All Forum Posts by: Tracey B.

we've made lots of money flipping, now we are building our rental portfolio, we have businesses, but what else can we do real estate related to increase income? this is a solicitation for discussion of other things in real estate that generate lots of money besides the obvious

Rob, did you do a criminal background check on this guy? If not, I recommend you do one to see exactly what kind of person you are dealing with. my lease says arrests of any kind while living in the apartment is grounds for lease termination. maybe you'll get lucky and find out he has a warrant out or was arrested while living in your unit and you can use that to evict. If you don't do criminal checks, as you didnt mention it in the list of what you checked, I always do these for our tenants. It shows their character and as the other guy posted, you will see a pattern of behavior. Hope this helps. You need to go through your lease with a fine comb and see what violations you can go after to file to have him evicted for breach of lease. Also, how was a tenant allowed to move out after 7 days? You let them break their lease?

robj, are you saying the first floor moved as a result of him, if so i believe this violates the quiet enjoyment clause in his lease. also how could he cause someone to move in a week? i believe that at this point he needs to be notified in writing that he is in violation of his lease and list the things he has done, make sure to include attempted assault on property manager and let him know that you will be terminating his lease or if you think he will pay his rent, then let him stay and make sure the letter says that the next violation he will be evicted. but you must notify him in writing that he is in violation and send it certified in case you have to go to court; from my experience, irate tenants have always seemed to calm down when i send the violation of lease notices; if he passed your checks to become a resident, maybe he was having a bad day, wither way if you feel you will get your rent, i say give him a warning, but if he did cause someone to really move because of him, i would terminate that lease and kick him out

open the door and send in 2 doberman pinchers; i would also disconnect the electric meter from the house and shut off the water at the street level, i know i know............

Teri,
another thing i was thinking is, how is is rental history in general outside of this? does he move every few months. If he passes all of your requirements and has been working at his job for a long time and seems stable, i may consider it; its good you used credit report to compare addresses cuz thats where i usually find out whos lying. how do you feel about this guy in general though?

Terri, I am concerned that you said that 1 of the people, the tenant has confirmed was someone who lived with them. Can you clarify which pace the tenant says he never lived. Also, did you say to the tenant "this place says you never lived there?" or did you say, "I see you lived at x address, when was that?" I once had a girl who seemed perfect and when I ran her all these addresses came up and I told her I see you lived here and i see you lived her and she broke down and gave me explanations. Always assume the tenant is a liar unless you can prove otherwise.

see what I wrote Ibrahim. What they said is true and I have been in this situation before. The seller actually backed out of the deal and I had no legal recourse. Trust me on what I said.

Exactly what Steve said, you cannot have a legally binding agreement to purchase a home from someone in BK because they don't have to honor the contract if they are in bankruptcy. As I said, if you plan to buy the house and you have checked out the liens and such on the house and made sure you want it, then when the seller is out of BK you put it under contract.

Yes, once she is dismissed you can enter into legally binding contract. But of course, after she is dismissed the creditors can also come after her. DO NOT tell a homeowner to get out of bankruptcy unless you have done a title and lien search on her home and are 100% sure you are buying the house or you can get in trouble.

I have a question. I bought a mixed use property a few years ago that I used to run a business out of. The top unit is an apartment that has been consistently rented with no issues. Last year, I stopped doing the business that I was using the first floor for after many years of success because I started another company and I didnt need the space for it. I had the office rented out but now it has been vacant for a year. My commercial loan payment is fixed at $1500/mnth and I cannot pay down the principle or sell the property for another 2 years. I have a hard time finding a good, qualified company to take the space and am considering turning the first floor commercial space into a residential rental. What do you guys think? My husband is worried that we will lower the resale value by doing this, but because of the area its in, it is better as a rental and would rent relatively fast if I added a kitchen and bathtub or standup shower. What do you guys think about turning an office into a residential rental to make money?