All Forum Posts by: Patrick Connell

Here's a link to some info regarding VA licensing requirements: VA Real Estate Regulations

It states on Page 31:

Actions constituting unworthy and incompetent conduct include:

5. Having been convicted or found guilty, regardless of the manner of

adjudication in any jurisdiction of the United States of a misdemeanor

involving moral turpitude, sexual offense, drug distribution or physical

injury, or any felony, there being no appeal pending therefrom or the time

for appeal having elapsed. Review of convictions shall be subject to the

requirements of § 54.1-204 of the Code of Virginia. Any plea of nolo

contendere shall be considered a conviction for purposes of this subdivision.

However, I have no idea what the means. Call them as advised.

Trey, you can do a 1031 Exchange to avoid tax liability but there are very specific rules concerning how you do this; time is a big factor.

Additionally, if doing a lease option, consult your CPA before assuming that spreading it past Dec. 31 would change anything. In my opinion, all the income from the sale will be taxed at one time in the year in which the closing is done. Until you make the sale, the down payment is not considered income because you can't do anything with it except hold onto it.

@Steven Hamilton II might be able to give you better answers on the tax liability part. I do know that if you hold it longer than 12 months you will pay long term capital gains instead of short-term capitals gains.

Sorry John, but with all the uncertainty about Dodd-Frank floating around I would strongly advise against doing rent credits of any kind.

@Trey Leigh you may still be able to do a lease option but be very careful about how you do it. Search the website for Dodd-Frank and read all the stuff that's out there about it.

It was good times and good folks, lots of experience

There are literally hundreds and hundreds of clauses that you can find throughout BiggerPockets that people add to their leases. However, in all my searching, I wasn't able to find one single source that lists all the various clauses that people have come up with.

So, I thought this would be a good thread where both experienced and new landlords could come and share the various clauses they put into their leases.

Hopefully, if we can get enough good content, @Brandon Turner can turn the thread into a sticky thread on the Landlord & Rental Forum so that people can easily find and use it!

Good times and good people, thanks all.

@Ravin Scott not at all. Do a search on the forums for wholesaling and you will find a wealth of information that will keep you reading for days.

Welcome!

See everyone in the morning!

While I would never advise against doing so, if you make it a requirement in the lease then they can either choose to accept it and rent or not accept it and find another place to live.

It's no different then requiring them to have the carpet and unit professionally cleaned on move out, or requiring them to clean the exterior windows every 6 mo., or something like that.

It's not based on any protected class and limits liability to all involved.

Mmmmmm, wings!!