All Forum Posts by: Lynn McGeein

@Timothy Eaton Starting off your business by breaking your word to a business partner may harm you more in the long run than honoring your word and making less. But if you really feel you’ve made a huge mistake, then just be honest and explain new terms and why you are changing it, and maybe he’s fine with it, because he is family and you likely would not have agreed if he wasn’t. However, if he’s not fine with it and expects you to honor the terms you agreed to, maybe plan on honoring your word but on a short-term timeframe, planning to sell and move on and make better decisions with the next one.

@Sergio A. Chucaralao I have a set email response for inquiries that states my typical qualifications, attaches my application, states if they meet those requirements, I’m scheduling appointments x date between 12-3, send preferred time and I’ll confirm, and that I do not accept applications until after meeting at the appointment. If asked, I tell them I’ll discuss possible minor exceptions to typical qualifications at appointment, but absolutely no judgments or evictions. I overbook as usually a few no-shows. If they say they can’t make that day, I let them know I’ll set up another date if an applicant is not accepted from this session. I don’t really want the ones who are already being difficult before they apply, so helps to weed them out.

@Nadir M. In event of request to leave early, we write up an early termination agreement and if home isn’t a wreck, it’s stated that we agree on 2 days (usually a Sat for 2 hours) to schedule appointments with prospective applicants. I let tenant know they can be there or not, but to remove any thing valuable as I’ll be there but can’t be responsible for their personal property. We usually only need one day so they’re not bothered again. If not, I’ll plan for following date. I make sure we have the termination agreement before advertising so they don’t decide later to stay to lease end, wasting my time, and it states liability for damages if they’re not out by new agreement date.

@David Travieso first check state and local landlord tenant laws because you may be required to provide lodging or possibly just reimburse days not available, if damage was not caused by them. Once you know what is required, then you can discuss options with tenant as some may prefer a rent credit if they can stay with family or friends while others actually need a place to stay. If they’re being unreasonable, I’d only do what’s required, even if that’s just prorated rent which wouldn’t cover a hotel.

@Dav Pohote we like 30-yr as we considered the lowest initial investment (which were still 20-25% at the time), and lowest monthly payment for smaller effect on DTI to qualify for the next one. You can always pay more if you want to pay it down early, but it's a lower burden during crazy times you can't predict. We did choose a growth area to invest, and with rents increasing over the years, we did not have to wait 15 years to have more investment income, even with the mortgage payment.

It sounds like you reached out 2-3 weeks ago, then 2-3 times the week you needed them before going with someone else.  For all you knew, they had retired, moved, or just didn't want to deal with you.  Either way, sounds like they weren't available when you needed them, not even enough to leave a vacation reply or just text that they're out of town and will return x date.  If they wish to mend that, they should be the one motivated enough to reach out to you.    

@Hans Baum Seller can potentially lose that portion entirely if new buyer goes into foreclosure or short sale, so most who will even consider an assumption usually require a buyer who can go through proper VA assumption process and substitute their entitlement. It's not really worth the risk otherwise.

@Yasmin Sharbaf if it’s not new construction, your agent would usually have shown you current tax records including what they list as square footage, especially if that was a known concern of yours. I usually use tax record sq footage in my listings unless seller has professional documentation like appraisal showing otherwise. But standard contracts in my area state that buyer is not relying on stated square footage. So if you’re past the inspection or due diligence contingency period, check with your agent or attorney before deciding as that may not be a reason to exit without being in default.

@Erika Peketi follow your state and local landlord tenant laws for timing of notices for lease violations. To me, it also depends on your state rules of liability, some open landlord up to easier liability than others for dog bites. If a better state for landlord, maybe see if you can find a different insurance coverage and/or if tenant will pay difference in premium to cover, then require high liability in renter’s policy. In the future, require vet record showing age, breed, and proof of required shots as part of pet addendum, proving not a restricted breed. Also proof of city pet license if required. I don’t allow under 1 year old because puppies cause way too much damage if tenant is not diligent in training, even if they say it will be crate-trained. I will allow a well-trained family dog with restrictions and high liability insurance, no new additions after lease is signed.

I avoid turnovers in fall/winter as much as possible, so I've done 15- or 18-month leases when something unexpectedly opens up Oct-Feb.