All Forum Posts by: J Salter

@Caleb, its definitely a trade-off analysis you would have to do. I think a lot of us from the south or a bit more conservative with risk and would prefer to make extra payments.

Your instinct is fine especially since you are so young. There will be plenty of opportunities and traps in the market so take your time. You have time on your side and can afford to be less risky.

Also what town are the properties in just curious?

She bit off more than she can chew. You should get with your real estate friends and see if they want a piece of action. It benefits every one if the mismanaged properties are distributed more equally among ambitious and capable people.

The more people, the more lines of credit and liquidity in the market.

Don't be afraid of competition. Embrace it...

Thanks steve, I was misinformed by some other sources. I'll make sure to review the tenant landlord laws more thoroughly

Yea... just talked to my lawyer, he basically said nope I can't do it. I can put it in the lease but he advised against it for similar reasons stated her.

Guess i gotta rework that part of the lease.

Also guys, keep in mind that the manager was not able to get a hold of the guy in person or by phone for over a week. I was presuming that he skipped since no one was ever there and he was not working so no excuse to not contact or never be home...

Now if this is what you are facing, why wouldn't you want to have a clause that says under this situation (lack of contact, not at home whenever manager visits) that you can repossess your property which is delinquent. The lease is not valid if there is no tenant.

This is pretty efficient and common in the UK and Europe but not so much in the states at all. The cultural mentality is too different (American dream, own house land picket fence etc).

Nonetheless, I think it will become a very small but growing trend as the economy sour since it is an awesome way to save money for the tenant.

Thanks all for the comments so far. I'm pretty sure LA and TX law allows it but I will run it by an attorney and other local landlorrds but please continue to let me know if you have experienced this clause in action.

I think as long as the tenant signs the lease and understands it then it should be fair game but I'm not an attorney so... I'll check.

J

Firstly, this question is asked generally but the property is in Louisiana.

I would like to know if anyone has or could share with me a eviction lock-out clause in their rental leases.

As far as I can gleam from Louisiana law, after a 5 day eviction notice, the landlord can either file on the tenant or repossession his property if the tenant has "abandoned" - word of the law. [ref: Louisiana CCP 4731]

I have had trouble with one tenant (case closed) and want to prevent loss of time (money) in the future. So I plan on including a clause in the lease which politely says if you are delinquent and notice has been given, we will change the locks on the unit when you willfully vacate. I interpret the law to mean that even if they leave the unit for an hour or two, I can change the locks since they (at least technically) have willfully vacated.

Seems like its a little bit of a grey area which works in my favor and would hold up in court (which I am trying to prevent). As long as its in the lease and signed I believe it should not be a problem in Louisiana especially considering our laissez faire customs of legal execution so long as it isn't criminal or does not conflict with housing laws.

Thoughts? Lease suggestions? Do you think it is fair? Smart? Dumb?

@Eric Marti, I was referring mainly to personal liabilities and dependents. Obviously it is harder to invest, save, and pay down debt when you have other obligations. Also, if you plan on moving or make big changes, this could affect your future success.

Maybe I am nitpicky and of course this info is too personal and I do not want you to provide it. I am just saying make sure you look at any large purchase from all perspectives and have a plan.

BTW, that fact that you're a cop is a sweet motivator to make tenants behave.

If I was a cop, I'd not say anything about it. Then at two weeks in to their lease, I'd swing by in my squad car just to check in and make sure everything was alright. Bet they'd think twice and thrice before trying to screw you over.
- Brian H
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Brian is right! I overlooked that. You have no idea how sweet your revenue stream could be! I wouldn't play on it too hard to frighten but I would let them know that the law will be abided by!