All Forum Posts by: Nathan Gesner

Your state probably requires you to give a minimum of 24 hours but I think it's reasonable to give them a week or so, if able. Losing electric for half a day is a pretty minor issue.

Evictions are generally straight-forward and it usually doesn't matter if she's a single mom, a Nobel Peace Prize recipient, or the judge's mother. They either paid the rent or they didn't.

In my state, an attorney is completely unnecessary and the judge doesn't look down on me for not using one. I have dozens of evictions and have never lost a single one because they are simple: tenant owed rent, tenant refused to pay rent, and I have everything documented. Tenant gives the judge some excuses, the judge says it doesn't matter because they are legally bound to pay and didn't, and judge rules in my favor. Presto!

You've learned a basic, but important, lesson about Landlording: Tenants are good...until it's in their best interest to be bad. You told them about selling, they decided it was in their interest to move on their terms instead of waiting until you sold the house out from under them, and they decided to not pay rent for the last month or give notice.

It sucks but it's done. Get them out, use their deposit to off-set your losses, and sell the house. It's a pretty minimal loss for you after seven years without a vacancy.

Check your state law. I think anyone that's party to the agreement should be listed and then the PM can sign as the agent. A lot of Landlords think they're better protected if their name is not on the lease but that's not true.

I use property management software that tracks things for me. I think too many small-time investors spend too much time and money trying to act bigger than they are. If you have fewer than 20 units, I think spreadsheets are sufficient for tracking everything.

They should contact their renter's insurance and you should contact your insurance. See if either of them will pay up. I've heard the rabies vaccine is a two-week series that can cost up to $10,000. Unbelievable!

If insurance doesn't cover it, I would pay it. I know it's not your fault and you responded well to have it taken care of, but it's not the tenant's fault and your home played a part in it with open holes that allowed access.

Bite the bullet. 

It depends on your personality. I'm a terrible listener so class-room settings are OK but I learn much better through self study. Whenever I have the opportunity, I prefer to learn on my own because it tends to be faster, cheaper, and I learn more.

I would buy a few single-family homes and probably put $10,000 or in my reserve fund for emergencies. Then I'd have enough properties that I will never have to buy another and can just start paying them off.

Go to the BP bookstore and purchase "Set For Life" by Scott Trench. You need to learn to manage your finances responsibly before you step into investing. If you can't handle your regular income, how will you possibly handle an investment property?

You should also meet with a couple mortgage lenders and ask them for advice on how to build your credit and what types of loans will be available for you in a year or so. Then start working on establishing credit and saving up for a down-payment and an emergency fund. You need to have an emergency fund to ensure you're prepared for the inevitable problems that will pop up three weeks after you buy the first property.

Congratulations, Pumar! It looks like a nice investment.