All Forum Posts by: Konstantin S.

@Michelle Fenn thanks for chiming in!  Can you please clarify?  

Would that be filing the eviction case for this tenant with the court as soon as possible (claiming hardship based on my loan terms and bank potentially calling the loan if I do not owner-occupy in 60 days) versus waiting until the 60-day notice to quit expires?

Folks, what is considered a normal amount in a cash-for-keys transaction?  I realize this likely varies widely across the different markets, looking to get a ballpark on what is considered normal vs. excessive.  If I need to go that route.

Thanks, @Joe Norman!  That is what I hear.  Though these tenants perhaps need to be taught a lesson on responsibilities, not just the rights - they may be 'skipping' on cash-for-keys through life and leveraging whatever protections they can get through the system, without a hard eviction on their record the next unsuspecting landlord would take them in and likely be taken advantage of, having to do cash-for-keys as the easier/less expensive route to help make them leave when they begin to cause damage and missing rent payments.

@Matt Ziegler, I have not indicated to this tenant that I am willing to do cash-for-keys yet.  At this stage we are pushing with the 60-day no-fault notice to quit and file for an eviction if he does not move out by then.  Also planning to serve 30-day notice to quit to the unlawful co-tenant on Dec. 31st.  

Looking for the fellow BiggerPockets folks to weigh in with their wisdom and experience on the issue and whether a reasonable cash-for-keys may be the optimal albeit less desirable move in this scenario.

The biggest risk in my mind is the owner-occupancy clause of my mortgage (requires borrower to take possession within 60 days).  I have no problem paying the mortgage on the property and planned my finances to be able to not have to rely on cashflow from it for loan service.  The concern is how much leeway will the bank allow as I work with this tenant to make him leave before I can occupy one of the units. 

The other unit is occupied by a family with school-age children and they have begged not to have to leave at least until April, so that they won't have to move twice and change schools mid-year - they are saving for a house and are planning to purchase and move in the spring, when their children are done with school. 

The long-term goal for the property is for both units to be rented to well-qualified pre-screened tenants.  Hopefully as part of a growing long-term residential cashflow portfolio.  I would have to stay at this property at least a year based on the loan's owner-occupancy clause.

@Brad Hammond, thank you, appreciate the good words of support!  I have been documenting as much as possible, taking care to communicate in writing, either via paper or email/text and any in-person conversations with a witness – to not take any chances with this tenant as I suspect he is video-recording in-person conversations without our consent.  Last in-person conversation we have had, with my realtor present, both the tenant and his fiance whipped out their smartphones and held them at waist-height, casually pointed at us.  In this day and age one cannot be too careful.

I am a first-time landlord and homeowner, and have recently purchased a fully tenanted duplex in Western Massachusetts, intending to owner-occupy one unit for the first year. 

The security deposits were transferred to me via the closing agent/attorney. Two banks I have talked to advised that each tenant needs to fill out IRS Form w-9 per federal law to open the appropriate account (tenant/landlord) for those monies (Sec.Dep + LMR).

One tenant had no issues filling out his w-9 so his account/security deposit is all set up now.  This tenant also paid his rent on time and in general appears to be a reliable one.

The other tenant is not cooperating with the w-9 request so I cannot open the appropriate account for his security deposit - I am concerned this tenant may attempt to use this against me later so I need to figure something out for this A.S.A.P.

He has been served a 60-day notice to quit (no-fault) based on terms of the assigned/inherited lease and advised me that he intends to fight the eviction in court stating '60 days is not enough time to find a suitable place to rent' and 'I know my rights.'  Note: MA law allows for 30-day no-fault notice to quit, however, we decided to err on the side of caution based on lease terms specifying 60-day no-fault termination. 

The notice to quit was served 11/30/2020 right after the closing so that I could move in within 60 days to satisfy the mortgage loan's owner occupancy requirements - he did indicate he wants cash-for-keys to 'help him cover his moving expenses' or will fight the eviction tooth and nail in court - claiming hardship from COVID, etc..  

He has a note from a doctor claiming he 'has anxiety and would benefit from an emotional support animal (dog) in his duplex' - he keeps two dogs in the apartment that caused significant damage inside the unit over time.  If not for that note, he would be in violation of the no-pet clause clearly specified in the lease.  He may bring up this note as a 'disability excuse' to try and bolster his eviction case.  In my dealings with this tenant, he has been verbally combative and argumentative, whereas I tried to be as careful/courteous and professional as possible.

This tenant has another adult person permanently living with him, not on the lease, he only identified as 'my fiance' - and refused to provide any identifying information on that person.  The lease has a no-sub-leasing clause so that would be a clear violation.

He also has not paid me rent after the closing to date (due on the 1st of each month) - we agreed to two 1/2 payments to help his financial situation, however, the first payment will be two weeks overdue this coming Friday 12/11.  

This is a 1-year lease that matured 11/30/2019 then auto-renew.  The (inherited) lease allowed for no-fault termination at any time within the lease term with a 60-day written notice by either landlord or tenant. 

What are your thoughts on the best course of action?  

The end goal is to have this tenant leave as soon as possible within legal bounds without causing significant harm to my finances.

Thanks!