OfflineI have been trying to put together a rent-to-own contract for my property. The ones that I have from Dean's forms are a little too complicated for what I need. I just want a down payment with a rental payment with no time limit, letting them treat the property as if they own it,as long as it doesn't take away any value,(being responsible for repair, utilities etc., and any improvements they want to make) They would have the right to buy the property through a lender when ever they can.
I also have tenants in the property, but the ones who want to buy it want to move in. I did talk to one of Dean's reps and there is a form which I can give the existing tenants that I would be able to give as little as 30 days to move out.
One of the tenants previously had told us that if he was told to move out he would go to his lawyer and would be able to stay for months. He is also behind on the rent more then not, so I'm not sure if this 30 day notice is going to work with him or either renter. Both rentals are behind in payments right now.
I am suppose to get this option and lease to the new people by the end of the week and I have some written but I am playing a dangerous game here with the tenant problems and timing this move out, move in just right for the new people.
I don't have the money right now for the success academy, but if someone out there knows a solution for right now, I would appreciate hearing it.
to your real estate attorney? It seems that tenants/landlord rights vary from state to state. When we lived in CT I heard that tenants could stay in a place for as long as 9 months before they had to leave (never verified w/attorney.)
Here in FL the eviction process can start as early as 5 days after the tenant has not paid their rent.
Wish I had more answers for you but I think talking to an attorney would be a good start for you.
If your tenant has the funds to hire an attorney then why isn't he paying his rent on time? Maybe he is bluffing - maybe not.
I wish you the best with this.
Lea
SPR Property Solutions, LLC
Here is a link to a recent post they might be helpful. The last post is from Rina and she mention how she helped tenants who were in tough financial situations. Just something else for you to think about.
http://www.deangraziosi.com/real-estate-forums/rental-property-managemen...
Lea
SPR Property Solutions, LLC
The problem is we are in a bad financial situation. We did the background check. This tenant has been renting from us for almost 8 years. He was basically paying the rent within the same month. We have always worked with the tenants, ex. the car breaks down and the rent will be paid up in the next month or what ever. In the time he has been there we have never raised his rent. He is in an apartment that should rent for $1000 to 1200 and only paying $800. He isn't paying that properly so we just never raised the rent. We have been understanding and give them everything we can. Since last Nov. he has been running later then usual. Now he is always a month behind.
The past few years have been a financial roller coaster for us. I had lost my job a few years ago and went out looking for a business, because of my age I didn't want to play the game or getting hired and then receiving another package deal in a few years. Invested in an ATM business, couldn't find a flaw with this 10 year old business at that time and a year and a half later the business dropped off the face of the earth. Lost $60k that we will never see.
I have my 87 yr old mother with me who is handicapped and needs 24/7 care, so I have been trying different things at home, none of which has worked. I also have a son who has medical issues. So financially we are not strong enough right now to fight this nonsense.
We don't want to throw anyone on the street so we made some bad decisions that should have been changed years ago, but now we're 3mos behind on that mortgage and everyone is going to be on the street unless I find a better way. I have someone that is very interested in the house and they are willing to pay what we want and have the ability to pay the rent.
We also have had no heat and hot water since April and now it's September and in CT that isn't a good thing.
I am going to try my accountant on Monday and see if he might know someone that might be able to look at the paperwork for at least a reasonable price, but I'm not sure he can help me either.
So, if anyone has any ideas on the way to go with this with the least money possible, I'm open for ideas. The RE lawyer needs cash upfront and his cheap unfortunately isn't cheap enough in our situation
There is always a way to accomplish anything, I am just having a problem finding it in the time I have, but I have to keep trying.
Thanks for your help and any ideas at this point might jog my mind in the right direction.
You should go to Pre paid legal dot com
Thanks I'll try that. I appreciate your time.
Have you given your tenants eviction notices. You may not want to put them out on the streets, however, they might be anyway when the homes goes into foreclosure, God forbids. Based on your post you seem to have a good heart and many times people take advantage of that. There comes a time when you have to say enough is enough. I think you could file eviction without a lawyer, check your state regulations. I wish you all the best in life, health and finances. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
an old landlord trick to get bad ones out is to let them know the place will be having some repairs done. Explain that you are sorry for the noise and dirt, but it must be done. And you can tell them that if they want to move out within 1 to 2 weeks you will give them 3 or 4 hundred to help them out. but if they wait until week two the amount goes down. And it might be best if you have a friend or contractor talk to them. Oh those repair are going to go on in the units. Sneaky I know, but it works so I`m told
Sandra,
I know that is basically the problem. We had alread y warned them that they were going to end up having to move out evicted or not if they didn't keep the rent on time. No one seems to get it. This house has been in the family for about 50 years and I did have different plans for it originally. My parents found that four units could be built in the back and that was my original plan. I am just not the right type of person to manage something where I hear about their problems directly. I've been evicted in my lifetime and I understand when stuff happens sometimes it can't be helped. Now I have basically screwed myself. So I think it is time to get this monkey off my back and with the knowledge I get with Dean's help work my way out of this hole and have a goal of buying multi apartment units where it would be worth having a management company run the rental stuff, that way I won't know when the car breaks down or the dog dies etc.
JCFL
I was just told something similar by someone else just tonight. Having no money at all to play with makes that a bit hard. We are below empty here unfortunately.