All Forum Posts by: Kerry Arm

Thank you all for the quick responses. Nathan G, to answer your question, they are on a one year lease that will expire in Jan 2023. I do not plan to renew because as Steven W stated, you give a little and they keep on taking.

Theresa, I considered what you mentioned but every case is different and am worried they won't hold up their end of the bargain if I should propose a deal like the one you were able to established with your tenant.

I will hold off on the eviction since they are paying  but I plan on notifying them by mail 60 days prior to the expiration of their lease that we will not renew their rental agreement.

Thanks Again everyone, your input has been helpful.

Thank you to everyone who takes the time to respond to my post, I really appreciate it.

I have a tenant who's being consistently late on making their monthly payment each month. It all began back in Aug of 2021, their not bad tenants but are always late. I only allowed it because they were experiencing some hardship during that time but it continued and Aug 2022 will be one full year.

They would pay a portion of the rent in the first half of the month and the second half in the last two weeks of the month.

Should I consider eviction since there seem to be know signs of they will start making on time payment?

Thanks again,

Kay

Thanks to all of you for the quick response. Let me provide a little more details. I performed a walk through before the purchased  and during the walk through, I did ask the tenants if they had any issues I should be aware of, they all responded saying "no". I also ask the Seller if there were any issues and he pointed out the stove but it was minor. The unit was up to date for the most part, new floors, bathroom and utility room as well. The damages weren't significant, as in mostly drywall related. When I performed the walk through prior to the purchase, they had pictures and posters on the walls and other large items such as the Sofa, so it was a little difficult to identify all of the hidden damages.

The Tenants just feel that they should receive most if not all of their deposit back.

I explained to them that providing all of their deposit back is not possible since they admitted to being responsible for some of the damages weeks before their move out date.

Am trying to be fair but I don't plan on covering the entire repair bill.

Thanks in advance for all who take the time  responding to my question. I purchased a property with student tenants. I agreed with the seller that the current tenant could remain in the home since they only had a few months remaining on their lease and it was rental income to me. A couple weeks before the tenants moved out, they reached  and stated all the damages in the apartment was not their fault. 

I understood they had a roommate several months before the sale was made but within the lease year.

I had the unit repaired and decided that charging them 60% of the repair bill is fair.

Does anyone think this is a reasonable solution or has anyone experience a similar situation? If so how did you handle it?

Thanks Again

I currently own a few rental properties in the state of CT and the good thing is, all of my tenants pay their rent and mostly on time. 5 months ago, I agreed to rent the 2nd floor to one of my properties to a family of 5. A few days ago, that tenant called me and told me his adult son, wife, baby and wife's brother will be staying with them for a few days because their home caught on fire. Our lease agreement only allows for guests to be on the property for no more than 10 days. Tuesday will be the Tenth day and the tenant told me his son will only be in the home for a few days because the Red Cross will assist  them in finding a new home. Am not sure how this process works and I don't want to be insensitive to their family's situation but I need the rules we set in place.

I plan to request an update from the Tenant Sun night regarding their son and his family situation. I also want to be sensitive in my approach and would like to know if anyone ever encountered this issue and how did you deal with it?

Additionally, the 1st floor tenant is complaining to me about loud noises coming from the 2nd floor, throughout the day and especially at night. They went as far as telling my maintenance guy they may consider leaving because of the constant noise. The first floor been there longer and pays more, they are also quiet.

What is the best way to communicate these issues to the tenant without making things messy between myself and the Tenant, as well as the two neighboring families, (1st and 2nd floor)? 

Thanks in advance to all and any guidance would be greatly appreciated

I would like to thank each of you for providing me with your feed back and the information is very valuable. This will definitely help me moving forward if I should chose to pursue this deal. I will keep you posted on what happens next. 

Thank you both for the information and also for responding so quickly, I truly appreciate it. Just to add two more elements that may or may not be a major factor. The bank is not aware that I am related to the owner of the home, we do not share last names. The home is also in a flood zone and my contractor provided me with the repair estimate base on a walk through. He believes because of the sewer line backup and electrical issues, total repair could exceed the $100k figure, possibly $120k but he is not certain until the walls comes down.

I have worked on a previous Project with my contractor and those repairs ended up being about 15% more than the estimated repair cost.

Does this new information makes a short sale possible and in your experience how low would the bank be willing to go? I have never done a short sale before so please forgive me if I am asking the wrong questions.

My elder Aunt has a home that is in the Pre-Foreclosure stage and she would like to sell it to me. Found Multiple issues after little research. The house needs about $70k to $100k in repairs  and the current mortgage balance is around $245k. The home value seem to hover around $270k to $290k. My understanding is that she can sell me the home while it's in the Pre-foreclosure stage but my problem is, would the bank accept a selling price of $120k? Has anyone had a similar experience or knows how the Pre-foreclosure process works?  Oh and she is willing to sell me the home for the above mentioned price with no gain to her. 

Thanks to everyone in advance for your feedback. 

I am in the market for a second property and found a potential opportunity but have some concerns. 

The property is bank owned and in the description, they informed interested parties that interior viewing is not possible and instruct buyers to only view the exterior of the property and not to disturb the occupants. 

The home is in a good neighborhood and price below market.  I also found some older pictures of the interior layout but that could have change. 

Has anyone ever blindly purchase a bank owned property with occupants still residing in it and if so, did the occupants vacated after closing or did you need to get the authorities involved? if you did, how long did it take to remove the occupants?

Also, was the property in good condition after the close? 

Thanks,

Again

Minna thank you very much for the quick response. I appreciate it, I believe it may be considered two different units. it is not a condo conversion. 

I will obtain more information and post my answers.