Take delivery on your small income units "VACANT"
By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
Take delivery on your small income units "VACANT"I don't know what some people are thinking particularly when they take on the new small income rental property and it has long time tenants. No problem you think. Long time tenants quite often mean the rent is too low, and if you are in a rent controlled area that can be a problem in itself, you can't just arbitrarily increase those rents.Long time doesn't always mean they pay on time, the landlord before you may not have been able to collect the rent and isn't being up front with you on that issue.1) We had a problem not too long ago where the duplex was purchased by a client, the tenant got a good lawyer (I know good and lawyer don't fit well in the same sentence in many cases) and they went to court. After about eleven months and a pay...
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