All Forum Posts by: LeeAnn Owens

Hi Danielle, 

I would contact an attorney asap! Does your lease have any language about the lease being voided if they lie on the application? Or about them using the property for Air Bnb or subletting? 

Quote from @Beau Alesi:

Quote from @LeeAnn Owens:

Quote from @Beau Alesi:

Quote from @LeeAnn Owens:

Quote from @Beau Alesi:

Quote from @LeeAnn Owens:

Hi Beau! A couple of questions. Are there good tenants there? Long term? Is there something you would invest the money into that you would make from selling that property? If you don’t sell to them are they leaving? 

 The tenants are good .My wife thinks it makes more sense to keep it. We could walk away $240ish now but in 10-13 years we could potentially walk away with double that or close.

You’d save money selling directly without an agent. You could take that $240k and split it as a down payment between a couple of properties. 

OR you could do a home equity loan on that property, and pull out $240k to buy a couple of properties, then have 3 rentals instead of 2

 That's nice of you to share that advice, thanks. By properties you mean investment properties I assume?? I imagine it's not that easy at all to find investment properties. 

Yes, investment properties! You can find an investor friendly realtor on this site! 

 Thank you but I'd imagine not easy to find good deal easily.

Not at hard as you would think if you have the right realtor. Good luck! 

Quote from @Beau Alesi:

Quote from @LeeAnn Owens:

Quote from @Beau Alesi:

Quote from @LeeAnn Owens:

Hi Beau! A couple of questions. Are there good tenants there? Long term? Is there something you would invest the money into that you would make from selling that property? If you don’t sell to them are they leaving? 

 The tenants are good .My wife thinks it makes more sense to keep it. We could walk away $240ish now but in 10-13 years we could potentially walk away with double that or close.

You’d save money selling directly without an agent. You could take that $240k and split it as a down payment between a couple of properties. 

OR you could do a home equity loan on that property, and pull out $240k to buy a couple of properties, then have 3 rentals instead of 2

 That's nice of you to share that advice, thanks. By properties you mean investment properties I assume?? I imagine it's not that easy at all to find investment properties. 

Yes, investment properties! You can find an investor friendly realtor on this site! 

Quote from @Beau Alesi:

Quote from @LeeAnn Owens:

Hi Beau! A couple of questions. Are there good tenants there? Long term? Is there something you would invest the money into that you would make from selling that property? If you don’t sell to them are they leaving? 

 The tenants are good .My wife thinks it makes more sense to keep it. We could walk away $240ish now but in 10-13 years we could potentially walk away with double that or close.

You’d save money selling directly without an agent. You could take that $240k and split it as a down payment between a couple of properties. 

OR you could do a home equity loan on that property, and pull out $240k to buy a couple of properties, then have 3 rentals instead of 2

Hi Cody,

Great question, I’m sorry you’re dealing with this! Have you asked the guy living there for a copy of his lease? If someone is willing to pay more than double the rent, I don’t care if they’re smoking weed with their pet monkeys in the house. I don’t know how it works, but is her lease voided if she is subletting it and not living there? Talk to an attorney, but maybe just vet that guy as a tenant, sign a lease with him, and keep charging him the $5k? 

I fully acknowledge this could potentially be a horrible suggestion. Talk to an attorney! Good luck!

Hi Sandra, great question! I know this was posted a while ago, so if you already made a decision I’d be curious to see what you did. 

My first question would be if the woman qualifies for the unit on her own? You don’t want to be stuck in a situation where she can only afford it with her ex husband helping, so she stops paying you after a year. If she doesn’t have the credit score and income to pay for it herself, don’t rent to her.

I personally wouldn’t get involved or take the money from the ex husband. He can pay her the lump sum, and she can pay you rent in full each month like she normally would. You don’t want to be stuck in the middle of them. 

Hi Gloria, I have a 3 unit in NY that I pay $1500 annually to insure. Ask your realtor to recommend an insurance agent. They’ll be able to help you find a plan that works best for you. 

Hi Ling! Ask your real estate agent to refer an insurance agent to you. They’ll be able to help you find a policy that works best for you. 

Hi Sara! 

I’m actually in a very similar situation to yours, and I’ve dealt with something similar. If they’re overall good tenants, I think the best way to approach it would be acknowledging what they do to take care of the property and then add what they need to change. For example “we really appreciate how great you’ve been as tenants, it shows that you care for the home as your own (landscaping, etc.), you may not know but disposing of food in the bathroom will cause serious damage to the plumbing over time, so we can’t have that happen anymore. Thanks for your help in taking care of house!” 

We also have in our lease that we are responsible for damage cause by “typical use/wear and tear” but tenants are responsible for any damage caused by negligence. This would be a negligent situation where they would be responsible for the cost of the plumber. Since you did the work yourself I’m not sure how you would bill for that, but you could tell them that they’re responsible for calling / paying for the plumber next time.

Hi Charlie! You can sell a duplex for much more once it’s cash flowing, have you considered renting it, holding it for a year or so, then listing?