All Forum Posts by: Yun Han

Looking for advice on a rent collection issue.

My tenant has a history of non-payments, but we recently signed a stipulation agreement. Under this, he owes a large balance to be paid on top of monthly rent.

I previously used a PM, but now I’m collecting directly. I set up payments through TurboTenant:

- First payment: $10,000
- Then ~$1,200 monthly until November 2026

The tenant submitted the $10k payment, but after that TurboTenant reached out asking why it was so large. I provided the stipulation, but then they said:

"Due to the tenant's history of non-payment and the lack of history on our platform, we will be unable to accept payments from the renter for any payment amount."

Now the $10k payment is being returned.

I also considered these methods:

- Wire transfer – don’t want to share my bank info.
- Venmo / Zelle / PayPal – personal accounts aren’t really for recurring rent and I’ve heard it can raise issues, while business accounts have high fees.
- Cashier’s check – possibly good for the initial $10k chunk, but not ideal for recurring monthly payments.

Questions:

- What options do I have to collect these payments now?
- Will other rent collection platforms likely give me the same problem?
- How do others handle large one-time catch-up payments combined with ongoing rent?

Thanks in advance for sharing your experiences.

@Alan Asriants

I really like this agent—he’s been an investor in this area for 20+ years and has deep knowledge of the market, building codes, and investment strategies. His insights were valuable, and I see him as a potential long-term resource if I continue investing here.

That being said, I am wondering, if I were to move forward either with dual agency or without a buyer’s agent, are there any specific risks or aspects I should be especially cautious about?

If you have done dual agency yourself, did you feel you fairly represented in negotiations?

Also, if I decide to find my own agent, what’s the best way to find one with an investor mindset? Any strategies or platforms you recommend for connecting with an agent who understands investment properties?

Would appreciate any advice from those who have taken any of these routes!

I connected with an agent through Zillow for a property tour. During the tour, he mentioned another property he’ll be listing soon and later sent me details via email. He said he can show it once it’s listed next week.

I had signed a non-exclusive buyer agency agreement, but only for the initial property I toured (which I’m not pursuing). Now I’m wondering:

• - Should I let this agent represent me or find my own buyer’s agent?
• - If I go with dual agency, can I negotiate a lower commission?
• - If I bring my own agent, how might that impact negotiations?

This is in Philadelphia. Any advice?

Another question is… Which option would be better to cover the missing mortgage payments: a HELOC or forbearance?

Hope everyone is having a wonderful holiday season!

Unfortunately, the end of 2024 has brought a string of financial challenges for my family, and I’m feeling the pressure.

Two weeks ago, I was laid off from my job. Thankfully, my wife is still working, and we have a few months’ worth of emergency funds to cover our expenses. Initially, we thought this would be enough to get us through until I found a new job.

However, things took a turn today. I own one rental property with a mortgage of $3,400 and rental income of $3,300. After a long and complicated history with the current tenant, I’m now starting the eviction process. Since the property is in Los Angeles County, I expect the eviction could take 4-6 months, followed by another month or two to secure new tenants. That means I’ll need to cover the mortgage for the next 6+ months entirely out of pocket. With this additional expense, that would mean depleting the savings we’ve worked so hard to build over the past few years.

To add to the situation, my wife and I are expecting our first baby in just two weeks!

I’m turning to this forum for advice on what to do with the rental property. Here’s what I’m considering:

• I plan to call the mortgage company tomorrow to explore any assistance options they might offer.
• Should I look into selling the property? Managing it has been exhausting, especially with the tenant issues and LA’s landlord policies.

Here are some details about the property:

• Purchased for $650k, with about $90k spent on renovations.
• Current Redfin estimate: $1.1M.
• Mortgage interest rate: 3%.

Would selling it “as-is” during the eviction process make sense financially? Or should I stick it out and keep the property?

For additional context, here’s a snapshot of our financial situation:

• We’re paying the mortgage on our primary residence.
• We have one car with ongoing payments.
• I anticipate it could take up to three months to find a new job.
• I’ve already applied for unemployment benefits (in PA) and am waiting for approval.

I’d greatly appreciate any advice or insights. Wishing everyone a happy and peaceful holiday season!

I am curious if you had found one! Can you tell me how it went? 

It’s been few years.. wondering if you found one. Can you recommend if you did?

My lease to the tenant contains the below term:

“TENANT PROTECTION ACT OF 2019: This property is not subject to the rent limits imposed by Section 1947.12 of the Civil Code and is not subject to the just cause requirements of Section 1946.2 of the Civil Code. This property meets the requirements of Sections 1947.12 (d)(5) and 1946.2 (e)(8) of the Civil Code and the owner is not any of the following: (1) a real estate investment trust, as defined by Section 856 of the Internal Revenue Code; (2) a corporation; or (3) a limited liability company in which at least one member is a corporation.”

I am wondering if this counts as official Notice of Exemptions in Los Angeles county. 

Would I need to deliver a dedicated official Notice of Exemption to the tenant before being able to raise the rent, free of the rent caps?

Thank you everyone! I will keep records of as much as possible and prepare cash reserve for the worst scenario while letting PM to handle the eviction. 

Hello,

I recently received news from my property management (PM) company that they have initiated an eviction process against my tenant due to non-payment of rent, despite several attempts to resolve the issue. While I'm relieved that my PM company guarantees my rent until the end of the lease term (November), and they will also cover up to $15k in the eviction process, I want to prepare for any potential worst-case scenarios given that I live in Los Angeles, California.

Currently, the PM company is waiting for the attorney to draft the eviction application, and they have promised to keep me informed of any updates. However, I am curious about what else I can do to ensure the process goes as smoothly as possible.

If anyone has any advice or suggestions on what I can do to prepare for any potential issues, I would greatly appreciate it.

Thank you.