All Forum Posts by: Avi Garg

Originally posted by @Bob Collett:

You state that you did not know the condition when they moved in. Is the property held in an LLC. Do you have lease? Do you have any documentation from the seller? What are the circumstances surrounding the move out? Was tenant current?

Yes the property is held in an LLC. I do have a month to month lease. The tenant was current and moved out since they bought a home.

One of my inherited tenants left after 5 years in the unit in Lakewood, OH. I have no idea of the unit condition when they moved in. The turnover is close to $10k with some upgrades. I have a few questions regarding charging the tenants:

1. I know I have to return the deposit within 30 days. The repairs have not started yet. Can I withhold the deposit and give them an itemized estimate repair cost? Or do I need to return the deposit since the repair has not been completed yet and then charge them after?

2. What are the repairs I can charge the tenants? I know I can charge them for the broken items. What about paint and carpet? These are 2 big ticket items worth $5k. 

Any help is appreciated. 

CA charges $800 yearly fees for any LLC (in state or out of state). Since you live in CA, you will have to pay this for each LLC you open in MO.

I applied for RE tax reduction for the 1st property I bought last year and I received notice of hearing. At first I thought I would take a trip to visit my properties and the hearing as well. Looks like I won't be able to make it and the hearing is in 2 days.

Is there any attorney or someone you use that will represent owner? Is it necessary to have someone present? Looking for options. Any help is appreciated.

Stephen Richardson I had a similar situation with the inspection though the seller wanted the EMD to be hard the moment it was deposited which I was opposed to. So we came to an agreement (in contract and signed) that if specific issues (we had a few - roof, flooring, plumbing stacks because the seller claimed recent work done) are identified during inspection, we have the option to back out and get our EMD. We did find a huge issue which we were not ready to deal with and received our EMD.

Bobby Nilsen what form do you use to get the property in contract for wholesaling? Would you mind sharing?

Bump .. still looking ... Gabe never replied to my PM

Pipe hearing cables are technically called heat tracing cables

@Account Closed in St Louis that can chime in with better estimates. 

@Keith Johnson send me more info at [email protected]