All Forum Posts by: Kevin Yeats

This is my last comment.

This is the third occurrence of cancer for this woman. Did she not learn that she could have months of rehab away from her apartment AND that the rent is still due at the first of every month? Did the doctors not alert her to the potential of many months away from her home? Did she not think "Who will pay my bills?"

She should have forwarded her mail to the caregiver or to the rehab center ... especially after the first month in the center and double especially after the first bounced check.

If I were the landlord, I would have been more proactive after the first bounced check and let both the tenant and the caregiver know that I would proceed with eviction at the first opportunity at the next late payment or bounced check. I would have gone so far as to have the tenant sign a statement that I made her aware of my intentions and that she intends to pay the rent on time and in full on the due date.

Charles, you are very correct. No landlord will stay in business very long if they accepted sob stories instead of cash.

I think that Mike is also correct "I'd like to see ANY tenant that doesn't have a problem."

Rick,

I will have to see details but I checked with my sources. They can fund a deal like this upto 80% LTV.

Key is your experience and credit score, deal fundamentals and lots of reserves (more than 1 year's worth).

Let me know if I can help.

Email on my profile.

The article states that the caregiver picked up the notice of the hearing the day after the hearing then pleaded with the court for an exception. I don't know the facts but it sounds like the caregiver picked up the mail every two weeks ... at best. Why not forward the mail to the caregiver's address?

I'd be curious if all the other bills were also paid late or with bad checks or was it just the rent.

I read this as both sides trying to manipulate the system and a judge who rules by his emotions rather than strict interpretation of the law.

Charles, I agree with abiding by the terms of the lease - which binds both parties. I also agree with abiding by the laws governing landlords/tenants.

What if this is not the first instance that this tenant or her caregiver has missed paying on the rents. At the previous occurences, the landlord notified the tenant of the missing payments and the tenant waited to pay until the last day before eviction?

What would you do when the next tenant in ill health misses rent payments?

I would think that this particular tenant who has been through treatments before would establish sound procedures for having some proxy pay all of her bills while she is incapcitated. That is her responsibility.

Charles, what exactly would you do if you were this lady's landlord?

Would you accept the back rent payments and consider her account up to date? Then, if she was late or missed the payment for July, what?

How much leeway would you give this tenant?

Would you ask this proactive judge to appoint a guardian for this woman?

What leeway would you allow the next tenant that goes into the hospital at the end of the month?

Wait for it to sit unsold at the high price and the owner will lower the price.

In the meantime, look at other properties.

Qualified legal representation is certainly the route to go. I hope your lawyer is a Bulldog.

I'm not an attorney but I would want to know what property description was originally filed at the courthouse. Are that document and the description legally binding on Countrywide and Shane and Daniel?

How "off" is the description? Is it off by a few feet in measurements or is it an entirely different property?

Please let us know.

In addition to the comments above, where will your priorities be when you get that call back to work in Industrial Construction.

If you are part way through the rehab will you drop everything for the sure paycheck? Where does that leave your investor/backer?

J Scott,

You are welcome to send in more taxes than the amount owed.

My $0.02

J Scott,

The next home that you find to buy, rehab & flip will have a twin home across the street. Both are available from a bank at the same price. Both will need about the same amount of work to prepare them for sale.

You purchase ONE home and someone else purchases the other. Six weeks later, the rehab work is finished and both homes go on the market.

Since you have already made a lot of income from your efforts earlier in the year, you will be taxed at 50% of the profit that you made.

For your competitor across the street, this is his first effort at fixing and flipping but since he used the same subs as you did, the work is the same. He is only taxed at a 10% rate of his profit.

Same circumstances, different results.

Next month, you find another house you want to buy. What a coincidence, your low-taxed competitor finds one across the street for the same price and in the same condition.