All Forum Posts by: Kevin Yeats

"There are some things that are worse than death ....

... like spending the evening with an insurance salesman." ---- Woody Allen.

Read the book "The Big Short"

My first suggestion to you (which by your message above you have already started) is a simple instruction

READ

PS Bigger Pockets message boards are free.  Everyone is friendly and somebody here has (probably) experienced what issues you face.

6,714 square miles ..... whew

Box Elder county on Google maps

Christopher, an easy answer --- without using a spreadsheet to enter all the variables and determining the monthly payments and the discounted cash flow --- is $95,489 --- the current balance.  After all that is the amount owed.  The borrower would have to pay that balance to retire the note.

What someone will pay you (assuming that you are the note holder), is another question.

If you are selling the note ... and need the cash, you may have to accept less that the $95,489 balance owed.

I hope this helps

@Greg Brown As Matthew mentions above, talk to your attorney to make sure you make this transition correctly and avoid a battle with these existing tenant.

I would write down ALL of YOUR terms for renting this property specifically noting that tenants are required to have working utilities to their leased unit, required to notify you of any needed repairs (the broken window) and are to keep the property clear of clutter (scooter parts) plus anything else that you require.  Also note that the rent is due in full on the FIRST of every month and late charges begin on the 6th.  Also inform the tenant that you require a signed lease and you anticipate raising the rent to market levels.

In reading your description of this property and the tenants, I just envision some difficulties in their vacating the properties (I hope not).  I expect they will have trouble finding a new rental and packing and moving in short order.

@Kimberly H.  I think you will learn a lot by reading Eric Drenkhahn's blog No Nonsense Landlord.  He give a lot of tips from his years of experience

The sooner he is out, the sooner a tenant who pays in full and on time goes in.

Read up on tenant/landlord issues in the section here and read Erick Drenkhahn's blog  No Nonsense Landlord.

Next have sit down with your property manager or real estate agent and let that person know exactly what qualifies as a good tenant.

It is better to have a vacant unit than a tenant that trashes your property or overstays the lease.

“Brick walls are there for a reason. The brick walls aren’t there to keep us out. The brick walls are there to show us how badly we want things.”

– Randy Pausch, author of “The Last Lecture”

Zig Ziglar