Notice to Pay or Quit

Rehabbing, Fix and Flip, Rental Properties
1

Does anyone have a good form to use.
Thank you

2

Jagster,

This form is state specific. Yes, I have a good 3 day notice for Ohio, but that almost certainly will not work in your state. If you are about to become the owner of a 46 unit building, you better start studying around the clock. I don’t think that you appreciate what you’ve gotten yourself into.

Good Luck,

Mike

3

If you can’t find a free one. Here is one.

http://www.uslegalforms.com/prodpages/TX-1300LT.htm|legalwiz

4

Sorry, that was for Texas. I don’t know what state you are in. Here is one for any state that costs a little.

http://www.uslegalforms.com/partner/legalwiz/partnerpages.php/lease-termination.htm

5

Mike,
I’m buying in Ohio so I can use that Notice to Pay or Quit. What did I get myself into? ??? :o

And what do you think of those services that automatically deduct the rent from their checking account. You don’t have to wait 3 days to see if it bounces?

Thanks, Jag

6

Jagster,

Have you closed on this property yet? If not, why not post the numbers so that we can see if it will cash flow? Better to find out now than the hard way!

PM me with your e-mail address and I will e-mail you my 3 day notice (for Ohio). You MUST include the language that is in capital letters.

If you can get the rent automatically transferred to your account - GREAT! Many of my tenants pay cash. I try to be very cautious carrying that much cash.

Good Luck,

Mike

7

I ran the numbers fully amortized, and it comes to 1.27 DCR. At I/O it comes to 1.4 DCR. C/C is about 7.9 amortized, and 12 I/O. 100% occupied and has a tenant who does everything for free rent. He does repairs, cleans the laundry room and halls, takes calls, applications, shows unit and does the make redies. What a great deal. And they tell me (don’t know if it is true) that all they have to do is stick a sign out in front when there is a vacancy so there is no advertising cost. We did have to underwrite it with advertising and management. I ran it by two commercial lenders who have no problem with it.

Are you a property Mgr. in Ohio - if so where?
Jag