Tax, SDIRAs & Cost Segregation

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John S Lewis
  • Jackson, NJ
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My daughters UK apartment lease

John S Lewis
  • Jackson, NJ
Posted Oct 28 2022, 20:40

Hello - if this is the wrong forum, I apologize.  I sent my daughter to UK Lexington this past summer.  She is moving into TheLex in Lexington for sophomore year.  The lease is outrageous, relative to what I can do here in NJ.  Was wondering if a local Lexington attorney with familiarity with  and/or experience with this lease.  If not, then the next level would be a standard KY lease.  I'm trying to find out what my rights are.  I have to guarantee the lease.  Most simple question is, is there a 3 day right of recission, and/or attorney review period for this?  Then more questions go into more specifics of the 28 page lease.

As an aside, would be good to connect, as I'm also looking to potentially invest in the area.

Thank you.

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James Wilcox
  • Rental Property Investor
  • Lexington, KY
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James Wilcox
  • Rental Property Investor
  • Lexington, KY
Replied Oct 31 2022, 06:57

@John S Lewis I am not an attorney. I don't know or seen the lease you are referring to but I kind of doubt that is nothing that unusual with it compared to NJ landlord/tenant laws. It sounds like you are being asked as a parent to be a guarantor on the lease. This is very common for student rentals since the child may not have enough credit history, work history, income, etc... to qualify on their own. You could maybe talk to the Lexington Fair Housing Council though since that is probably some in their department on such matters. I would not expect a quick response though for them to research that large of a lease. If you would like an attorney to review then Sherrow Marshall Schrader is probably a good bet. That would come at a cost of course. GL.

I am also probably the best BP contact for Lex if you had any questions about the city. GL.

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John S Lewis
  • Jackson, NJ
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John S Lewis
  • Jackson, NJ
Replied Oct 31 2022, 07:43

@James Wilcox  hey thanks for responding.  Yes, I'm familiar with the whole guarantor thing.  I am going to the OREIA RE Summit this week.  Are you?  If so, we should connect.  If not, we should connect.  I would love to find out about what are good areas to buy in the Lexington area.

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James Wilcox
  • Rental Property Investor
  • Lexington, KY
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James Wilcox
  • Rental Property Investor
  • Lexington, KY
Replied Oct 31 2022, 08:17
Quote from @John S Lewis:

@James Wilcox  hey thanks for responding.  Yes, I'm familiar with the whole guarantor thing.  I am going to the OREIA RE Summit this week.  Are you?  If so, we should connect.  If not, we should connect.  I would love to find out about what are good areas to buy in the Lexington area.

 I am not. Just send me a BP request. Happy to answer any questions you might have.

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Becca Young
  • New to Real Estate
  • Lexington, KY
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Becca Young
  • New to Real Estate
  • Lexington, KY
Replied Nov 3 2022, 13:01

I'm from Lexington and the apartments around campus are known for being extremely expensive. They charge high rates because parents fork out the cash. My husband used to work for a developer that held several of these complexes. Most "normal" adults don't live in The Lex, it's almost all students with parents paying the bill.