Getting Bad People Out
I have a property that I had up for sale for 2months now and it is not selling. I know that may not be long but I am paying a small mortgage and am thinking of L/O.
Even though I am going to do my homework with these people, let's say the lease is up and they didn't fix their credit or still do not have enough money and I want to find someone else. How easy/hard is it to get someone out of your property. I have heard that people can fight you up to 6 months? Is this true? Please don't fixate on the reasons I gave, maybe they trashed the place or something. I just want to know how hard it is. Thanks
Your non refundable option payment you request will take care of a lot of the problems you listed above, also when setting your future sales price , give your T/B an incentive to purchase down the line.
For added safety, on your application ask for permission to do a credit check and run it past your mortgage person.
But if your non refundable option payment is set around 3 to 5% of the future value, it should eliminate a ton of problems, you could also charge a refundable damage deposit plus the option money to give added incentive should they decide to walk from the option payment.
How hard it is depends on the laws of your state and city. Example - if you have someone in Los Angeles in a rent controlled apartment - you got trouble.
qball31,
If you have strong contracts
a good source for tenant screening and background checks you shouldnt have any serious problems....
can problems arise...yes... try to limit the possibilities....
welcome to R.E. Investing
I don't like evistions because of the cost involved.
It's amazing what cash will do. Wave some under their nose and give them a date to vacate. If they are out by that date then you stop the eviction process and pay them their cash.