All Forum Posts by: Ravi P.

@Justin Yurong

What does your lease state regarding termination of lease.

Some things I would take into consideration is how long did they stay with you. Did they originally sign a 2 year lease and want to move out after 18 months? Or was it a 1 year lease and only stayed 6 months? Big difference if you factor turnover cost. Did you pay a leasing agent to place them in your unit?

Have you considered letting them sublet for the duration of the lease so long as the new tenant meets your credit standards or have the original tenant guarantee any lease that the new tenant doesn't pay?

@Philip Ganz

Radiant flooring is not a necessity. It will be a selling point against a property without radiant flooring but I wouldn't bother.

Since this is a gut rehab focus on a nice clean design.

If you want to see if it is worth it. Take the 8,000 and divide it by the increase in rent per year. That is how long the payback period would be. ( Assuming tenant would pay for electricity so I ignored that cost from the formula)

If you are financing this you should take that into account as well. It may only be a small amount but you would be paying interest for 20,25 or 30 years.

One last thought. If it breaks, or stops working, would you have to repair or replace it? Don't create more work than you need.

@Philip Mullinax

3 months remaining on the lease and you want to evict. They will be gone before they are even served papers.

@Philip Mullinax

I would first call him or or even mail him a bill if you want to avoid the confrontation. He may need a little more time to pay it depending on the amount. If he is an @ss about it start the eviction process. But having to evict and turnover may not be the beneficial choice for you. Do what is in your best interest.

Worst case scenario you can ignore it for now and deduct it from his deposit at the end of his lease.

@Daniel Bronstein

I was in the same boat your were in.

I originally went to school for Accounting and changed it to Finance with a minor in Econ. At that time I-banking is what everyone was talking about. So after graduation 2008 came around and shot hit the fan. Most of the people I new that were in Accounting were fine. The Finance Majors were hit pretty hard.

Accounting is stable. You can earn a respectable wage but nothing lucrative. Finance you can earn a lot more money but is not as stable.

If you pursue accounting it is absolutely a must to get your CPA. And dont wait sit for it as soon as possible.

After graduating in Finance I went back to school during the recession to become eligible to sit for the CPA. So I am a CPA candidate but it's difficult to get back into study mode once you have been out of school for some time.

@Sheila Campbell

If you are limited on funds to invest I would recommend renting a room out in your home that you own, if you have the space. You can furnish it or rent it as an empty room.

@John Mark Waide

Sorry I did not read all the post. So what I am saying may have been mentioned.

The tenant deposit should be returned unless there is justification to retain it. Also, $500.00 isn't much. The cost and time of eviction can exceed this.

Offering Cash for Keys may be an option. But it may cost you more than the deposit amount.

You are looking to move I to the unit. When do you plan on moving in? You dont expect this unit to be move in ready once he is gone, do you?

You mentioned this tenant is on a fixed income, are they a senior citizen, retired or on disabled. Hopefully you can get him out without too much attention. Although, unlikely, this could comeback to kick you in the butt. They could claim that you are discriminating.

The only reason I see why I wouldn't want the tenant removed before closing is due to the non refundable deposit. If you are serious I would recommend, having the tenant removed prior to closing. I would be okay with Double EM but try to negotiate to remove the nonrefundable aspect of it.

Good luck.

@Ben Gabin

I have explored the option of usin Hard Miney and from my discussion with this particular HML they don't have a minimum number of months but they did have a minimum amount of interest per deal. So even if you hold for a week you would have to pay the minimum interest per deal.

I dont see a benefit for hold for a particular time period as long as you get the interest.

@Philip L hewitson

You should also find out how much it would cost to repair if possible. The ROI on windows are horrible. Unless your living there or you plan on selling and there will be a home inspection, I would advise against it.

@Pedro Rodriguez

Typically most landlords would Include all their costs into in the monthly rent.

I suppose you could make the tenant pay the HOA fees. However if the tenants are not diligent to pay it monthly, who would be responsible the the Fee and Lates fees?