All Forum Posts by: Michell P.

So you just want it removed from your credit report? 

You'll probably want to get any paperwork you can get of the judgement, highlight the different ss# + any other differences - and send it to all 3 credit bureaus.  Over.  And over. And over.  Sooner or later they'll probably take it off :)  Treat it like any other misinformation on your CR reports.  

It depends.  I don't know your local laws, so first, you want to make sure what you're planning on doing is legal in your area.  Your tenants have been there a long time, so 30 days may be too short of a notice for any change in their MTM tenancy.  Just double check your local laws on tenant's rights before you move forward with any plan.  

If the units are in great shape and the turnover can be done cheaply & quickly, I'd raise rent by the full $100 at once - and offer cash for keys if they don't want to stay.  

If the units aren't in great shape and you don't really want to turnover your tenants, I'd do the $25 / $50 increase over 2 years instead of increasing rents by $10 every month.  That's too confusing and will probably upset your tenants.  

No reason to leave rents where they're at.  Tenants expect a bump in rents on owner turnover.

Regardless, strictly enforce your late payment policy no matter what the rent is.  

Goodluck! 

Hey all, 

Does anyone have a good rec for an insurance broker in the north side of Oregon? We're looking at commercial residential properties in distress and trying to avoid the subprime lines.  

Thanks! 

@James Bynum

If he's a newer agent, he may be getting pressure from his office to give you this document, and maybe hasn't really considered what he's asking.  IMO it's unethical to ask for a fee if I didn't help close the property - but I've had other agents try to pressure me to use a buyer's agreement because they want to make it industry standard.  

In my office, we've agreed that a fair buyer's agreement is one where you agree to pay me if I find you a property and you also have the right to let me know you're unhappy with our relationship and cancel the agreement at any time.  I wouldn't sign an agreement without that easy exit clause - and I only use the buyer's agreement when we put in an offer.

He's probably willing to rewrite the agreement, but just looking for assurances.  

I'd ask the son to sign a rental agreement - just month to month so you both are on the same page as to the terms of his tenancy.  And then maybe back off and see how it goes. 

If he is trying and able to pay the rent, even if it is a few days late, then let it go while he deals with this, but I'd prepare for them to move out.  In this scenario, I'd keep any cash flow in a savings acct and consider using it to help him move and find another place that might be more affordable - but play it by ear.  Goodluck 

Nowhere that I know of in OR... didn't mean to imply those deals were available here.  Everything I'm seeing is ~35 pads or less for ~600 - 700k.  

BTW - If you're thinking of selling your Eugene park anytime soon I have a buyer who may be interested after you stabilize it  

@Ron Edward

I'm guessing your management fee may be too low, and your lawn care budget may be too low, though its hard to say without seeing the property.  And you have nothing saved for reserves... like, in case a water line breaks.  Or a tree needs to be removed... 

And the tenants may pay for their water, but there may still be water or other utilities you have to pay for?  

Hi Greg, 

You should go talk to a  real estate lawyer local to your area.  They won't charge you a huge fee to take a look at your documents and tell you whats up, and it's really your best option to keep you out of trouble.  

Do you pay for the water?  Since we pay for the water we just have the sprinklers set up on a timer so the tenants don't have to worry about it.  

Otherwise, maybe a gentle reminder that they're responsible for the lawn care - and maybe offer to install a timer so they don't have to think about it.  They may just be forgetting.  

You could also do a friendly print out of "summer reminders:" It's hot, be safe! Drink water, run the ac at certain times, save electricity run the washer / dryer at such & such time, oh, and don't forget to run the sprinklers :) 

It means they're claiming to have full rights to sell the prop, and you'll get a proper deed with no (strange) conditions and no other attached interests.  

Sometimes when someone other than the owner is selling the property, they can't offer fee simple b/c there may be other claimants.  And sometimes with multi units they sell them in chunks to raise capital so that you might only own 25% of the complex while other people own the other 75% - and the new buyer will have limited rights to resell.  

They're just marketing that this should be a "normal" sale. 

IMO waiting to get a lease signed until after close is a mistake.  The lease transfers with the property, so it provides you protection.  

If you wait, you can ask for a deposit but who knows if you'll get one.  

I would never accept a property with a tenant without any written proof of the terms to their tenancy.  It's a potential disaster. 

If you're determined to wait, and just looking for advice on writing up the lease or how much to ask for a deposit, my only advice is to talk to a real estate lawyer.  

Goodluck