Posted by John Merchant on August 31, 2010 at 20:24:47:
“Money was gone in less than a month” could probably accurately define 90% of perpetual tenants who never accumulate a down payment because of today’s “necessities”.
The board-game “Cash Flow”, by Kawasake (sp?)is a great teacher of this timeless lesson. I’ve personally witnessed the light bulb going on in a number of youngsters when they realized that some of those gotta-haves might just wait while they gather a down payment to buy a rental or some other income producing investment.
I have a property where the lease has expired about 4 months ago. Almost 2 months ago I issued a 60 day notice to the tenants to vacate. They should be vacated by the 5th of September according to the 60 day notice.
It doesn’t seem like they will be all vacated by that time. I’ve emailed and called them the past week to coordinate a time to exchange keys and inspect the property, but no call backs or email replys.
Just in case Sept. 5 comes along and they haven’t vacated, what is my next steps from here? Do I post a notice on the door on the 6th? Please help!
Posted by John Merchant on August 31, 2010 at 12:12:37:
One of the big banks recently gave such hold-over Tenants an offer that if the Ts would be gone with all their junk, by 1st of month, and leaving the house clean, they’d give the T $1000.
I followed up to see what the T did and by golly it worked and they were gone, with all their stuff and junk because they really wanted that $1k.
Likely it was a good bit less than any RE lawyer would have done an eviction for, so bank comes out ahead paying the T to go away.
Communication is so important with tenant issues for the simple fact of knowing what they are doing and planning.
If they are not responding to calls or emails, I would post a friendly letter on the front door giving a 24 hour notice you will be entering the property to complete a walk through. No need to wait until the 6th. I would also see if your landlord/tenant laws require anything like a notice and how long before you can enter the property. If not give them a 24 hour heads up.
When you go to the property take a good look around to see if they are signs they are still there or have moved. Can you see in the windows? You may need to do daily drive-bys to keep an eye on the property for any activity or lack of activity.
I have 2 tenants in a 2 family currently that I got due to a 2 family being foreclosed.The bank gave them 60 days to move for $5000 or 90 days to move for $3500 I could not believe it and got one in in time to get them the $5000 and finished the other apartment in time to get the other tenant in in time to get them the $3500 I saw the letters from the bank and I saw the checks otherwise I would not have believed it.This on a house in Amsterdam NY probably the bank will sell for $30000 and owe a year or more of taxes at about $3500 per year plus whatever they paid the foreclosure attorney.Tenants have been great but money was gone in less than a month with nothing to show.
My favorite remedy for a bad tenant! These jokers here in nyc; don’t even take the money anymore because of the tenant friendly judges here. I have had success with this 3 times though. thanks,
DJ-nyc