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All Forum Posts by: Nick Sanders

Nick Sanders has started 1 posts and replied 28 times.

Post: Eviction / Tenant Bankruptcy

Nick SandersPosted
  • Investor
  • Stockbridge Ga
  • Posts 29
  • Votes 20

For what ever reason i stopped getting notifications on this topic, My tenant eventually vacated during the bankruptcy. However I was still tied up in the bankruptcy filing as I was owed money. Even though they were no longer my tenant every time the update the bankruptcy I would get notice from bankruptcy court that my tenant still have the right to stay in the unit as continuance kept happing even though they had not live there any more for months. My attorney recommend I withdraw my claim so as not to get caught up in something unexpected and to be free of this case which i did as they had been gone for several months.

Post: Considering an STR / MTR in Cape Coral FL

Nick SandersPosted
  • Investor
  • Stockbridge Ga
  • Posts 29
  • Votes 20

Bought a property in Cape Coral in Sept 2022 a week later it was hit by Hurricane Ian. A few days after the storm my wife and I with the kids went down to demo the walls and interior to control mold and start cleaning sludge out of the pool from canal overflow.
We have just about finished with all repairs and furnishings to put it on the STR market. If the market works out and turns out great all is good, if the market turns down oh well my wife kids and I vacation their regularly anyway as we enjoy the area and have old friends that move to Fort Myers.

I have use the same product that @Kenny Smith uses for the past 4 years or so, It holds up really well on shower walls, tubs hold up okay but depends on whats being used in the tub and care of it. I dont use the spray cans as it leaves streaks and is not always even coverage and uses to many cans. I generally buy the 26oz brush on type and use one of the 4inch paint rollers to put it on evenly. 

 https://www.homedepot.com/p/Ho...

Agree you might want to wear a mask this stuff will make you a little lite headed unless you like that kind of feeling

Post: Eviction / Tenant Bankruptcy

Nick SandersPosted
  • Investor
  • Stockbridge Ga
  • Posts 29
  • Votes 20

I am going through this right now and have my lawyers working on it. I am not sure where you are but here in Georgia any judgments are supersede by the bankruptcy and as @John T. stated the tenant has an automatic stay from eviction. You have to go through the bankruptcy court. Your lawyers may be able to get you a motion for relief with the Bankruptcy trustee through a filing with bankruptcy court at which point after a hearing you will be able to move forward with the eviction. As stated I am actually going through the same thing right now. Waiting on hearing at beginning of Jan.

I agree with @Matt Devincenzo

Unless there is compelling reason not to I would allow the tenant to move into the unit especially if they are a good tenant. Did this on My previous remodel of an 8 unit, and presently doing it on a 16 unit complex. I specifically send out a letter to all the current tenants informing them a unit had been remodel and if they are interested they could relocate at a discount on the newly renovated rent if the rent increase was going to be $200 or $250 they get it for $150. I generally give them 1 or 2 wks to agree before putting in on the market and that is in the notice letter. That way I could remodel the other units and ultimately get all the rents up. That is, if your goal is to remodel each and raise rents. Just my two cents.

Post: Line of credit

Nick SandersPosted
  • Investor
  • Stockbridge Ga
  • Posts 29
  • Votes 20

@Sol Romand I am jumping into this area of leveraging, any good tibits of info you would be willing to share.

I Checked with the Constable responsible for being onsite for setouts, and got the greenlight to go ahead as the requirement to store assets of and incarcerated person is no longer applied. However because this is a small apartment complex. Zoning enforcement will fine me as the property owner if the items are still sitting at the curb after a few days. This is inside the city limits so they only pickup the big dumpster unless specifically requested to do a special pickup. Even when anyone tries to sit a mattress, tv or furniture by the apartment dumpster within a few days my office manager or I get a call from zoning enforcement.

@Steve Vaughan You know Steve, I don't think there is anything that really can be done or improved  from this. The tenant did not start out as a bad tenant over the year and half. Best that can be taken from this is I maybe should not have given the option for a workout repayment agreement after the 1st month of late however, That is not completely true either as that would not allow me to be me. We never know what pushed someone over the edge or what it may take to bring them back inline. Depending on the tenant and tenant history I would take the same gamble again. As for the tenant, they are responsible for what ever got them arrested and for not paying the rent. I Cannot say if they are responsible for what caused them to lose employment and no-longer be able to pay the rent in the first place. As for the courts most of us have no true idea of why some local city, state or federal courts move or not move at the speed they due. This is really just a sharing of experiences or solutions and options when I run across them.

@Steve Vaughan Nathan G. hit it correctly Office Manager not Property Manager. I manage about 45 of my units as they are within 1 hour or so of me. The other 25+ units are with a property manager as they are apartments units 4 hours away. I put a lot of repeatable process and contractors in place to minimize work required of me. It allows me to actually work about 10 to 15 hours or less a week and put more of my time focused on acquisitions and family getaways.

@Richard F. Lol, I have not had any fake a heart attack yet but, i am sure that day to may come. Doesnt the tenant get stuck with a ambulance and medical charges from that.

@Nathan Gesner It can be played that way which is the route I will be taking, holding their stuff until they pay. I only plan to do that for a limited amount of time as they may not care and walk away from their belongings. Attorney says we are suppose to keep it for 3 months minimum in storage to allow chance to pay their debt and reclaim. This applies to incarceration, military departure or death a single tenant. Had death of an elderly single tenant back in early Dec 2021, luckily I was able to locate the estrange daughter/family member in California to sign off on a Death Acknowledgement and Disposal of Property letter electronically (which is required).

@John Teachout While the setout can still take place sort of speak, due to the incarceration and our being notified by another tenant that it happen it has to go in storage for a period to afford them the chance to pay and reclaim. So i will work with caution, speak with the eviction judge just to cover bases. and do the setout but into storage so i can get the unit prep and ready for renting.

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