Thread: I don't want to be a slumlord!

Are there any news from anyone? I just went and picked up money this morning from my tenants. Felt good.

I have an interesting situation. We just completed a foreclosure and filed for eviction. I got a call from the prior owner that he wants to buy it back from us, and he has an eviction scheduled for next week because the tenant wasn't paying. (This is a rental unit). Needless to say, I'm letting him evict, and we'll see if we can work out a deal.

I would still keep your eviction filed. Can he legally evict a tenant when he is now not the owner? I think that would be hard to do in Ontario, Canada. If he can evict the tenant let him do it and negotiate something good. Before you find any tenants you might be able to flip it for a buck.

That's exactly what we're doing. We signed a contract naming him as our property manager with the rights to evict. I'm just surprised he's doing all this without knowing whether we can work out a deal. I'm not willing to give him a price until I see the condition.

Originally Posted by Aaron

That's exactly what we're doing. We signed a contract naming him as our property manager with the rights to evict. I'm just surprised he's doing all this without knowing whether we can work out a deal. I'm not willing to give him a price until I see the condition.

If he gets them evicted and all goes well, the ball is in your court.

Originally Posted by RockWell

If he gets them evicted and all goes well, the ball is in your court.

Funny you bring that up today; the eviction was this morning and all went well.

Originally Posted by Aaron

I have an interesting situation. We just completed a foreclosure and filed for eviction. I got a call from the prior owner that he wants to buy it back from us, and he has an eviction scheduled for next week because the tenant wasn't paying. (This is a rental unit). Needless to say, I'm letting him evict, and we'll see if we can work out a deal.

Sorry, I don't follow...the owner who got foreclosed on is buying it back from you?

Originally Posted by Sinjen

Sorry, I don't follow...the owner who got foreclosed on is buying it back from you?

He wanted to; it fell through so we're looking for other buyers now.

Originally Posted by RockWell

Are there any news from anyone? I just went and picked up money this morning from my tenants. Felt good.

Picking up rent on monday

Originally Posted by solekeeper

Picking up rent on monday

Picking up rent is cool for the first few properties. Then you wise up and create a system where they send you or drop you off the check. A few times I set up an account where they desposit into just for that unit. My time is too valuable to drive and pick up rent. What bills do you have that the collector knocks on your door? Lol

I have a few residential and a bunch of commercial real estate, my portfolio is growing a lot this year. I understand business so I like renting commercial, but multi units are also primo. Single family homes are too much work, unless you pick it up for peanuts.

Congrats and good luck to the fellow l4p people in real estate.