Eviction: Why Didn’t I Do it Sooner?
Photo: Flickr user blhphotography
I’m going to try and stay away from my recently favourite topic about evicting a tenant. In fact, the outcome of evicting this non paying head-ache is that I’ve just landed a new tenant who’s going to pay me on regular basis (at least hopefully). I don’t know why I didn’t follow through with this eviction sooner, because for the first time in more than six months I don’t have to wonder if I’m going to get paid next month.
Since I knew my eviction would be in effect for November 1, I advertised the unit for rent and the first person the responded took it. This is great, since you all know I rent in a tough neighborhood and its hard to find good tenants. Hopefully I’m not jumping the gun on this post, since I’m set to sign the lease and collect the damage deposit tomorrow evening, but what a weight off my shoulders.
In another development I may not sell the apartment buildings after all. One of my mortgages is coming up for renewal at the end of December and I may be able to take out enough equity to make it worth my while to
keep them. In fact, I may be able to take out more equity than I could have made from the sale of both buildings. When you consider that I won’t have to pay capital gains taxes on the new money, it’s pretty much a no-brainer. Oh, and did I mention that my new mortgage will have such a low interest rate, the profitability for the building nearly doubles!
The application is with my mortgage broker now. I’ll certainly be posting about this when I have the results.
