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[Threeshotgamer]

So I've found myself in a weird spot where I'm balancing a moral decision vs a business one. I had a property investment opportunity fall into my lap that I made a impulse decision on and now am having to face some big decisions. The property I have purchased was a steal of a great price with over 30 acres of land and 58 mobile home lots. Of the 58 mobile homes 42 of them are currently leased in month to month contracts and 5 of them are what i would deem to be in unlivable conditions. So my problem is that I am not even remotely happy with the condition of the majority of these lots nor am I happy with some of the tenants and their payment histories as I'm reviewing the files. I plan on purchasing and bringing in new mobile homes as I demolish the old ones ( some of these go back to as early as 1975) but some of the newer ones could be saved with some remodeling. Should I evict the month to month leases since their contracts state that in the case of property ownership transferring I can do so or should I work around the existing tenants and just wait for them to mess up to evict them? Obviously remodeling would be easier, and cheaper, to do if the properties were empty but it feels like a pretty sleazy thing to just kick everyone out because I'm not happy that the previous owners allowed the rentals to fall into such disrepair.

 

[Tesseract]

rip and tear

 

[ExpandKong]

You either die a tenant or live long enough to become the landlord

 

[pennythoughts]

Give them a 6 month deadline. Be firm. Tell them what you plan on doing and then offer anyone who comes back after the remodeling is done a discount for 1 year for 100 bucks off a month or so.

Get in touch with a lawyer to go over all the legal paperwork line by line to make sure nothing is gonna catch you in the ass.

 

[Threeshotgamer]

Give them a 6 month deadline. Be firm. Tell them what you plan on doing and then offer anyone who comes back after the remodeling is done a discount for 1 year for 100 bucks off a month or so.

Get in touch with a lawyer to go over all the legal paperwork line by line to make sure nothing is gonna catch you in the ass.

That is actually a great idea. I had planned on starting on the empty and junk units first so the deadline would work well and would give me time to weed out the bad tenants. And my lawyer's office has had the paperwork for a few days so i'll be sure to wait for the OK from them before actually moving on anything.

 

[ipukespiders]

This seems like the kind of question you ask yourself before you purchase 30 acres with 58 units.
And if not that question specifically, then a more general "Am I the able to make a business decision that may negatively affect the lives of others?"

 

[Threeshotgamer]

This seems like the kind of question you ask yourself before you purchase 30 acres with 58 units.
And if not that question specifically, then a more general "Am I the able to make a business decision that may negatively affect the lives of others?"

That is a fair point but I don't have a problem being the guy making decisions that affect other's lives since I own 3 other businesses. The problem i'm having is honestly more should i do the smart thing and just evict everyone I can and start over or should I try and work with people which will take longer and cost me more in the short time money wise. I also thought it would be interesting to post here and see the different replies since my circle is fairly small and consists of people i've worked with for years and have similar thinking as me.

 

[triplestation]

You either die a tenant or live long enough to become the landlord

why is he renting, dad?

 

[Mitsuda Maniac]

Are you sure it was such a steal and not someone else cutting bait on a bad business?

 

[ExpandKong]

why is he renting, dad?

Because he's the landlord this complex deserves, but not the one it needs right now, so we'll sue him.

 

[Threeshotgamer]

Are you sure it was such a steal and not someone else cutting bait on a bad business?

The land value alone is 73% of what i paid

 

[BigBooper]

I would keep the good month to monthers if they were staying in the same place. If you're replacing their house, I'd offer to let the good ones have first dibs on contracts on the new place or if they were really good, just let them stay by month.

For the bad renters, rip the bandage off and get them out. They can poison the well with the good renters if you don't take care of it.

 

[Threeshotgamer]

Bad landlord update: We served notices that new leases will be signed in April with a background check ( that I'm waiving the fee for). Over 20 of the 42 renters have decided they would rather move than do a background check.

 

[Gp1]

Bad landlord update: We served notices that new leases will be signed in April with a background check ( that I'm waiving the fee for). Over 20 of the 42 renters have decided they would rather move than do a background check.

Great neighborhood lol

 

[DESTROYA]

Bad landlord update: We served notices that new leases will be signed in April with a background check ( that I'm waiving the fee for). Over 20 of the 42 renters have decided they would rather move than do a background check.

Smart move, if they scatter like cockroaches over a background check you probably didn’t want them there to begin with.
Good luck and hope everything is going well with your new business

 

[Cunth]

Bad landlord update: We served notices that new leases will be signed in April with a background check ( that I'm waiving the fee for). Over 20 of the 42 renters have decided they would rather move than do a background check.

Could just turn the lot into a prison

 

[Threeshotgamer]

Could just turn the lot into a prison

I have always wanted my own fight club

 

[Cutty Flam]

Give them a 6 month deadline. Be firm. Tell them what you plan on doing and then offer anyone who comes back after the remodeling is done a discount for 1 year for 100 bucks off a month or so.

Get in touch with a lawyer to go over all the legal paperwork line by line to make sure nothing is gonna catch you in the ass.

Great post, sounds very fair to me

 

[Vicetrailia]

Do what every other successful business person does, give them a 30 day notice if your state allows for it.

No one is new to rehabbing and what it means.

They won't wanna pay more for a rehabbed place. It should be up for grabs, favoring quality tenants.

And don't give them 100 off per month, just waive their app fees and deposit for returning tenants.

 

[Mistake]

The background check basically says you’ll probably kick them out anyway, but I bet none of them actually approached you on their situation.

 

[Cato]

I have always wanted my own fight club

The champ each month gets the rent waived?
(You will recover this many times over from the youtube ads)

 

[slugbahr]

By background check, you really mean searched their online histories, don't you?
And anyone from RE got the kick?

 

[Slings and Arrows]

Kick em out, knock the homes down, buy new homes that are more luxurious, increase the rent.

Winner

 

[DonJorginho]

Kick out those peasants, this is your land now my lord.