All Forum Posts by: Nicole Collins

My lender required me to have 6 months of the mortage in my savings to qualify for the refi. So it doesnt matter if you are evicting. Where I could see it being an issue is with timing. They will ask for a lease and if you dont have a tenant than that may be an issue. They may require you to get a new tenant before closing (have a signed lease and security deposit). 

Yes, we have his sons information on the lease. But his son is paralyzed. So we will be sure to get another emergency contact. @Amy Beth

@Thomas S. Thanks for your comment Thomas. That is true, I didnt think of that. Since he has been there so long (26 years) its been really hard for him to accept change, he gets really emotional. But, I do agree... 

Thanks @Eileen Murray, yes its been tough not getting involved since we live on the property with him. He is a veteran and the neighbors house he walked into is also a veteran, so he offered to contact someone he has connections with in that community to find out what services are available to help him. 

Thanks @Gabe G. for your input! Yea, we have a good relationship with him, so we will have a real talk with him and set up a plan so that if, god forbid, something serious does happen, things are taken care of. I think he has early signs of Alzheimers or dementia... During his last episode he bought an RV, he doesn't remember buying. Which was a very spontaneous purchase because he didnt have a place to park it. It's just been a crazy experience we never anticipated having to deal with as landlords! 

Thanks @Kyle J.! I didnt think of the automatic payment. That is a great idea. 

Yes, I guess what I was trying to say didnt come out typed right. But we are wondering if his medical condition worsens and he cannot pay because he is away for an extended period of time... than do we serve him a notice? Seems like a terrible time to give someone notice they have to leave. But I see that an automatic payment may solve this! 

thanks!

Hi everyone, 

I inherited a tenant who has lived in the property for 26 years. He is a good tenant and pays on time. He is in his 70's and has recently been having some medical issues. Twice the ambulance had to be called because he was disoriented and couldn't remember where he was. First time he thought someone broke into his house, but it was just him being disoriented and knocking things over and the second time he walked into the neighbors house and was stumbling around. Each time he has had to stay in the hospital for about 3-4 days. He doesnt have any family that he is close to. We are thinking ahead and wondering what happens, if he has to longer stay in the hospital and cant pay his rent or if he can no longer live on his own... Do we evict? We obviously dont want to evict him because he has medical issues, but we also cannot afford to let him live there for free. We are just thinking about the future, so far he pays on time! 

https://www.meetup.com/Inland-Empire-Real-Estate-Investment-Club/ This is one that meets in Riverside. I havent been able to attend a meeting but they seem to be very active. 

Thanks @Monica George 

Nice! Yea, I have found it difficult finding a good agent. Agents want to make a deal. So all of them that I have worked with have been really pushy with trying to get a deal made. Which is totally fine, that is how they make their living. So I have also thought about getting my License. I just need to take the test! 

Thanks for the insight! 

What about buying your first property as an investment? A SFR can also be rented and produce cashflow (later on in the future). I totally understand the situation you are in. I got lucky because I purchased my SFR in 2010 and recently refinanced it and took cash out to purchase the duplex I currently live in with my family (husband and daughter). The SFR is producing cashflow. The duplex is small and we plan on growing our family so are looking for a SFR that is a good deal (something we an rehab and resell or refinance later and live in for a few years) and will probably sell the SFR to purchase another multi unit property. What I've been learning (and I am new at this) is to leverage what you have... and you have to do what makes sense for your lifestyle.