All Forum Posts by: Nadir M.

@Jonathan Wildy

Currently the tenant doesn’t know we will be evicting them unless she starts paying and attempting to put it an effort. My understanding was that the money goes directly to PM and money is only in the amount she owes. If it goes directly to her and she still doesn’t pay then it’ll be that much easier for me to win in court because she is showing zero effort on her part...what judge would be okay with that?

@Jennifer Walsh

Okay...hmmmm

So I invest in Nebraska. Houses are selling for over list by minimum 10k-15k. I still bid 10k-15k over. Recently closed on a property that I bid 10k over with an escalating clause of a grand to a max of 195k purchase price. I ended up closing at 190k and appraised at 190k. This means I technically have zero equity. Rents averaged $1500/month. Found great tenants paying $1595. When I was going through the numbers, I knew this property would rent for $1495 minimum and I was okay with that cash flow. Zillow and Rentometer estimates were around $1400. When I listed for rent, some tenants were telling me they’d be willing to pay $100 over my $1595 asking. Not sure how hot the market is in WI but everyone is looking for rent right now. This particular property was a SF 3 bed 3 bath 1450sq ft. What kind of properties are you going for? Are they turnkey? Condos? Multi? Sf? What are rentals in that neighborhood going for? I feel like estimates, although should be underestimated when running your numbers, are going above what you may be thinking they’ll rent for. This could be good for now but MAYBE bad later. That’s why good enough cash flow will help cushion what may happen to market in the future. Don’t mean to be blabbering on and nor am I saying you’re in the analysis paralysis phase but you MAY be. Have you asked any PM around? That really helped me out in the beginning. If all that I mentioned is obvious to you, then you should def look into house hacking. The reason to do so is two fold: 1) you can bid well above asking to score a sale 2) you’ll most likely cashflow...am I right? Ultimately, there is always a way in real estate if you keep asking yourself HOW and continue to keep swinging!

@Curtis Mears

You bring up a fantastic point. Same exact convo I had with PM today. I told him, if she was trying her best to make payments, keeping her or resigning another year would be more likely. Maybe it’s time I take over this fiasco. PM is very confident of payment from organization before making any moves or trying to notify her indirectly of eviction.

@Curtis Mears

I can evict for non renewal for sure and will. She is definitely affected by COVID and is taking full advantage. Getting to a point to where I told her I’m giving her 24 hour notice and will be visiting the property. She flat out said that her son is sick with COVID and not a good idea to enter. If I choose to enter then he will be locked up in his room. So ya, I can’t wait until this tenant is gone and feel bad for the next LL to take her in.

@Curtis Mears be

Is that a threat in anyway shape or form to inform her of the ramifications of what will happen or most likely not happen to her ie: getting evicted?! I guess it all depends on how I word it. I don’t know this tenant well. My PM has mostly been dealing with her...so not sure if she can get violent (towards my property).

@Aj Parikh

Thanks for the advice. I’ll check out the site as well. I’ll have to check with my PM to see if they keep sending her invoices. Also, her lease is up I’ll be sending her a rent increase addendum as well. An attorney is always a good idea but will wait until June to discuss with one.

@Michelle Fenn

Oh I like that but PM wants to wait for organization to help make payments that she’s able to make.

@Alex Kovalenko

I would move on. It’s that simple. Giving you a hard time now means a hard time later on.

@Nathan G.

So my PM said that my tenant filled out a form to an organization and they (the PM) received a phone call from said organization wanted to know if the information is true. This will hopefully get the tenant some assistance in paying all that they owe. I was also told my PM that the more she owes the more money she’ll receive and that’s why she’s not paying anything. So she’s trying to have the assistance organization take care of the amount she owes while she saves her checks from her w-2.

@Mary M.

I wasn’t aware of anyone belong behind the scenes....I have lots of homework to do as this is the first time I’m dealing with this.