All Forum Posts by: George Paiva

update @Tom Doan

In my experience we have gone through both those scenarios and basically just chalk it up to it the business. Of course we perform all the checks like most of you do 3x income, felonies, evictions, collections, etc... In my market you basically weed out 90% of the prospective tenants this way which is fine with me. Then the next 10%, about 9% have some credit blemish or your gut just says no. That leaves us with about 1% to make a final decision on. Like many you basically roll the dice. In most cases all it takes is one "life" event and next time we see each other is in court. As some mentioned its all about their priorities and we try to keep lines of communication open and offer to transition them to friends or family but in the end they hunker down and the marshall is knocking on the door.

I guess what I am trying to say is you do all those checks to minimize risk but there is no guarantee on anything. Just like the stock market. Research and Hope it works out. ;)

Thanks @Roy N. for sharing. I was thinking of using it to do some small flips this year. I mostly focus on MFH in my area.

I was just pitched today on a business loan from my bank when I was opening a new account for my new LLC.

Up to $100,000
Fixed or Variable: Prime + 2.5% - 3.75%
Fee is $250 annual for Line of Credit or $250 for origination if term.

Not sure if its secured with property or personal guarantee. I did see a clause on prepayment penalty for the term loans.

WHAT??? We should blacklist and take away their membership to this great site.

As most mentioned. Separate accounts per each property. I even open a new LLC for each property as well with its own Business Checking/Savings accounts. I also have separate accounts at the supply houses and HD/Lowes.

Also not sure if Tennessee laws are but you can't just selectively evict the freeloafers you need to get everyone out.

Yes also as @Account Closed mentioned do this all in writing too... Give written warnings and get confirmed delivery.

Sounds like she is paying the rent so the reason is "Never had right or privilege to occupy" But depending on how tenant friendly Tennessee is you may have to wait a while since the court can give up to 6 months for a tenant to stay as long as they are paying rent. I know it sucks.

Best for you to continue talking to her and just make her understand you don't run a boarding house.

Make sure she understands you only leased to her and 2 grown kids. 3 adults.

If she doesn't stop those schanegans then you will be forced to evict her. Give her the 30 day notice and tell her she broke the lease by using her residence as a half way house. ;)

Not sure how Tennessee works but up here in CT we typically include in addition to named known tenants

John Doe

Reason 1: Nonpayment of rent

Reason 2: Never had right or privilege to occupy

Jane Doe

Reason 1: Nonpayment of rent

Reason 2: Never had right or privilege to occupy