All Forum Posts by: Ralph S.

I, too, think this concern is premature. Some tenants use more, some less. It's in a triplex, so I don't think you'll notice much of an increase, and even if you do in the first bill, you wouldn't know how much of an impact the other two had on the overall bill.

Matt

You're only up a creek if you want to be. Nobody can force you to stay, or continue to be responsible for the rent.

Put in your notice. If the form doesn't exacly fit, attach a letter explaining the divorce, and your wife's desire to stay.

There is a small chance, I suppose, that they would agree to just let you get out of the rental. I'm sure they could come up with a notice and general release of liability of some kind. If not, what you will be ending is the tenancy by the two of you. If she wishes to stay, it will be up to her to establish a new, sole tenancy with the management company. If you and she chose to work out some kind assistance, try to keep that separate.

You seem like a stand up guy. Hope this helps. Good Luck.

Ralph

Putting restrictions in your ad doesn't filter everyone out. For some, it's a taunt.

Nathan

The reason you can't find any "real estate" law to follow is because it is basic state business law. Escheatment is what it's called and you should be able to google it for your state statute. State's differ by type of money, bank deposits versus uncashed payroll checks, etc., etc. as to how long you have before you're required to turn it over to them.

I know someone who did escheatment for AT&T. Any idea how much money they have in unclaimed deposits they received when setting up phone service, then the customer moves and doesn't give them a forwarding address? Millions. She had a whole department working to track these people down and when time was up, pay the state. Google "Lost Money' and see how many companies there are trying to connect people with the money states have collected. It's an industry.

But, for $30 after a year, I'd bet on Red. On the unlikely chance they ever come back, just take it out of your pocket. If you're a licensed PM, though, google the state statute...

Ralph

Sounds like "hall of shame" is a good name for a BP group.

As it says on the Groups page:
Groups will allow you to connect and network with BiggerPockets members that share your interests! Use the form to the right to search for a group you may be interested in, or ...

Probly need a moderator, think?

Family Status is protected. Don't even think married, X's, kids, child support or anything else on that score.

Credit scores, assets and financial history are just that, history, and are no guarantee of future performance.

And while there are many other considerations, many already noted, on just the OP's question, listen to the applicant answer the question "why are you moving or are interested in my rental." Consider the impact on their future financial abilities, not their family status.

Course, if "he is moving in with a younger woman while still having his wife as joint owner on his bank accounts." I'd require the wife to co-sign! :mrgreen:

Vote.

Beyond the Kudos for Nick/James and Jason for doing it right, passing muster with authorities, sharing, and showing us how.
Beyond the level of ignorance shared by a majority of the industry.
There is a reality in the lamestream media and the industry that will continue to poo-poo, under-report, and fail to educate.

What a great place this is. Congrats and thanks for sharing.

Mike

Going to the REB over the tone of an email will fly like a lead brick.

After reading my first response, I think, in total, it was was a little more harsh than I had intended, but nothing I said was wrong. While it's easy to read the words, it's tough to infer the true senders meaning.

What if you had just said you'll be changing management at the end of June? What if you had called them instead of sending an email? What if you, or your new PM had notified the tenants at closing?

I still think they did what they should have. Their actions are the actions of a PM (or any busiiness) who loses an account on short notice. If they had not felt they had been terminated, they simply would not have returned the rent.

Sorry.
Ralph

Not only different for each of us, but different at different times.

When I was in college, success meant being able to afford a full tank of gas.