Home > protect credit rating > I have a rental property that I’m trying to keep but the neighborhood has gotten terrible and I’m evicting ?

I have a rental property that I’m trying to keep but the neighborhood has gotten terrible and I’m evicting ?

Tuesday

the current tenants due to non payment and I’ve carried the payments myself for 8 mos. they have completely destroyed the bottom unit I really don’t have the money to fix it back up right now because I’ve used all my money to keep the mortgage,insurance,and taxes current as well as protect my credit rating but now I can no longer pay this mortgage and my primary. Does anyone have any advice for me? selling it is next to impossible where the property is(Detroit) and the way values have gone down I’m sure I’m upside down in it. Also I was paying a management company to tend to this for me, would they be liable for the damages the tenants caused because they didn’t do inspections on my behalf?

Dont waste your time and kick the tenant out by court order before its too late with the massive damages you’ll have to pay.

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  1. Cash Money!!
    May 5th, 2009 at 13:45 | #1
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    just left it dont waste ur time!!!! :) hope i heled u
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  2. Magnix2k
    May 5th, 2009 at 13:53 | #2
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    Dont waste your time and kick the tenant out by court order before its too late with the massive damages you’ll have to pay.
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  3. Joshua L
    May 5th, 2009 at 14:15 | #3
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    Sounds similar to my situation. First of all I did hold the management company liable because it was in our contract for them to inspect routinely and apply penalties as needed for failure to maintain proper condition.
    Next I did evict the tenants and found it impossible to sale rent or lease, so I remortgaged it for 60,000.00 and cleaned it up and the area even added a little park on the property near by, got some artist to paint the sidewalk with “urban art” it caused a stir and several local business followed. Now that was a best case scenario but it is an option. I took the risk and I got the wanted result.
    GOOD LUCK and follow your Gut.
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  4. Yancy C
    May 5th, 2009 at 14:24 | #4
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    The biggest mistake you made was letting it go this long. I will give tenants a break, but I never let them get more than a week or two behind, ever, no matter what sob story they give me. Believe me, if you listen they will take advantage of you. But you can’t change that now.

    As for your management company, it depends on your contract. There should be details of just that. While they may not be responsible for damages, you may be entitled to a partial refund of some of the fees they were charging you.

    As I see it, you have the option to sell it at a loss, or borrow a little money to fix it so it can start producing income again. It sort of depends on how much the loss would be, and how much damage there is. You may find that it is cheaper than you think. A 5# bucket of drywall mud runs about $6, and a whole sheet of the stuff with a package of screws runs less than $10. You can fix a whole ton of holes with just that, even big ones. Less than $100 worth of department-store paint cancover the whole mess. It doesn’t have to be beautiful, just a little more livable.

    For the stuff you aren’t sure exactly how to do – Home Depot used to offer classes on basic household stuff, like how to fix holes in walls.

    Last month, I had a similar problem – a renter had left my apartment and taken his washer with him, but left the faucets turned on behind the washing machine. When the utilities were turned on again, the faucets ran for about eight hours, ruining the carpet in the living room and two bedrooms. I was able to rip out the old carpet (costing me nothing but my time) and buy three new pieces of carpet from a construction salvage. Brand new stuff, but overstock or remnants. I paid $472 for all of it, and installed it myself. Took several afternoons of free time – and I had absolutely no idea what I was doing. Carpet doesn’t look professionally installed, but it’s not bad either.

    Now the apartment looks great, and it’s rented.
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  5. realestatemichigan
    May 5th, 2009 at 15:07 | #5
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    Since you’re located in Detroit… I can Help you out!

    Two things that might interest you…
    1. http://www.umoveon.com or google umoveon to learn about them.

    2. I have a contact information for you to call for help. It is a non-profit organization certified by HUD that helps people in your situation.

    I don’t want to leave a personal phone number here… so I guess I’ll direct you to my website for you to contact me.

    http://www.CurbsideInfo.com

    Good luck

    John Lopez

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