put an offer in today - Help!
- Investor
- Reading, PA
- Posts 162
- Votes 47
Quote from @Matthew Paul:
Give them 30 days notice on the month to month , to leave
How do I do that if I don't own the property yet? My lender said I can't qualify for a loan unless a unit is vacant. He said if a tenant signs a 'notice to vacate' then I can get the loan. What is a good strategy in getting a tenant agree to sign this??
Post: Want to put an offer in today - Help
- Investor
- Reading, PA
- Posts 162
- Votes 47
Quote from @Bob S.:
Quote from @Jennifer Fernéz:
Hi all. I want to buy a triplex in my area. Please help! I want to occupy one of the units so I can get an owner-occupied loan and only have to put down 3.5%. However, the seller's agent expressed 'All tenants want to stay'. How could I get one of them to agree to sign an agreement to vacate the property? Many investors are looking at the property so I was going to offer full price with $10,000 deposit.
Rent situation:
Unit 1 -- Current: $800/mo Projected $1200/mo (this is the one i want) - month to month
Unit 2 -- Current: $900/mo Projected $1000/mo - lease expires Jan 2025
Unit 3 -- Current: $800/mo Projected $1200/mo - lease expires Jan 2025
Any ideas? Please help!
Simple, the MTM tell them they need to go, I am not certain of PA laws, but I think a 30-day notice is sufficient, and or cash for keys
Well my lender said I can not qualify for an owner occupied loan unless one of the properties is vacant. He said I need to get a signature on a 'notice to vacate' from one of the tenants to even be approved for the loan. If I don't own the property yet, how do I get them to go? What do I put in my offer?
Post: Want to put an offer in today - Help!
- Investor
- Reading, PA
- Posts 162
- Votes 47
Hi all. I want to buy a triplex in my area. Please help! I want to occupy one of the units so I can get an owner-occupied loan and only have to put down 3.5%. However, the seller's agent expressed 'All tenants want to stay'. How could I get one of them to agree to sign an agreement to vacate the property? Many investors are looking at the property so I was going to offer full price with $10,000 deposit.
Rent situation:
Unit 1 -- Current: $800/mo Projected $1200/mo (this is the one i want) - month to month
Unit 2 -- Current: $900/mo Projected $1000/mo - lease expires Jan 2025
Unit 3 -- Current: $800/mo Projected $1200/mo - lease expires Jan 2025
Any ideas? Please help!
Post: Want to put an offer in today - Help
- Investor
- Reading, PA
- Posts 162
- Votes 47
Hi all. I want to buy a triplex in my area. Please help! I want to occupy one of the units so I can get an owner-occupied loan and only have to put down 3.5%. However, the seller's agent expressed 'All tenants want to stay'. How could I get one of them to agree to sign an agreement to vacate the property? Many investors are looking at the property so I was going to offer full price with $10,000 deposit.
Rent situation:
Unit 1 -- Current: $800/mo Projected $1200/mo (this is the one i want) - month to month
Unit 2 -- Current: $900/mo Projected $1000/mo - lease expires Jan 2025
Unit 3 -- Current: $800/mo Projected $1200/mo - lease expires Jan 2025
Any ideas? Please help!
Post: Rental acquisition with bad tenants
- Investor
- Reading, PA
- Posts 162
- Votes 47
Quote from @Laura Stayton:
Quote from @Jennifer Fernéz:
Im looking at properties to buy, and saw a tenant in a 4-unit property I like paid $1,000 in late fees. They are also smokers and their unit is horrid. They are month to month. What are common practices to remove them? Another tenant in the same property pays $750 a month and should be paying more around $1100. What is the best way to increase her rent? Do I do it all at once? I need help with etiquette and what to do
Post: Rental acquisition with bad tenants
- Investor
- Reading, PA
- Posts 162
- Votes 47
Im looking at properties to buy, and saw a tenant in a 4-unit property I like paid $1,000 in late fees. They are also smokers and their unit is horrid. They are month to month. What are common practices to remove them? Another tenant in the same property pays $750 a month and should be paying more around $1100. What is the best way to increase her rent? Do I do it all at once? I need help with etiquette and what to do
Post: Buying a property with bad tenants
- Investor
- Reading, PA
- Posts 162
- Votes 47
Quote from @Mike Dymski:
For month to month, simply send non renewal notice. For raising rents, provide written notice for the increase and option for them to provide notice to move out if they are not interested. Communicate, treat everyone with respect, and provide ample time.
Post: Buying a property with bad tenants
- Investor
- Reading, PA
- Posts 162
- Votes 47
Im looking at properties to buy, and saw a tenant in a 4-unit property I like paid $1,000 in late fees. They are also smokers and their unit is horrid. They are month to month. What are common practices to remove them? Another tenant in the same property pays $750 a month and should be paying more around $1100. What is the best way to increase her rent?
Post: Buying a property with bad tenants
- Investor
- Reading, PA
- Posts 162
- Votes 47
Quote from @Nick C.:
If they’re month to month you don’t need to evict, just don’t renew their lease.
Right, but how do I deliver the news that their lease will not be renewed?
Post: Buying a property with bad tenants
- Investor
- Reading, PA
- Posts 162
- Votes 47
Hi all,
I'm new to investing and saw a 4-unit property this week. I like it and the numbers look decent.
Pro Forma is 7.21% and CoC ROI is 10.04%.
However one of the tenants is late for rent ($1,000 in late fees this year), a smoker and their unit is hard to even be in. It's the biggest unit of the 4 with the highest rent.
What can I expect with this tenent? They are month to month. What is the etiquette in evicting? Sorry to sound cold.