All Forum Posts by: Mindy Jensen

@Mark Freeman said it best. Start the eviction process. Use an attorney if you have never done it before, and get them out. They will live in your unit for free until you make them leave. 

 Maggie,

When I first heard the concept "Cash for Keys" I had this same thought. "Why would I reward such behavior?"

The reason you offer the cash for keys is to give them an incentive to not destroy the property. Typical cash for keys also states they return the property to you in good condition. Better to pay $500 cash for keys than $2,000 in replaced appliances and lots of drywall repair, plus lost rent, etc. 

I hate the thought of paying a bad tenant, but I also hate the thought of spending money on repairing the unit they destroyed. If you can get it back in decent shape, better than months of lost rent during a rehab...

@Sam Leon, this is a massive hassle waiting to happen. No street parking means that any extra spaces this tenant takes up are spaces you can't give out to other tenants.

I would tell him in no uncertain terms, and get it in writing and have him sign it, that his unit comes with one parking space. The extra two spaces are first come first serve, or available for $50/month or however you allot those extra two spaces. I would not give him 4 spaces. This will cause ill will toward him and probably you from the other tenants. Absolutely do not let him "work it out" with the other tenants. YOU are the property owner, YOU set the rules.

Or just pass on him and wait for the next good tenant who understands how it works.

Come on, @Dan Mackin. Put it on your calendar...

@Ben Leybovich, I'd love more info about the portfolio financing. I've never used it before, and an odd job situation has left my husband and I without enough work history to qualify for a traditional loan at this time. 

@Austin S., not a dig at all about Sterling. Just pointing out that it isn't close to Denver or Boulder. Sorry if it came out wrong! :)

@Dylan Wright, I have owned exactly two condos. I will never ever own another one again, because every single year I lived in one, I had to pay a "special assessment" to fund a repair bill. Every. Single. Year.

I'm sure there are well-run condo associations, I've just never been able to find one...

A very quick search of the MLS shows condos, vacant land, and timeshares in that price anywhere near Denver/Boulder. There are houses available in that price range, but they are in areas like Sterling or Pueblo.

Welcome to BiggerPockets, @Sean Gilliam. I'm in Longmont, too. 

@Bill S. had a great suggestion to set up your keyword alerts. I recommend at least one for your local area to keep up with conversations and new investors in the area.

There is a Northern CO meetup in Erie the first Wednesday of the month. You just missed this one, but we'll have it again in October. I believe it starts at 6:00 at The Old Mine. @Dan Mackin organizes it.

My market, Northern CO, is ultra super red hot. Houses sell in almost any condition, for almost any price. It's been like this for 2+ years, with zero signs of slowing down. 

What does your market look like now? Where do you see it in the next 1-2 years?

Welcome to BiggerPockets, @Steven Forman.

San Diego is a tough market. Have you attended any REI meetups yet? That is a great way to meet local investors and get a better idea of the market. Also an excellent place to network.

Have you set up your keyword alerts yet? Reserve at least one for your local area as a way to keep up with conversations and connect with investors in your area.