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Author Topic: unsure what to say to tenant/buyer?  (Read 14912 times)

Offline Pistol

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Re: unsure what to say to tenant/buyer?
« Reply #30 on: November 11, 2008, 07:58:56 am »
I would offer to convert this tennant from the lease option contract to a rental agreement, keeping the rent at $1400, and keeping 1 or 2 months rent as a security deposit. Have the rental agreement end when the original lease contract was to expire.  Offer that and if they don't want that, let them know that the $5000 option is legally yours to keep.  My 2 cents.  Pistol

Offline Roger J

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Re: unsure what to say to tenant/buyer?
« Reply #31 on: November 11, 2008, 07:13:03 pm »
Why, Pistol?  Why would you just give away your (as the landlord) money like that?  Giving back half the option fee and making the other have a deposit, which you will probably have to get back, too?  Wouldn't happen on my watch.

Justin really said it all so I'll just say ditto to that!!

Raj
www.HickoryNCHomes.com Search for all Hickory NC Homes for Sale.

Offline stevie-o

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Re: unsure what to say to tenant/buyer?
« Reply #32 on: November 14, 2008, 03:09:26 pm »
Update:

I have brought a few contractors out, and in their opinion the roof/trusses are safe and not in danger of caving in, due to some supports that were put in a few years ago. But they said in order to fix the problem eventually I should have that whole side torn out and re-done, rafters and all. So what I'm going to do is sister in a few new boards to bolster the rafters that have some cracks, and also put in a few collar ties while I'm up there.

The bathroom will be fixed soon too.

As far as the tenants go, I had a conversation today with them and they asked me if I was going to refund them the money for the deposit (5k). I told them bottom line is NO REFUND. It was explicitly laid out that it is non-refundable and if they were concerned about things, they should've had a home inspection done, or at least looked it over for more than 10 minutes. She's not happy, but I think as much as she doesn't want to, she knows that they blew it.

She told me that they are going to get a home inspector to check things out and make sure they are safe. I think they want someone to say it is unsafe, so they have just cause to move and get a refund because they had no chance to excersize their option. How should I handle them wanting an inspection, and what do I do when the home inspector comes up with all kinds of trivial problems?
« Last Edit: November 14, 2008, 03:41:30 pm by stevie-o »

Offline Roger J

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Re: unsure what to say to tenant/buyer?
« Reply #33 on: November 14, 2008, 05:17:21 pm »
A home inspection is going to point out trivial problems.  That is really of no concern, IMO.  The big problems are more the point.  If you have written estimates/opinions of the contractors, I don't think you'll have an issue.  Also, a home inspection after the fact doesn't hold as much weight, either.

Raj
www.HickoryNCHomes.com Search for all Hickory NC Homes for Sale.

Offline stevie-o

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Re: unsure what to say to tenant/buyer?
« Reply #34 on: November 15, 2008, 03:00:18 pm »
I figured that it won't hold much weight now; I am just becoming increasingly concerned about things these tenants are going to attempt in order to get their money back. I really wouldn't put anything past them.

Offline propertymanager

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Re: unsure what to say to tenant/buyer?
« Reply #35 on: November 15, 2008, 10:00:44 pm »
There's nothing more fun than being a landlord!!!

Mike
www.1MinuteToRentalPropertyRichs.com 
This No-Hype, No-Nonsense Book is a step by step course in making money and building wealth with rental properties!  Everything from buying properties at a discount to dealing with terrible tenants.  Now In Paperback!

Offline stevie-o

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Re: unsure what to say to tenant/buyer?
« Reply #36 on: November 16, 2008, 09:08:02 pm »
So I've found out...

I take it you agree with RAJ, PM?

Offline stevie-o

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Re: unsure what to say to tenant/buyer?
« Reply #37 on: November 23, 2008, 09:40:02 pm »
I got up in the attic this week and braced up 4 rafters that were sagging, or cracked. Also got on the roof and replaced the two shingles that had blown off and used a tube of roof patch as well. So far so good up there.

On to the bathroom in the coming weeks.

 




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