Eviction - new owner (by Diahann [MD]) Oct 14, 2020 11:10 AM|
Eviction - new owner (by David [MI]) Oct 14, 2020 11:11 AM
Eviction - new owner (by myob [GA]) Oct 14, 2020 11:32 AM
Eviction - new owner (by Ken [NY]) Oct 14, 2020 11:33 AM
Eviction - new owner (by S i d [MO]) Oct 14, 2020 12:16 PM
Eviction - new owner (by myob [GA]) Oct 14, 2020 2:50 PM
Eviction - new owner (by Vee [OH]) Oct 14, 2020 6:52 PM
Eviction - new owner (by Robert,OntarioCanada [ON]) Oct 14, 2020 8:33 PM
Eviction - new owner (by Jane [TX]) Oct 16, 2020 1:53 PM
Eviction - new owner (by Jane [TX]) Oct 16, 2020 2:08 PM
Eviction - new owner (by Ken [NY]) Oct 18, 2020 5:41 PM
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Eviction - new owner (by Diahann [MD]) Posted on: Oct 14, 2020 11:10 AM
Heard federal moratorium on evictions until Jan 2021. Does that rule still apply if you buy a house with an existing tenant? Thanks
Eviction - new owner (by David [MI]) Posted on: Oct 14, 2020 11:11 AM
Yes. Eviction is eviction --50.4.xxx.x
Eviction - new owner (by myob [GA]) Posted on: Oct 14, 2020 11:32 AM
why would you think not? --99.103.xxx.xxx
Eviction - new owner (by Ken [NY]) Posted on: Oct 14, 2020 11:33 AM
Yes,i am buying next monday a 5 unit with 4 non paying tenants.I have the seller signing a letter assigning the back rents to me,i will then tell the non paying tenants if you are gone in less than a week i will not pursue you but if i have to go to the effort of evicting you then i will be chasing your paycheck for payment.I think 3 of 4 will be gone overnight --72.231.xxx.xxx
Eviction - new owner (by S i d [MO]) Posted on: Oct 14, 2020 12:16 PM
It depends on what you're talking about.
If MD has state-specific moratorium that lasts until Jan 2021, then I would not expect that anything is different. If you can't evict for any reason today, then you can't evict for any reason until that expires.
However, if you are talking about the nationwide CDC moratorium, that only applies to tenants who can't pay the rent due to loss of income attributed to C-19 and who would be forced into a close contact environment with multiple people, such as a homeless shelter. Since you are simply taking over the property ownership and may not wish not to renew the lease for whatever reason, then you should be in the clear. Regardless, though, a judge might still rule against you. Lack of clarity is a hallmark of these sudden legislative "fixes" for C-19.
I would spend time clarifying what your goal is and ask someone locally for competent legal advice before making a major purchase. --107.216.xxx.xxx
Eviction - new owner (by myob [GA]) Posted on: Oct 14, 2020 2:50 PM
DID YOU ASK FOR A STIPULATION THAT NO PAYMENT TO OWNER would be forth coming until all deadbeats are gone? You could be looking at 9 more months of this-- and that's without knowing whos coming into office.
I love the thought process but having a hugh problem buying a non performing asset!!!!!
I might even entertain a cash for keys prior to closing. Current owner pts up the cash and you reimburse him. --99.103.xxx.xxx
Eviction - new owner (by Vee [OH]) Posted on: Oct 14, 2020 6:52 PM
It sounds like you are new to the business of a housing provider, best to get these answers before investing into something totally new. You are at the correct place to read from. --76.188.xxx.xxx
Eviction - new owner (by Robert,OntarioCanada [ON]) Posted on: Oct 14, 2020 8:33 PM
Suggestion consider joining a landlords association where google to find landlords associations. Some associations have smaller rental housing providers where others are for large operations. The worst way to learn is from school of hard knocks. If want to what happens when keys are passed through the gates of hell then view some videos on You Tube about tenants from hell. Running thorough credit checks on all adult applicants eliminates the one out of three odds of getting problem tenants where often they take rental applications then never come back as they already know they will not qualify. Here on the site there are many jurisdictions where every province or state has a different landlord and tenant act. Some jurisdictions are completely hostile to private sector rental housing providers. In the province of Ontario for example there is backlog of getting a hearing set up which is going to take a year. Can ask the tenant to voluntary sign a payment plan where if they default on payment can apply for a eviction. Some tenants will not sign payment plan. During a election no political party wants tenants to get evicted as winning the election takes priority over everything else. There is no federal or provincial election here at least this year. If you can wait after the election then see what is going to happen. The temporary banning of evictions is not constitutional where there is going to be class action suit if this madness is not struck down. Remember the landlord and tenant act is governed by the provincial or state government where after a election the act can change to make things more difficult for rental housing providers. Reality here is how do fund universal medical care well building non-profit rental housing. Modern medical care is expensive no matter who is paying. Taxes here along with everything else is more expensive here. Finally had someone come around who was holed up with his girl friend in mothers basement like you see the bad people in the movies. Told him credit checks are run on all adult applicants no exceptions. He never came back. --147.194.xxx.xx
Eviction - new owner (by Jane [TX]) Posted on: Oct 16, 2020 1:53 PM
Oh no! Then lease agreement bw seller and current tenant pass through to the new owner.. and you will need to honor it and manage according to the law, so if they don't pay, you can't evict right now due to the CDC moratorium.
Do not sign anything! back out if you can. Why buy yourself so much headache.
if you must buy, need to lower the purchase price over the uncertainly of not able to evict for the entire 2021.. your holding cost, legal fees, damages /repairs. you are getting yourself into Huge negative cash flow from day 1! "5 unit with 4 non paying tenants". the 5th tenant might stop paying as well seeing the other 4 live for free!
Eviction - new owner (by Jane [TX]) Posted on: Oct 16, 2020 2:08 PM
If you must buy, calculate for the worst case scenario, see if you can deal with no income from rents for the whole year if eviction ban continues.
Best case scenario:
at closing, make sure seller pay your
1) deposits and pet fees from current tenants
2) back rents and future rents till Jan 31st (courts will be so backed up that might take much longer to evict)
3) eviction cost and trash out fees
I hope you are purchasing at a steal to worth the hassle and risk. --70.119.xxx.xxx
Eviction - new owner (by Ken [NY]) Posted on: Oct 18, 2020 5:41 PM
Jane,I have done this before.Buying it tomorrow,already have it sold,will start squeezing them by the afternoon,they will be moving pretty quickly --72.231.xxx.xxx
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