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All Forum Posts by: Stone Teran

Stone Teran has started 53 posts and replied 369 times.

Post: Any online bank providing multifamily mortgages?

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

Online banks (either truly e-bank or sometimes a one-location brick-and-mortar bank with online national presence) sometimes offer better interest rates on mortgages than traditional banks, but it seems most of them cater to 4-family max.  Has anyone seen one that can work with bigger multi-family buildings?  I called a couple yesterday but I am striking out.  Thanks.

Post: Section 8 not paying. Unable to evict?

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

I know a landlord who has a tenant with section 8. The tenant started a repair complaint which triggered an inspection, which triggered multiple repair items and eventually section 8 stopped paying. This landlord filed an eviction for non-payment of rent. The tenant's attorney is saying that the section 8 HUD contract that the landlord signed stipulates the tenant is responsible for only the $50/month tenant portion and this contract trumps the original lease contract. Could the tenant attorney be correct in that the landlord has to accept $50/month until the housing authority decides to terminate the HUD contract?

Post: Tenants sharing single lane driveway

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120
Originally posted by @Steve Moody:

While I agree with the others that you should charge for access to the driveway and garage, it doesn't help your winter situation at all. Can you really justify charging the full amount during the winter? I would probably put something in the lease about the winter sharing deal, but you should expect the occasional problem with one tenant blocking access to the other's car, etc. It's not an enviable situation to be in. Hope for reasonable tenants who can get along 

 You need to let them know that this charge is unwavering.  If there is a major snowstorm, they need to park on the street until the driveway is clear.  I can't prevent nature.

Post: Tenants sharing single lane driveway

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

Charge 1 or 2 tenants for the right to the driveway and garage.  The others must park on the street.  Simple, easy and more money in your pocket. 

Post: Need commercial carpet cleaner

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

I need a commercial carpet cleaner with heating element and tons of power.  Cost and portability are not important.  It will be used fairly often.  Any suggestions?

Post: late rent tenant advice

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120
Originally posted by @Zaid Tillma:

Update: I heard back from the tenant, and she mentioned that she would like to leave because she is not able to afford the rent because she is between jobs. Because of the fact that she has paid on time in the past, I am willing to believe that this is a new problem. I am willing to drop the rent by 10% for 4 months to work with her. 

 Not a good idea.

Post: Tenant qualification requirements

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

Can you advertise an apartment and boldly state that you will not accept anyone who has never rented before?  I don't want it to be construed as age discrimination.

Post: Renters her deducting security cameras and monitoring

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

It's time to fight for possession of the premises.  An attorney will help if you lack the experience.  Be careful what you say and write, even on this website.

Post: How to deal with a threatening tenant?

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

Excellent advice.  All of these I am doing.  There is no need for me to say a single word to him, so I won't.  I usually have my guys working with me and he is alone so that helps, but sometimes we split up and he comes looking for me.  He also has a nasty habit of just walking into a vacant unit I am working on.  He got mad when I called it trespassing.

I guess I should just watch myself.  I don't know if a restraining order is an option.  The cops aren't very helpful when it comes to "petty" stuff like this.

Post: How to deal with a threatening tenant?

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

I have a tenant who is getting very threatening with me lately.  He gets near my face and asks for things and then he mumbles ghetto quasi-threats as he walks away.  He got behind on his rent so now I am kicking him out, which further aggravated the situation.  What's the best approach to avoid a physical fight?  This is a rough area so calling the police is a minimum 1-2 hour wait.