All Forum Posts by: Jonathan R McLaughlin

Just have them advertise for female roommate with the note that all roommates must meet landlords criteria and have them refer the applicants to you. Roommates don’t have to abide by fair housing laws.Craigslist, etc. Very common around here.

No idea about your state but the two things that tend to trip up basement ADUs when they are trying to go “legit” are adequate emergency exits ala windows and ceiling heights. 2nd means of egress?

Alexander, Is the place deleaded? That could be the biggest immediate issue with the kids. Read up on what happens in MA if there is a tenant complaint about this. It’s not pretty and makes a lot of other issues pale in comparison. For starters, with children under 6 as occupantsyou are required to delead, and to house the occupants at your expense while doing so. You also have major restrictions in what you are able to do in terms of evictions, month to month or no. Look up “strict liability” before you buy this place.

Check to see if you can by something in an opportunity zone and it could function much like a 1031...you might be able to thread the needle here....

Just one example of this in practice. qualified net worth and equity of over 1M in a recent deal allowed  an interest rate swap on the loan which gave the bank much more flexibility in managing its portfolio/risk. 

I’d investigate the new neighbors immediately as its likely somethings up. Noise and parking are addressable between tenants and it’s possible they didn’t feel safe doing so in which case you have a bigger problem. Might just be there excuse of course, but protect yourself.

Public transportation like you describe coming in 3.5 years almost always raises property values and usually greatly increases rental profits and stability therefore resale value. With positive cash flow in the meantime I’d say it’s worth waiting to excercise the option to sell. You will likely take a hit on the interest reset but if you are at all a “hold it” guy this one seems like a good asset.

Need a lot more information to be at all helpful: sector? Lease terms? Local vacancy? Macro market?

why do you need to do anything? You have great documentation it seems like so if they wish to take you to court you can reply then. Make them work.

I read this that you already have the money and they wan't more back, correct? 

Ignore them, or at the most reply that you have received their letter, all charges have been documented and are appropriate. Maybe say copies of documentation available upon written request. If you have an attorney you can say that all further correspondance should go there. That should end it.  

I suppose you could send copies of the pictures etc if you were so inclined, but don't run scared. 

Your biggest problem seems to be your property manager, not these guys

In MA you can't charge for your own labor (not sure of Indiana)

nicely done