Advice on being a first time LANDLORD

[jeffweico]

Originally Posted by yotano211

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]

Originally Posted by yotano211

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]

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.

Originally Posted by Sandy D

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.

[Sandy D]

Originally Posted by yotano211

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]

Originally Posted by Sandy D

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]

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.

Originally Posted by Sandy D

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.

[GreenBean]

Was this a lawfully executed agreement and registered in the relevant state?

Dear Yosshi, I hope you are covered.

I sincerely do.

[Sandy D]

Originally Posted by yotano211

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]

Originally Posted by yotano211

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]

Originally Posted by yotano211

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?

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.

[rsot]

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.