Renting to a landlord - Landlord Forum thread

Renting to a landlord by Amy in NY (NY) on March 7, 2012 @10:13

Here is a sad situation. I have tenants who are also a landlords. They have several properties that they own but are to small or to far (or too crapy) for their family to live in, so he rents my big modern renovated condo from me. They were awful tenants and we decided not to extend their lease with a two months notice as per the lease agreement.
Lo and behold they stop paying rent, and send numerous complains to housing court. Anyway my lawyer is trying to get them evicted. My question is, once I get the judgement for the rent he owes, can I place a lean on one of his properties? since my lawyer is not a collection agency, he cannot answer this for me. Any advice, from experience in such situation is appreciated!!

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Re: Renting to a landlord by Anonymous on March 7, 2012 @10:54	[ Reply ]

I also rent to a landlord, thank GOD the lease is almost up. Never again.

Re: Renting to a landlord by Amay in NY on March 7, 2012 @11:00	[ Reply ]

Its so awful. Given the rule that the world is round, what you do to others comes back right at you... I dont get it.

Re: Renting to a landlord by Anna Mouse on March 7, 2012 @11:13	[ Reply ]

I think that since they own property that in the long run you will be able to collect. If you go to court and get a judgement then that will need to be cleared off their credit before they can refinance. In the long run I would imagine that they will want to tap into some of their equity. BTW I just read an article that the refinancing bar is being lowered. People who own their own property and have 20% equity in are being allowed to refi to get a better rate. I would strongly suggest you persue this as in the long run it should bare fruit. Also read that a judgement might only last 5 years unless you renew it. Do it, put it in a collection file and visit that file 4 times a year to pursue what is rightfully yours.

Re: Renting to a landlord by Betty L. on March 7, 2012 @11:13	[ Reply ]

Did you do a background/credit check before renting to these tenants? Do they actually own or still own the "several properties"? "They were awful tenants" Why were they awful tenants? If the tenants have sent numerous complains to housing court, did you get notice of what's wrong before hand. Did you do any inspections during the lease term to find any problems? Why would the tenants find anything wrong to report to housing court anyway. You do keep your property in good conditions and repair? So file for eviction and seek a judgement for moneys due and follow up to collect in any way you can. Go after any source that can be attached to satisfy your judgement against them.

Re: Renting to a landlord

Re: Renting to a landlord by OK-LL on March 7, 2012 @11:38	[ Reply ]

In my state I can execute my money judgment against any non-exempt property of the debtor, including investment real estate. I would file for the execution, the court would order the sale and set an auction date, and the property would be auctioned off by the Sheriff to satisfy my judgment lien. Special consideration may be required if there is a mortgage or other liens against the investment real estate, but typically you can force a sale "subject to" the pre-existing mortgages or liens. Usually just the spector of losing a property to execution sale will get the deadbeat to pay up. Good luck.

Re: Renting to a landlord by NY-LL on March 7, 2012 @12:12	[ Reply ]

Most experienced judges will acknowledge that the property complaints were initiated after the non-renewal of lease was brought to the tenants� attention. While placing a judgment as a lien on a property is an ideal tactic, I do not believe it is easily facilitated and requires additional expenses in order to execute. It will be even more complicated if the property is not located within the same state of the judgment. When renting to tenants landlords have to consider the various experiences and backgrounds of each individual tenant family. A divorced mother of three will not have the same issues as a married professional couple. Since this particular tenant was already a landlord, precautions should have been taken every step of the way to ensure that boundaries were maintained. Discussions about their property ownership would seem irrelevant to their lease agreement. The easier method for eviction may have been to increase the rent beyond market value to make the tenants initiate the move on their own.

Re: Renting to a landlord

Re: Renting to a landlord by Jake on March 7, 2012 @14:07	[ Reply ]

You have a lawyer. What does he say?

Re: Renting to a landlord