All Forum Posts by: Victor N.

You need to consult a competent local lawyer.  You have a duty to mitigate any damages which you would do by moving out as numerous posters suggested.  Also, you will need expert witnesses to establish any ill health effects and that they were caused by smoking stains on the wall.  Then, you obviously knew of the condition when you moved in because you painted it and accepted the unit.  Looks like a complete waste of time, consult counsel.

As I read your post, you haven't suffered any damages except your stop payment fee.  Only the depository Bank may have unless they can reverse the credit to the deposit account.  So, other than cooperating with the banks aren't you done with them?  Great job stopping payment on the outstanding check.

I meant "when the bids went too high"  and to incentivise the buyer.  My phone likes to "correct" what I type.  Sorry

I do not have direct experience with what you are proposing so take this thought for what it's worth.  I am an active auction buyer and seller.  I think your proposed payment structure of 3% of the purchase price creates the wrong incentive for your business.  The auction buyer only gets paid if he/she buys and gets paid more if you buy at a higher price.  How about a fixed fee per auction plus mileage and a percentage of the profit when you sell.  That would seem to cover the issue of covering a buyer's time and expense when the best business decision is not to buy because the bidding went to high and to incentives the buyers to bid to pick up profitable deals.

Try changing the batteries

Another thing we have learned is that we can't evict based on the late fee, so allocate the first dollars received to the late fee and then to rent.  So, assuming that your lease isn't worded differently, I would allocate the $1000 to pay the full late fee and then the remainder to rent.  Then I would post a 3 day notice for the balance of the rent. This situation is why we charge a daily late fee so the tenant is still motivated to pay as soon as possible to avoid mounting charges.  Of course, as others have done noted, check the applicable state and local laws.

Is the 10 mortgage limit calculated per ownership entity? In other words, can you create separate LLC'S to own groups of properties with mortgages in the name of the LLC. If the members have to guaranty the loan to the LLC, does that put you back into the maximum of 10 mortgages?