All Forum Posts by: Daryl Luc

Ejection is NOT eviction.  You won't be at the back of the line unless your lawyer is a noob.  I'm not aware of any state that doesn't see squatters as outright criminals.  this is not a protected class, virus or no virus.

$10K for a moderate bath, the cost has to be put into the basis cost of the property and depreciated for many many years.  With probably zero change up, and possibly down in the monthly rental cash flow, more likely it would never rent for an extended period as people moved on with their life etc, etc.  So there's that.

there is no time limit to any part of the application process unless stated specifically in the application.  The Fair Credit Reporting Act requires that you were provided copies of any information request forms which you signed.  If you read them, you will find that no time constraints are in play.  Any money, IE: application processing fee,  is not specifically applied to the information requests ordered by the landlord which is why they are generally non-refundable and do not carry any guarantee of any performance other than evaluation of your prospects as a tenant.

Originally posted by @Asher Pearl:

Thanks for your answer. It's for one side and the tannate pay the gas. What do you suggest in this case? Do you any idea what is the price gap?

Repair old one?  Why not..it's usually cheaper by far unless the burner box has burned out and has holes in it.  Anyway, Buying takes far less energy than shopping. Consider those days you were talked into all day shopping with your wife. That's reason for a bid.  I have no idea who has inventory, who wants to keep their staff working at current levels etc.  Just like buying a new car, go out to bid.  Faster, better, cheaper.  Your job is to figure out what you want, write a scope of work, and let the market decide where you get it.  You only do the work one time, not as many times as you have vendors.  You don't get caught up in meaningless meeting chatter.  Vendors who want to look at the work site before bid, that's a plus.  Faster, better, cheaper.

Originally posted by @James Mc Ree:

Call a roofer.

Unless there's another living space above you....then call a plumber.

Is it one furnace for two units and who pays for the heat?  if it's you, put a 93%+ out to bid by creating your own bid spec and pick one.  Saving 20% on annual heating over a period of 10 years is worth doing.

I stopped providing stoves.  They are never even close to clean when someone moves out and the need for repair is usually hidden until the next tenant comes in. The straw that broke the back was the tenant that destroyed a glass top stove that was part of a set and wanted me to fix it.  More trouble than they're worth.  I now let tenants know they can provide their own gas stove, or I'll pull one from 'storage' and they take what they get.  Most have opted for their own.  The refer, d/w, dryer and washer are on loan and another posted, repair replace is on the tenant.

Your mom did you a favor.  Take advantage of that.  Without any contract for her occupying any part of the premises she wasn't a tenant so all property is abandoned.  Years old carpet....is nothing but years old carpet.  Again, she did you a favor.  To the comment that you should sell, that would be my advice as well.  Emotions always get in the way of good decisions.  Buy another property based on its rent-ability and become a land baron.  Nothing feels better than showing a bad parent that you're a better child.

to your first question, nothing is normal....what depends is whether the originating company still owns the paper, who the servicer is.  an example of how complicated it can get...the originating institution sells the paper to a new institution, who acts as their own servicer, but uses a contractor organization to handle the escrow disbursements for things like property insurance etc....they get an insurance invoice for a property that doesn't exist in their portfolio.  You get a letter weeks later stating you're in default and the servicing organization will call your note due.  Or, they may have a clause in the original mortgage you signed that basically says you can't transfer title without a sales contract.  There are other clauses that can come into play as well depending who wrote the original agreement and the business model they operate under.  To your second question, business organizations exist in the following formats...sole proprietor (can be llc, S-corp and still be considered such), partnership (can be llp), syndicate, registered corporation.  What matters is the paper trail that portrays a history of doing the work of a business and some history of making a profit. 

In my opinion, since I don't know your state laws re: LLC formation, the only reason I would consider an LLC is to remove my personal assets from view of a law suit. A law suit directed at an LLC would make all assets within it fair game. Also, in my opinion, unless you need the EIN for tax purposes because your LLC has employees and all the filings state, local and federal that go along with that....use a good insurance policy to protect your assets and skip all the adminastrivia headaches. You are chasing a five dollar bill with a twenty.

What is the benefit you are looking for in an LLC?  That's where you start.  Secondly, if you have a mortgage on a property in your name and you try to quit claim it to an LLC, exactly what will your mortgage company do when your insurance shows up with a new name as owner, and they check the property records and find out your name is no longer showing?