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| yotano211 | 10-06-2013 10:48 PM |
Re: Advice on being a first time LANDLORD
I have heard of this with house evictions.
Can I offer the tenants some kind of cash payment to leave if the eviction takes to long. The building that I have is 100% mine without any more loans. Just taxes and utilities when they come due.
I dont know the length of eviction notice in Vegas but I will have to find out. I am writing questions down to ask an attorney when I get some more money and questions. Quote:
Originally Posted by jeffweico
(Post 492409)
I would just add that when you are taking applications, always ask for references from the last TWO landlords. Pay close attention to what the second one says.
I have found that a current landlord will say ANYTHING to get rid of a bad tenant. The second landlord on the list might be a bit more honest with you.
And Greenie is 100% right when she says not to rent to people you know. And don't become friends with your tenants. This is a business relationship and if you have to evict someone, it sucks if you have any feelings for them.
Also have some money saved in case of an emergency. Not just for repairs, but for evictions. Evicting someone is a HORRIBLE experience! They have stopped paying their rent, so you are out that income. Now, you have to pay an attorney to start the eviction process. It goes without saying that you will never see another dime from the tenant, so the goal becomes to get them out as quickly as possible so you can re-rent it and get some money coming in again.
Depending on where your building is located, it can take MONTHS to have a tenant evicted. You can't just go into their apartment and start taking their stuff out. You need a court order. And that takes time. Judges in many areas have some discretion in allowing the tenant extra time to stay. For example, in Cook County, Illinois, a parent can claim a sick child and get 60 more days pretty much automatically. During that time, of course, you don't get paid. Then, you have to go back to court and pray that the judge does not grant them even MORE time. In Cook, it takes up to 6 months to evict a bad tenant and these guys know the ropes. In your area, it may be better or worse.
That is why SandyD is absolutely right when she says get the first month, last month and a security deposit upfront. You want a cushion in case the deal goes south. A credit check is a must and also past landlord references. I'm not sure how much good personal references do, as their friends will say ANYTHING. If you have to take them to collections afterwards, I suppose their personal references can be called by the debt collector in an attempt to find their new location information. But for making a decision, they are - in my opinion - of limited value.
Most tenants will NOT trash the place. Just be polite and professional at all times. Even during an eviction. Let them know that you are sympathetic, but that you need the money owed to pay YOUR bills and that you are not evicting them out of meanness.
Also, please don't take from my post that all rentals end in an eviction. The vast majority do not.
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| Sandy D | 10-06-2013 11:10 PM |
Re: Advice on being a first time LANDLORD
Quote:
Originally Posted by yotano211
(Post 492430)
My sisters boyfriend has a management company that takes care of his properties so that he doesn't have to deal with that part in his real estate business, is a agent. They are very expensive but I dont have loan payments to take care off. I will care over management when I learn some more with time and experience. I have gotten lots of good ideas on here.
| Wait, your sisters boyfriend has a management company and you are us what to do? He he owns a management company then he would be on speed dial for me.
And will he manage your property while your several states away?
Also, many landlords make a huge mistake of owning property in other states and forget if something goes wrong in most cases they have to spend money to fly back and forth.
A ton of UK people own properties here in Florida and rent them out. When they hire the wrong management group they end up spending tons of money flying here and back to fix messes. |
| GreenBean | 10-06-2013 11:18 PM |
Re: Advice on being a first time LANDLORD
WOAH Are you smoking weed or something, Yosshi?
Your ideas are sounding like pipe dreams.
Being a landlord, hands on or otherwise is EXPENSIVE.
Think of it like this. paypal will hold your funds for 180 days. You might get them back.
Get embroiled in a tenacy dispute................... you go BANKRUPT.
Real life and tenants is not remotely like this.
I am so sorry if you think it so.
:pout: |
| slapped | 10-06-2013 11:22 PM |
Re: Advice on being a first time LANDLORD
Quote:
Originally Posted by yotano211
(Post 492432)
I have heard of this with house evictions.
Can I offer the tenants some kind of cash payment to leave,,,,,
|
That can Work, but it really depends on a LOT of factors,,,
An Example may be,,,what if the Tennant is in a N Y C RENT CONTROLLED as opposed to the Rent Stabilized apartments that I Posted about earlier,,Rent Controlled Apartments are FAR, FAR worse than rent Stabilized apartments,,Now this is 4 Bedroom, PARK AVE and 64th St (In N Y C) Apartment, The Tennant has been living there since 1946, and the Apartment is Rent CONTROLLED, that apartment has a rental Value of Believe it or not about $35,000 per MONTH in 1992!!! The Tennant Believe it or Not is Paying a Rental of only $974, per MONTH,,,How Much Money do you offer a Tennant like that to Move?????-----She turned DOWN,,,,MILLIONS!!!!,,,MORE Than Once,,,
That By the Way is a 100% TRUE Story,,and to Boot that person Truly did NOT really live there,,But claimed that she did,,because she did not want to give up the Apartment,,She Lived (and Died, in Beverly Hills,,,Her name was Audrey Meadows,,,,She Played Alice in the Honeymooners TV Series,,,Jackie Gleasons (Ralph Kramden) Wife,,,,True Story |
| jeffweico | 10-06-2013 11:24 PM |
Re: Advice on being a first time LANDLORD
Quote:
Originally Posted by yotano211
(Post 492432)
I have heard of this with house evictions.
Can I offer the tenants some kind of cash payment to leave if the eviction takes to long. The building that I have is 100% mine without any more loans. Just taxes and utilities when they come due.
I dont know the length of eviction notice in Vegas but I will have to find out. I am writing questions down to ask an attorney when I get some more money and questions.
| You should definitely speak with an attorney or a professional property manager. I don't know if it is legal to offer a cash payment to someone you are evicting, but if you do it, I wouldn't hand over the cash until the tenant was out of there. Even then, it may not work. Most people facing eviction didn't get there because they simply decided to stop paying their bills. They got there because they got hit with tragedy of some sort - the loss of a job, a disabling accident, or whatever.
And, it is not the length of an eviction notice that is the issue. To forcibly evict someone, you have to go to court first. Usually this is in the county in which the property is located. If you don't live there, you will have to hire an attorney to represent you. The tenant must be served with court papers. Sometimes when people are desperate, they become experts at avoiding service. It can take 90 days or more just to get someone served if they don't want to be served. Then, a judge may be sympathetic to their situation. If the law in that area allows the judge discretion, he could give the tenant 30 or even 60 days or more to find a new place to live. At the end of the extension, you have to go back to court.
Meanwhile, each time you go to court or file a motion, you have to pay the attorney and also the court fees. The tenant is likely to be represented at no cost by the local legal aid society. Your goal is to get them out quickly. Their goal is to stay as long as possible. Your costs and losses are growing day by day. Theirs are not.
If you find yourself in this situation, then you really need some professional advice. I am not a lawyer, and even if I were, I probably wouldn't have knowledge of what the laws in your county are. |
| Sandy D | 10-06-2013 11:25 PM |
Re: Advice on being a first time LANDLORD
Quote:
Originally Posted by yotano211
(Post 492432)
Can I offer the tenants some kind of cash payment to leave if the eviction takes to long. The building that I have is 100% mine without any more loans. Just taxes and utilities when they come due.
| If I was a tenant and I was doing nothing wrong or illegal and stayed within the contracts you would have to pay me a huge chunk of money to leave. My moving expenses, my time, my deposit on a new place etc would be asked of you to pay.
Second, if you mean the tenants were trashing the place why would you pay them to leave? Easy to dig up the laws in your state for eviction times.
And a little hint about rentals. Ask your sisters boyfriend about this but you can have someone legally evicted for certain reasons early. Only if they have children do you run into issues doing so.
All reasons to hire an attorney.
Next question. You said you are going to buy it later this year? Then you say the building is 100% yours. Meaning you already bought it? Or it will be 100% yours with no loan.
And you are leaving for Oklahoma in 4 days without checking into an attorney. |
| yotano211 | 10-06-2013 11:38 PM |
Re: Advice on being a first time LANDLORD
wait.... he does not own the company, he only has a company that looks after his properties so that he can concentrate on his real estate full time. I only asked his for some advice. Quote:
Originally Posted by Sandy D
(Post 492440)
Wait, your sisters boyfriend has a management company and you are us what to do? He he owns a management company then he would be on speed dial for me.
And will he manage your property while your several states away?
Also, many landlords make a huge mistake of owning property in other states and forget if something goes wrong in most cases they have to spend money to fly back and forth.
A ton of UK people own properties here in Florida and rent them out. When they hire the wrong management group they end up spending tons of money flying here and back to fix messes.
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| Sandy D | 10-06-2013 11:41 PM |
Re: Advice on being a first time LANDLORD
Quote:
Originally Posted by yotano211
(Post 492455)
wait.... he does not own the company, he only has a company that looks after his properties so that he can concentrate on his real estate full time. I only asked his for some advice.
| But if he has rental properties he would be a great source for you is what I am meaning. |
| yotano211 | 10-06-2013 11:48 PM |
Re: Advice on being a first time LANDLORD
Quote:
Originally Posted by Sandy D
(Post 492459)
But if he has rental properties he would be a great source for you is what I am meaning.
| I tried to ask him about some more adivce but he doesnt know much about income properties. He concentrates on houses. |
| yotano211 | 10-06-2013 11:55 PM |
Re: Advice on being a first time LANDLORD
The property is already 50% my but the other half is owned by a person who is out of the country right now and wont be in until later this year. All of the paper work is already signed, if he does not come in by Dec. 31th and sells his half it can be sold by his partner to me, kinda like a power of attorney.
The property does have 3 out of 4 apartments rented already. Quote:
Originally Posted by Sandy D
(Post 492450)
If I was a tenant and I was doing nothing wrong or illegal and stayed within the contracts you would have to pay me a huge chunk of money to leave. My moving expenses, my time, my deposit on a new place etc would be asked of you to pay.
Second, if you mean the tenants were trashing the place why would you pay them to leave? Easy to dig up the laws in your state for eviction times.
And a little hint about rentals. Ask your sisters boyfriend about this but you can have someone legally evicted for certain reasons early. Only if they have children do you run into issues doing so.
All reasons to hire an attorney.
Next question. You said you are going to buy it later this year? Then you say the building is 100% yours. Meaning you already bought it? Or it will be 100% yours with no loan.
And you are leaving for Oklahoma in 4 days without checking into an attorney.
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| GreenBean | 10-07-2013 12:07 AM |
Re: Advice on being a first time LANDLORD
Was this a lawfully executed agreement and registered in the relevant state?
Dear Yosshi, I hope you are covered.
I sincerely do.
:peace: |
| Sandy D | 10-07-2013 12:08 AM |
Re: Advice on being a first time LANDLORD
Quote:
Originally Posted by yotano211
(Post 492465)
I tried to ask him about some more adivce but he doesnt know much about income properties. He concentrates on houses.
| But you said he hired a property manager to manage or look after his properties so he can concentrate on his real estate business. |
| Sandy D | 10-07-2013 12:09 AM |
Re: Advice on being a first time LANDLORD
Quote:
Originally Posted by yotano211
(Post 492465)
I tried to ask him about some more adivce but he doesnt know much about income properties. He concentrates on houses.
|
If he is a realtor and does not know anything about income properties then he is in the wrong business. |
| Sandy D | 10-07-2013 12:11 AM |
Re: Advice on being a first time LANDLORD
Quote:
Originally Posted by yotano211
(Post 491956)
Like the title says, I am becoming a first time landlord very soon and help any advice or help you guys can provide. I have read some books on the subject but nothing provides first had knowledge.
Any advice, guys?
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I am now totally confused. You said you were going to become a first time landlord soon.
If you already own the property and have 50% of it then you are already a landlord. |
Re: Advice on being a first time LANDLORD
Really should consult local state laws - if you got the time, take up a real estate class in the evenings....I did a real estate certificate for fun in 2010 in my home province (did 2 buying transactions but stopped because was so time consuming to do house visits) - really opens your eyes to the market ...interesting and fun too. |
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