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Message
1
Posted on 8/4/21 at 3:44 pm to GrizzlyAlloy
quote:
Is there anything I can put in the lease agreement to have some recourse in a situation like this?
Rent it month to month. If they don't pay for a month, their lease is up, not evicted. If they remain, they will be trespassing.
Posted on 8/4/21 at 4:09 pm to Fat Bastard
I’m currently finishing up redoing the house I’m in, and looking for another to buy to move into (Rent the one I’m in).
Posted on 8/4/21 at 4:27 pm to SaDaTayMoses
quote:
Rent it month to month. If they don't pay for a month, their lease is up, not evicted.
yup. many do this.
Posted on 8/4/21 at 5:15 pm to lshuge
Can't believe people actually put up with this. If you do you lack imagination. There are many legal ways to "encourage" a non paying tenant to leave.
Posted on 8/4/21 at 7:48 pm to jimbeam
You can always find a way to evict a tenant. If the grass is too long or the air condition filter isn’t changed monthly are 2 of the clauses in my leases. Also nothing nailed in the wall. Am I an a-hole if I evict cause some nailed up a picture of the family. Yeah… and I’d never dream of doing it. As long a rent gets paid. I put everyone on 3 month leases. We resign every 3 months. Very minimal work, but I’ll get paid or have a good reason to take them through an eviction.
But I did a good job selecting tenants, so far it’s been gravy. I’ve worked with one couple who had a lot of bad happen to them at once, but they are back in the groove and rent is getting paid on time.
Closing on 1 house atm off market and in negotiations for another off the mls. RE is gonna be my way out the rat race. CASH FLOW
But I did a good job selecting tenants, so far it’s been gravy. I’ve worked with one couple who had a lot of bad happen to them at once, but they are back in the groove and rent is getting paid on time.
Closing on 1 house atm off market and in negotiations for another off the mls. RE is gonna be my way out the rat race. CASH FLOW
Posted on 8/4/21 at 8:13 pm to Athletix
Good call on some of those clauses as I also have them and thankfully haven’t had to use them. Been hustling for more tenants this summer and been looking for the next one. Agreed, I want out the rat race and have been successful so far. Was able to increase rent on all my properties significantly. Basically gave myself a 10 percent raise on the business 
Posted on 8/4/21 at 8:18 pm to jimbeam
That’s the absolute best way to start. Get a taste and see if it’s for you. Not everyone has had shite luck in this industry lately but it’s definitely more rampant given the moratorium. I don’t see myself slowing down because truthfully these next generations just don’t seem to care about real estate. Maybe I’m biased but I think the younger generations would rather rent late into life just so they can afford Starbucks and craft beer daily without any major commitments.
Posted on 8/4/21 at 8:36 pm to jimbeam
quote:
I’m currently finishing up redoing the house I’m in, and looking for another to buy to move into (Rent the one I’m in).
nice! yup. see how you like it. that is a good start. I knew you had been wanting to do it per your past posts.
I think you will do fine. you have absorbed tons of info I know.
Posted on 8/4/21 at 8:38 pm to Athletix
quote:
RE is gonna be my way out the rat race. CASH FLOW
absolutely.
Posted on 8/4/21 at 8:46 pm to Fat Bastard
Have you ever utilized a HELOC on a rental property to put a down payment on another rental property?
Posted on 8/4/21 at 9:25 pm to Paul Allen
quote:
Have you ever utilized a HELOC on a rental property to put a down payment on another rental property?
absolutely that can be done. a regular personal LOC can do that also for you. many also use velocity banking techniques aka HELOCs or other LOC to pay down mortgages if they feel the need to. gives you more flexibility. you cannot re-access capital you use to pay down principal from mortgage company. you can always keep accessing your HELOC or LOC for the life of the loan term. some get a property paid off. then get a HELOC. use HELOC to buy 4 more properties. then use new cashflow to pay down HELOC and then wash, rinse, repeat.
LINK
LINK
This post was edited on 8/4/21 at 9:29 pm
Posted on 8/4/21 at 9:30 pm to Fat Bastard
I’m following the “new” fad in real estate. BRRRR
That third R is refinance. Cash out refinance. I personally like the idea of locking down sub 4% interest over 30 years.
That third R is refinance. Cash out refinance. I personally like the idea of locking down sub 4% interest over 30 years.
Posted on 8/4/21 at 9:41 pm to Athletix
lots of ways to make money in RE. i am a basic buy n hold, fix and flip and lender. was going to get into apartment syndication but put it on hold.
am looking now into buying properties that rent out rooms. higher cashflow.
am looking now into buying properties that rent out rooms. higher cashflow.
Posted on 8/5/21 at 8:36 am to cuyahoga tiger
quote:
I am curious, what is the gov doing to subsidize the landlords/mortgage holders?
Nothing
Posted on 8/5/21 at 9:31 am to lshuge
It is a tough spot. My two tenants who aren't paying have both given me the declaration form that they are protected from eviction. There should be a means to contest the declarations.
Both duck me, and have not made any efforts to pay, so the shite they attested to under penalty of perjury is BS. They are also too fricking lazy to get the rental assistance which would at least get me some relief.
Has yours given you the declaration form? If not he is not eligible for the protection.
Both duck me, and have not made any efforts to pay, so the shite they attested to under penalty of perjury is BS. They are also too fricking lazy to get the rental assistance which would at least get me some relief.
Has yours given you the declaration form? If not he is not eligible for the protection.
This post was edited on 8/5/21 at 9:35 am
Posted on 8/5/21 at 10:11 am to SaDaTayMoses
So the lease is month to month? My house is close to campus, so my renters will likely be students. Seems like I'd have more turnover than just the semesters doing it that way.
This post was edited on 8/5/21 at 10:22 am
Posted on 8/5/21 at 10:28 am to Fat Bastard
I'm currently looking at lenders for a cash out refinance. Would get some debt consolidated and pay for some remodeling in Guest bathroom and new floors. I'm thinking airbnb for 4-6 months and if it doesn't work going rental. Or should I go rental for a year and when tenant moves out then go Airbnb?
Also which lender do y'all recommend for cash out refinance I started making some calls last week going to talk in peraon in about 30min.
Also which lender do y'all recommend for cash out refinance I started making some calls last week going to talk in peraon in about 30min.
Posted on 8/5/21 at 10:49 am to GrizzlyAlloy
I do month to month and then charge a premium because I tell the tenants they "have more flexibility and are not locked into a year long lease"
if you're doing students that might be a little different situation though
if you're doing students that might be a little different situation though
Posted on 8/5/21 at 3:21 pm to lshuge
quote:
Now that the CDC has extended the eviction moratorium through 10/03/2021 what recourse do I have to evict him?
Biden fricked you
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