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[N1 Andy]

So this is the letter I got in the mail the other day.


Maybe I'll have an opportunity to buy the place I've been renting for 6 years now?!

Anyone ever had this happen to them? I'm just wondering if I should start looking for another place to live. lol

I'm thinking that this is cool, my house is on approximately 10 acres that is "supposed to be" off limits to tennants.  We cleared out the sticker bushes with a ford explorer, rolled the fucker, got it stuck, built a dirtbike track, and got caught riding on it by the landlord.  He was fucking pissed!  After he calmed down he found the rolled over explorer, he was fucking pissed all over again! haha. 

Theres enough land for spiker to do donuts in my grass in his cougar, get the throttle stuck, and still have time to stop before plowing through the garage.

But if the bank owns it now maybe I can build a track again? lol

[DmC]

when that happened to me they paid me 2000 to get out in a week and not destroy the place.

[DasPoop]

happend to me in chicago and the land lord told me it was being foreclose on so he told me i didnt have to pay rent for 3 months and to find a new place.

[Stealthmode]

   I'd go to the bank and whatever you figure out get that shit in writing, signed, everything.


   While they *say* they'll honor the lease, it's because that's all they have right now, but shit changes, and so will their tune without something in ink.

  If you want to buy it, figure out what was owed by the previous owner, and try to jew them with just paying the balance, financed by them, and you own it.

[DmC]

   I'd go to the bank and whatever you figure out get that shit in writing, signed, everything.


   While they *say* they'll honor the lease, it's because that's all they have right now, but shit changes, and so will their tune without something in ink.

  If you want to buy it, figure out what was owed by the previous owner, and try to jew them with just paying the balance, financed by them, and you own it.

Pretty much yeah. The bank will take the rent checks from you while they try to sell it. they'll probably divide up the 10 acres and sell those as lots if they can. Id hope none of it has street front.

[DasPoop]

So this is the letter I got in the mail the other day.

^^^^^^^
Pretty soon the asians are going to own everything

[Joseph Davis]

How the fuck does rental property with paying tenants get foreclosed on?  Landlord Fail is fucking right.

[N1 Andy]

   I'd go to the bank and whatever you figure out get that shit in writing, signed, everything.


   While they *say* they'll honor the lease, it's because that's all they have right now, but shit changes, and so will their tune without something in ink.

  If you want to buy it, figure out what was owed by the previous owner, and try to jew them with just paying the balance, financed by them, and you own it.

Pretty much yeah. The bank will take the rent checks from you while they try to sell it. they'll probably divide up the 10 acres and sell those as lots if they can. Id hope none of it has street front.

My house is right on the street, with approx. 10 acres of woods behind it.  The landlord owns about 5 houses in a row, all with similar lots behind the houses.  He had plans of a 50 lot subdivision, papers are already in the works, when we moved in they told us it would probably only be a year or so before they sold the land.  That was 6 years ago.  

The old white man "Clay" has an chinese wife "Lisa" and she being chinese probably wouldn't take any of the offers they got on the land 5 years ago when the housing market was awesome.  So now they sit with all this land and no one is buying property, and apparently lost the land because of it. Had they sold 5 years ago they may not have made a killing but its better then nothing that they have now.  lol

[N1 Andy]

How the fuck does rental property with paying tenants get foreclosed on?  Landlord Fail is fucking right.

Too many Louis Vuitton purses for the mail order bride???

I'm pretty sure Clay was depending on this property to retire too.  Shitty deal, he's actually a cool guy.  Thats America though, if I can capitalize off others misfortunes and buy this property for cheap, I'm all in.  Problem is the Ching Chong bank PROBABLY knows what they are sitting on.  And regardless of my credit score being good enough, I can't prove my income at this time.

[Joseph Davis]

How the fuck does rental property with paying tenants get foreclosed on?  Landlord Fail is fucking right.

Too many Louis Vuitton purses for the mail order bride???

I'm pretty sure Clay was depending on this property to retire too.  Shitty deal, he's actually a cool guy.

If he went through a dirt bike track and a flipped Ford product and you still live there, I would agree.

Hope he retires on renting the china bride by the hour.

[Jorsher]

How the fuck does rental property with paying tenants get foreclosed on?  Landlord Fail is fucking right.

My thoughts exactly.

I've never heard of someone renting property for less than what they're paying on it, thus as long as the tenant is paying -- they should be paying and have money left over.  My guess is more debt than they could handle (America, FUCK YEAH!) and something else got more priority than your property.

I'd love to have property that makes me money by simply existing.

I'd definitely try to hop on that.

[runsfromdacops]

kinda a shity deal for your landlord but if you can buy that place it would be fucking kick ass

[crttaz]

How the fuck does rental property with paying tenants get foreclosed on?  Landlord Fail is fucking right.

leverage the equity....then values dropped. Over extened and the bank jumps in.

[glustic]

Dude same fucking thing happened to me. We moved into a 4 plex lived there for one fucking month and I happen to see a letter posted by the electrical box outside. Thing is they said we have x amount of weeks to get out and we could either not pay the rent and get fucked on the deposit or vice versa. Its fucking bullshit man. And like everyone else has said get that shit in writing. You cant trust anyone now a days, that letter wont mean shit if you dont have a legally binding lease with the new owners

[chris]

Yeah this is a tough one and really depends on who is the new owners if they are doing a quick sale or investing themselves.




Seems most are investors these days renting out the properties with the hopes of another over inflated housing market than sell everything.

[t_cel_t]

lern to rights

you dont have to leave if the bank tell you that you have 2 weeks to get out.
they have to EVICT you, they cant tell you to leave. there has to be a court order which in the current situation can take months.
hell, i would stop paying rent right now and go talk to the bank, many banks will allow you to live there for free just as long as you take care of the property. they are not in the business of renting properties.

as far as buying it, in addition to the cost of the property the old guy was probably behind on the taxes as well and you would be liable for them.

[bigdaddyvtec]

The donuts in the cougar were in the snow, with Ross and fat randall in the car... and we were out there for 5-10 minutes before you poked your beady little eyes out the door... HAHAH  Glad your neighbors lawn healed as Well, his side of the lot was fun too....   That was a big car to be flopping around on your (Guys) lot(s)... LOL.


HAHAHA

Ya almost took out the GFI garage too.  Good thing for my cat like reflexes... I m a pro at getting a key off in no time, had alot of practice as a lad. Sometimeds shit happerns... LOL...


I like that house, Id offer them 10 grand and all the cheeseburgers they could eat for life... I mean, who can say no to CHEESEBURGERS???

[BoostedSchemes]

People with an ounce of self control, bdv.

[bigdaddyvtec]

But theyre so GREEEEEEEEEEEEEEEEEZY

[Joseph Davis]

I haven't had a cheeseburger in a half year, maybe more.

[kgx]

might want to make sure this su htet guy is legit before you start mailing checks made out to him.

[Ntrain2k]

might want to make sure this su htet guy is legit before you start mailing checks made out to him.

Yep, I'd go to whatever bank it is and verify, then get the remaining lease agreement in writing.

[HiProfile]

I've never heard of someone renting property for less than what they're paying on it, thus as long as the tenant is paying -- they should be paying and have money left over.  My guess is more debt than they could handle (America, FUCK YEAH!) and something else got more priority than your property.

I'd love to have property that makes me money by simply existing.

The problem is the extra land. The tenants were paying for the house and not the off-limits land behind it. So the owner was probably in the negative a bit. They probably used the equity to buy other shit like bone said. I've been looking at lots of forclosed places, and many are 1/2 to 2/3 of the way through major renovations considering the houses' values. It's sad, but to be honest - fuck the stupid greedy people. Most of them got what they deserved.


Duplexes in city areas are where it's at. My parents used some of their house's equity along with cash to buy a duplex, spare time to fix it up themselves, rent one half to a respectable dike, and the other to my brother (he does the lion's share of rehab work). The cash from the one tenant is almost enough to cover the monthly payment & bills for the place. My sister did a similar thing, bought a duplex with decent older tenants in it, rehabed it, and pay almost nothing to live in the lower half.

I want to get a decent house to fix up a bit, get a room mate, then use future equity & a future increase income and get a duplex to rent. It's not as good as stock market investments, but with prices as they are, along with so many losing homes and becoming renters...you really can't lose. The only risk is if you don't have the appropriate insurance or buy a money pit. Or rent to nignogs.

[Joseph Davis]

A friend did the "duplex" affair a few years back a couple blocks from college, he's since moved out into suburbia and trying to get a second mortgage.  The duplex more than pays for itself, and as of early summer he had 35K in the bank as a down payment, but no one wanted to give it to him.  If this economic retardation goes on another two years he'll probably have the money to buy the second house outright.

[HiProfile]

Its not just the rent, there's also lots of tax write-offs they get when they fix it up, maintain it, etc. They even got $1400 from the city to "increase curb appeal" since its the north side, aka begining of the nignog area. It's too bad your friend can't get the second loan, but the banks have more than enough cases to cite regarding equity fail atm. The market is baaaarely eeking up in most places, and still falling in others. He wont lose out much by waiting a year or two, besides putting his suburban home plans on hold for a bit.

[schim187]

College kids up here in bozeman live a whole year in foreclosed homes w/o paying rent...but gotta be out in a heart beat if bank shows up

[DRQPQUT]

go talk to the bank niggles i wouldnt pay rent again....untill you figure it out