Troubling Tenants

The goal of most people who are in the real estate business is to have a good tenant, one who doesn’t cause problems to our properties and also pays their rent in a timely manner. Unfortunately this is not always the case and we are forced to deal with the tenant that is less-than-desirable. It can also prove frustrating when you acquire a fantastic deal on a property – a good looking property with an awesome ARV – and the deal comes with a tenant.

It is important to know the law regarding tenants, and these laws vary from state to state. Be sure that you get an attorney involved in the eviction process. Most people tend to assume that the eviction law notice in most states is 30 days, but this is usually not the case. Some states are as low as three days, at which time you can inform that person that they are trespassing on your property. The important thing to remember is that you should not be involved in the process at all. Let your attorney do it and things will get done correctly.

In some situations, you may find that the tenant is causing problems with the mortgage payment properly getting paid in a timely manner. This may occur in circumstances where you have recently acquired a property and the mortgage is still going to that address, and the tenant is withholding the note.

In these circumstances, the only thing that is needed is to have the former property owner send a notice to the mortgage company informing them of the recent changes and that you are the new manager of the property. If you have a power of attorney, this will also be sufficient. By using the power of attorney, and the account number or social security number, you can get any information on that loan he can see.

In addition, you can choose to process everything via the Internet. They can transmit the funds or have your bank transmit them and add the loan number. Doing it this way avoids doing any notices of any fashion.

Obtaining properties like these are fantastic business opportunities. But it is very important that you know the laws of your state so that you do not find yourself in a legal battle with a difficult tenant that usually only serves to drain your finances.

For additional information on real estate investing and the hot foreclosure market, I recommend joining Ron LeGrand's Millionaire Maker Newsletter The newsletter itself is loaded with great tips and resources, and he's usually giving away something free like a CD or something that generally has a lot of great information on it.