All Forum Posts by: Anna M.

Thank you @ Paul Bowers, yes nice to know about the LLC transfer.

Wow, thank you @Jay Hinrichs.  Good thing I always make my payments on time and my property tax and insurance are included in the monthly mortgage payments which I have set up auto-pay so as to never fail to send in that payment.  Thank you for your detailed response.  :)

 Thank you.  I will seek out Jay to learn more. 

Oh wow, thank you @Brian Schmelzlen, I was taking itemized deductions, but as you point out, I need to take a closer look at the nature and amount of my deductions.  I really do appreciate your response Brian.  It gives me some thing to discuss with my tax accountant about.  Thank you. 

CAN A BANK CALL GOOD/PERFORMING LOANS?IF SO HOW DOES ONE PREVENT/PREPARE FOR THIS, OR CAN THEY?

I have always thought that if I am current on my bank loans the bank would not want to call the loan or foreclose on the property. Additionally, I thought and still do think that if I am performing my payment obligations and other requirements under a note and loan agreement that the bank will classify my loan as a “performing loan”, or a good loan. That’s what I think. But is that all true in today’s lending world?Am so confused L!

@ Tae C, thanks for this word of advice. First time doing a HELOC and still fairly new to investing so good to know to be careful with the HELOC.

Super glad it worked out for you and @Shawn Faris, I would not look at it as a mistake that you made, it was an experience that has opened you up to learn something new and in the end, she reached out to apologize.I would hold onto that letter/email for your records.We all learn as we go and without some of these horrible experiences we would not learn something new.So as horrible as the experience was, embrace it, learn from it, add an abandonment clause to your future leases and move on.Do not blame yourself for not seeing this coming. None of us can. We are all human and your good naturedness allowed you to open your heart and home to a tenant that ended up being not so nice, but hey, lesson learned and on we go :), cheers!

Am with @Nathan G on this one.I currently have the following clause in my leases.Please check with your attorney to see if it will work in your state, but I also will not waste time with an attorney, but then again, my leases contain this clause, so tenants are made aware of my intent should they decide to abandon the place.Good luck PS.  Sorry the copy and paste is horrible and I don't know how else to fix without having to just type it out :(

.ABANDONMENT:

Tenant covenant to occupy the Premises and shall be in default if Tenant does not occupy the Premises on a regular,continuing, and consistent basis unless otherwise agreed to by Agent in writing. Tenant shall have abandoned or surrendered the Premises if Tenant turns in all keys or access devices regardless of whether rent is paid or not.  Tenant shall have abandoned or surrendered the Premises if any of the following events occur and if Tenant’s personal belongings have been substantially removed, and Tenant does not appear to be living in the Premises in Agent’s reasonable judgment :Tenant’s move out or notice to vacate date has passed; Tenant is in default for non‐payment of rent for 5 consecutive days; water, gas, electric, or any other service for the Premises connected in Tenant’s name has been terminated or disconnected; Agent is in the process of judicially evicting Tenant for any reason; and Tenant fails to respond for 2 consecutive days to any notice posted on the inside of the main entry door to the Premises stating that Agent considers Tenant to have abandoned.  Tenant also abandon or surrender the Premises 10days after the death of a sole Resident.  If Tenant abandons the Premises or vacates the Premises upon the expiration or termination of this Lease while leaving personal property within the Premises, Tenant specifically and irrevocably waives all title and interest Tenant has to such property and grants to Agent full authority to immediately dispose of same without notice, court order ,or accountability. Tenant shall indemnify Agent, Agent’s employees and representatives against any claim or cost for any damages or expense with regard to the removal ,disposal or storage of any property, including attorneys’ fees and costs regardless of who makes a claim against Agent or any other indemnified in connection with Agent’s removal of any property.

Inheriting tenants is not up there on my wish list.Never let the seller talk you into keeping someone on, it may be more to their advantage than yours.Seems you have inherited a nightmare tenant.Couple of things are outright concerning here:1.I never allow tenants to change locks and I will always have a copy of the key to be able to get into the unit as needed.I do however work to provide notice when feasible, not always possible in the event of an emergency but this is also detailed in the lease agreement;2.The mold defense is one if not careful tenants will try to use against you.Closing on a house where the existing tenant (that we are inheriting……yes, I know, I know, I had to keep one to avoid double vacancies) reported mold.I insisted that we do a test before closing as I did not want to take on that liability.No mold found and we have the professional report from mold testing lab and inspector;3.Prior evictions?I guess this is a lesson for me too, run background checks on all that you are inheriting just so you know what you are getting into.I have not done this on those I am inheriting and might not be a bad idea;4.30 day notice, why not do a 3 day notice to quit?Why wait 30 days with the problems you are having already?Just my thought.Sorry you have to go through this, seems it is the initiation for newbie landlords, I went through it, but came out alive…..shaken but alive.You will get through it, @Jordan Parker.You have come to the right place.There are lot of smart people here and they will help us all newbies.Hang in there J

@Brian Schmelzlen, do you know how it will impact owner occupied multi families?  I am house hacking in one of my rental properties. heeelp :(.