All Forum Posts by: Juan Arroyo

Before I discovered BiggerPockets I was interested in buying rentals units but I did not have the money and experience so I partner with a really close friend......I know....

Five years later, I want out. After a full year of arguing, we agreed on a selling price but he will not have the money to refinance the house on his own for another 7 months. I am not sure if he is telling me the truth. I think he wants to buy time. I have offered to buy him out but he refused all offers.

This is my fear: since we are a 5050 partnership I am afraid he will try to fix everything he can before the sale so I would have to pay 50 of all the expenses without adjusting the selling price. What can I do?

I am thinking to have a contract

1)I give up all future rent but also the liability (tenants are month to month)

2) he would put money in escrow account

3) do a double closing in seven months

Any ideas?

I think it is time for a lawyer. Thank you very much

I made the mistake of buying a house with a friend (50-50 deal) without doing an LLC or any type of contract. He was a really close friend. Let's say somebody who both my parents consider to be their adopted son. He lived at my house for a couple of years.

The plan was to househack for a while then flip it but we never end up remodeling. I am currently living in the house and I am renting a couple of rooms to his college friends and he got a job in Texas.

I want to cash out =  he refuses to sell the house.
I offered to buy him out  = he is not even willing to give me a price.
I asked him to buy me out = he is only willing to give me 1/2 of what the house is worth.

I thought of refinancing the house under an llc and putting under a property manager but i know he will not do it. He thinks his collage friends can mange the house for a discounted rent. I would be OK with that but after living with them for 2 years I know they will trash the place.

What are my options? 

Thank you very much to all of you!

Would the option of keeping the tenant change if they are not taken care of the property?

Let me explain, I visited the property twice before closing and in both occasions the house was not clean. I don't mind if they have a different standard of cleanliness but I am a little concern when the litter boxes of the two cats were full. Also the boxes are on top of the wood floor.

This is my first year being a landlord so am I being too picky? I thought about buying a big plastic mat to place under the cat litter boxes but if I do so, wouldn't I tell them that I am OK with it?

FYI the cats look very healthy and they had plenty of food. So this is not the case of animal abuse. 

One more question. One of the tenants has a girlfriend who is pretty much living in the house but she is not listed in the lease. The current lease does not mention anything about visitors staying longer than 14 days. Based on what I read, I should have all adults living in the unit listed in the lease. However, the lease will end in 5 months and I will not renew it. I also has liability protection in case a tenant or guest gets hurt in the property. So should I just let it be or change the lease?

Thank you!!

I am newbie in the real state investing world so any help is appreciated.

I bought a duplex in a working class neighborhood in Knoxville, TN. The duplex already had tenants but I want to update/remodel ONLY one unit to increase rent and to attract a family instead of two roommates.  The current lease does not mention anything about renewing the lease. Based on what I read, I should send them a letter stating that I will not renew the lease 30 to 60 days before the lease expiration date. 

Is there anything else I need to do? Also, you do have a letter/template that I can use?