All Forum Posts by: Eric Andersen

Hi there! 

I've used some template leases in the past which were easily found with a quick google search. It seems they are pretty short. Does anyone have a go-to lease annual lease agreement they can share with me?

Thanks,
Eric

Thanks Brendan! I also confirmed with my lender it's pretty standard for conventional loans.

Hi there,

I purchased a primary residence (duplex) last year and have been living in one of the units while renting the other. I want to rent out both units soon and use the income to help pre qualify. I spoke with one lender who said they only account for 75% of the rent against the mortgage. Is this normal and standard across most lenders?

For instance, total rent is $4000 and total mortgage with escrow is $3000. They would see this as a wash and not count the additional $1000 as more income due to potential vacancy. This is also with 1 year leases on the properties.

Thanks,
Eric

Thanks everyone. Really appreciate the advice. 

I don't have an early lease termination piece to my lease, but will next time. The lease says "no subletting without the landlords permission" so that is good. Will not sublet and make sure to screen my own tenants.

Hi there,

I have a 2bed 1bath in South Lake Tahoe, CA and the tenant is on a 1 year lease which started in April 2021. She is the only one on the lease and has a roommate, but wants to move to another city by September 1st. She has offered to sublet or find someone to take over the lease. I'm trying to determine my best route forward. Any advice?

If I sublet does the new tenant pay the old tenant who pays me? Is there more risk since more parties are involved? What would you suggest? Having the replacement she finds sign a new 1 year lease?

I don't have a penalty for breaking the lease noted in the contract. Thanks for your time and advice. I'm new to this and learning lots.

Thanks,
Eric

Hi there, 

I see lots of tiny homes with steep ladders to the sleeping area. I'm curious how you protect yourself from the risk of people slipping and falling and suing?

Hi there, 

I was a Texas resident last year and purchased a primary residence (duplex) in California which I didn't move into until this year (2021). Usually my dad does my taxes as they are really straight forward, but now that I have a home in California which I am collecting rental income on, we want to run things by a professional. Want to make sure everything is set for 2020 and understand what to expect for 2021. Any recommendations for someone to help with this?

Thanks,
Eric

Hi there,

I recently purchased my first multi family property. It's a main house and small guest house setup. The small house in the back has a loft with steep stairs (not to code I'm sure) and the headroom is about 5 feet. There are two good sized windows that someone can fit through and a smoke detector. There is evidence tenants have had the bed upstairs in the past and it would really maximize the space of the small home. I do want to rent it furnished. I was told by a friend to not put a bed upstairs as I run the risk of being sued by allowing someone to sleep up there if there is a fire. I'm assume I run the risk of being sued if there is a fire regardless. Does anyone have experience with this and can you point me in the right direction?

Thanks,
Eric

Thanks @Kathy Henley. You mentioned, "When it is fulfilled, it could be renewed or altered, or maybe continued on a month to month basis until you write your own lease." Can you help me understand what you mean by "when it is fulfilled"? The lease is month to month and requires 60 day notice from the landlord and 30 from the renter. Thanks for the info on providing them a letter with where to make the payments and providing them contact info. I will definitely ask if there is anything I should be aware of. I'm not planning to hand them notice right away, but most likely in a couple months. Do you think I should be completely transparent with them, or just wait until I'm ready to provide notice to tell them?

@Jorge Vazquez thanks for your input as well. I have a call with tenant today. I know it's a little late in buying process to be interviewing them, but better late than never. If anything comes up, I don't think I'll have room to negotiate with the seller. The inspection went well though. Where do I set this separate escrow account up at? Is that through the lender, title company or my own bank?

Hi there,

I'm at the final stages of closing my first home :)

It's a 2 unit property and I'll be inheriting a tenant in one of the units. I have the estoppel and a copy of the lease. I'm receiving the rest of this month's rent, security deposit, and last month's rent from the owner, but haven't spoken with the tenant yet. I have the final walkthrough Monday and am signing closing docs after. Do I need to add an addendum to the lease or create a new one between the tenant and myself and have them sign? If so, should I do this before taking ownership?

Thank you,

Eric