If there's a clause in the lease regarding even alleged criminal activity then they can be evicted. It's obvious that there's plenty of evidence to support their landlord. I have a lease form in my file that basically gives the landlord the right to evict a renter for "any cause deemed prudent". A lease is not a criminal court of law. It's a civil contract and the landlord doesn't need to have them be guilty of anything. Hell he can evict them for being too noisy.
Tell me about it. I found out the hard way that white trash low life dead beat renters have more rights than a landlord. And trust me they know it too. Sorry if I didn't let you know how I really feel about it
Exactly. You almost screw yourself as a landlord by evicting someone. At least if you don’t then you are getting rent or the possibility of rent. Otherwise they can squat and owe you squat if you evict
My experience is they wouldn't pay rent. Then they were on welfare assistance. Couldn't do anything about it because it was winter. They weren't paying utilities. City couldn't turn off utilities so guess where they sent the bills to. Went to court. Judge ruled in favor of us but the judge and county attorney said we were Sol trying to collect.
Did you take a bottle of whiskey to the county attorney? That’s the word on the street he won’t do squat unless he get favors like booze and lots of it
No doubt. Or Charlie Brown who keeps trying to kick that ball and has it pulled away at the last second. Either way, you sound like a marked man.
You can get an order, but that is predicated on the tenants voluntarily moving out. If they don't, you go to court again after 30 days and the judge has to order the sheriff to remove them which can take another 2 months.
It's too bad. The first renter we had was WONDERFUL. Beginner's luck. It steadily went downhill. Now we don't rent anymore
Depends on what state the property is in I would imagine. I'm not in Nebraska and my state in general is more favorable to property owners on most things.
That would be odd if that is the only thing in the filing.
I have contemplated buying/ renting out properties, but have heard horror stories with tenants not leaving or trashing the place before they do.
In general it's not a bad business to be in, but if you are going to do it dont just think that 1 or 2 are ever going to be worth it. Like any other investment you kind of need to diversify because you can take a loss from one part but make up for it with the others and have a pretty good hedge. You kind of have to get into it knowing that at any given time you can lose 20-80% of your projected income in a year if things go sour, and that is regardless of whether it's a perfect property or a slum. The biggest mistake that people who want to get into the rental business make is thinking that they can buy 1 and it will be passive income that will make them 500 bucks or more every month in perpetuity. It's not a retirement plan, it's a business that has to deal with the same cash flow issues that any business does. If you're going to do it, you should probably have at least 10 units to get your risk down to the same level as just investing in a conservative mutual fund.
How does one get/ afford 10 properties? Without being a Millionaire or making $500,000+ a year?
Leverage, which is also a risk. Financing a property isn't a terrible idea just as long as you account for the potential loss of at least 6 months of rent and what percentage you have to borrow. I bought my first property in 96 when I was still in high school, but it was a 5-plex and I only had to put 10% down. Even with projected vacancy and repairs it still had a cap rate of over 15% so worst case scenario I'd be making a few hundred bucks a month and best case scenario I'd clear about 1500. The bank had 90% of the risk. It's a little bit riskier now that a lot of banks want 30% down so those numbers today would drop into the negatives in the worst case scenario.
Thanks for the info! Im a handyman/do it yourself er. Thought about flipping properties as well and just reselling, since I would be able to do most of the repairs and construction myself. Had any luck with flipping?
