LO Eviction - Posted by Sheik


#1

Posted by Rob FL on January 28, 1999 at 21:47:39:

You can write anything you want into the lease. However, if it against the law it doesn’t matter. I can put in the lease that “If the tenants do not pay by the first of the month, I can drag all their stuff to the curb on the second of the month.” However, unfortunately most states require eviction to be done through the courts, so even if we both agreed to it, I could not enforce this clause because it would violate the state laws.


#2

LO Eviction - Posted by Sheik

Posted by Sheik on January 27, 1999 at 15:50:26:

Hi All:

About to close on my 1st LO and I have a general question.

If at some point in the future your (sub)tenant fails to pay
his rent, how would you handle the eviction?

Would to keep the payment up to date with the owner while
YOU evict? (Could be several months where I live).

-Sheik


#3

Re: LO Eviction - Posted by Bud Branstetter

Posted by Bud Branstetter on January 27, 1999 at 20:44:47:

Option 1. Go for the eviction. You got 3 to 5% option consideration. Should be enough to cover the payments.

Option 2. Bribe them to leave and leave the place clean by refunding some of the option consideration.

Either way you can get the money back right away by doing it again. Do screen the people and check with your mortgage broker as to how long it will take for them to be able to get a loan.


#4

Quickie L/O Eviction - Posted by Baltimore BirdDog

Posted by Baltimore BirdDog on January 28, 1999 at 16:18:38:

I’ve heard that it’s possible to write language into the lease option contract which would allow the tenants to be evicted quickly and efficiently. I think this centers around the idea that the tenants are seen as a potential homebuyer rather than an average tenant. Any thoughts?

-Jeremy