All Forum Posts by: John Walter

I Live In Ohio and have a seasoned Land Installment Contract that I want to sell. I received   15% down ($10,000), a year ago with a 12 year pay out. Great buyers. Never Late a day.  My problem now is I need to cash out for medical reasons and informed the buyers my intentions of selling the land contract and they are freaking out. They talked to a family member, a realtor (very old school), the realtor had never heard of such a thing.Tthey want assurance there will be no changes. They say they bought from ME, not someone else. That I have their money and they don't want changes. they signed a not with me. How best to inform them , to give them assurance that this is legal, ethical etc.  I told them If they went to a bank and got a loan to pay me off,  they could have a $10,000 discount on the full price because that is how much less the note buyer is discounting the note if I sell it to him. They don't have the credit of course.

Thank you for the quick response. I am now on a MTM with the both tenants. I haven't explained my concerns as yet , nor given them terms on how to maintain the property. I will present my new agreement and allow two months to see how they adapt. If problems aren't addressed, I believe I can then start eviction . Thanks again.

I've been dipping SFH for about ten years and just recently bought a duplex with existing tenants , they have both been there over 2 years , one elderly , perfect tenant! Clean , pays on the dot by mail . Second tenant has always paid cash , last owner obliged . BUT... He's a slob , dirty dirty everything , recently started slow pay due to a couple new jobs . What's the best way to line him up , clean him up and direct payments thru mail ( he always wants a receipt immediately when paying ). Or is it preferable to give him 60 day notice to vacate ? Do they stop paying ?

In my city on Ohio, the property owner has the option of asking tenants to pay monthly or quarterly to the city utility. I NEVER allow quarterly. The utility company sends me (the property owner) a notice if the tenant is more than one payment ( thirty days) late. I then am aware that if I do not contact the tenant for action, I will ultimately be responsible for payment of the bill because the PROPERTY is owned by me, not the tenant. I am renting the water pipes and fixtures to the tenant.  When a tenant vacates the property the rental  deposit is with held until the final meter reading bill is produced by the tenant showing paid in full. This encourages the tenant to get it paid in a timely fashion, or, as the property owner I am allowed to contact the utility dept. and ask if the final bill is paid in full. In addition, the city may or may not have collected a deposit from the tenant depending on his credit rating. If they have collected any, that would of course go toward the unpaid bill but may not cover all of it.

If the tenant is evicted, or even leaves with notice, and the water bill is not paid , I, the owner will be responsible and water service can not be turned on for new tenants until the outstanding bill is paid by the owner.