All Forum Posts by: Victor N.

I think it is time to contact your liability insurance carrier. This is what you pay premiums to handle.

I agree with the consensus.  Also, look at the existing lease to see what late charges are in it and when it terminates so you could raise rent and late charges. You need to motivate the tenant to pay timely and in full.

My landlord parents and my grandparents taught me to never say no to tenant requests for updates or improvements, just say how much the rent must increase to pay for it.  I usually price it to cover the improvement cost within a year.  If the tenant says ok, you have a permanent rent increase, an improved property and a happy tenant. If they say no, the tenant decides it isn't worth it- end of discussion.  After a couple requests, the silliness stops.

No, the lender is entitled to collect the balance of the loan assuming it is a normal mortgage loan

Why not send them a bill, perhaps by certified mail, return receipt requested. Then when they don't pay it, apply the next payment they make to the parking fine first and then to rent leaving the rent short by $200. Send them a bill for past due rent. When they don't pay, post the appropriate notice to pay or quit. 3 days in my state. They are unlikely to move for $200 and if they do, you are well rid of them. Otherwise, you will continue to pay more HOA fees.

I would fix the door and give them the bill. Apply the next money received to the repair and then to rent to make rent short if they don't pay enough to cover both.  I do not want most tenants to work on my properties as they lack the skills and  tools.  I want to preserve the deposit to cover future or unknown damages.

In this area, we have companies that specialize in vehicle title work at a much lower cost than $225 each ( $450 roundtrip). If you don't find them on Google or the Yellow Pages, call a couple smaller local car dealers to find out who does their title work.

You would pay them something like $200 to $500 for their signatures

Another way to say it is that only the equity increases your net worth.  Net worth = Asset value-liabilities

One technique I have seen is to obtain a quit claim deed from the previous owners.  That cuts off their ability to contest the sale.  I haven't done it yet so I can't comment on how much you would need to pay the former owners to sign a deed.  I have bought at tax sales but I have held the properties as rentals more than a year.