All Forum Posts by: Jason Zundel

Always appreciate an update @Mike Bell!  That really is a pretty unique situation you find yourself in, but the goal and strategy of letting sleeping dogs lie seems like a decent option, so long as the attorney you've been working with signs off on it.  It's been long enough that there shouldn't be any specific issues, especially considering the tax sale and your improvements.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Always appreciate an update @Mike Bell!  That really is a pretty unique situation you find yourself in, but the goal and strategy of letting sleeping dogs lie seems like a decent option, so long as the attorney you've been working with signs off on it.  It's been long enough that there shouldn't be any specific issues, especially considering the tax sale and your improvements.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

I don't have specific recommendations on the investor side, but do want to encourage you to find and work with a really good qualified intermediary (QA).  Whenever the 1031 includes multiple properties on one side or the other of the exchange, things can get complicated.  Discuss with them the boot if there are loans/lines of credit associated with any of the properties, and make sure your escrow is managed from the get go!  Best of luck!

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Yes, being a licensed real estate agent will open doors within the field, will help provide and build solid networking (especially for information on off-market opportunities), and will help open access to software, programs, and systems that will absolutely support your role as a home flipper.  Particularly in combination with your husband as a general contractor, this seems well worth the effort and expense.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Happy to help!  In theory, so long as everyone is on board (and agreed in writing!) it is certainly  possible.  I would just reiterate to be careful, go in knowing that things are a bit more complicated with the tiered ownership and management/subleasing, and ensure that everything is very clearly communicated between all parties.  It certainly does help that the landowner is experienced in the area and knows of the intentions!

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

My pleasure and best of luck moving forward!

I hate to be the bearer of bad news, but while renting to dip your toe in the water is great for a variety of other areas, this is generally not one of them.  You would need to clearly let the owner of the property know of your intentions and get a lease with an unlimited sublease option for yourself.  Even with that, to obtain the government funding and contracts, your client will be under extra scrutiny, the owner will be tied in to ensure approval for long-term agreements, and it complicates an already intricate situation.  Plus, convincing someone else to let you use their home as an experiment involving such a risky demographic is going to take a bit of convincing.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

@Emily B. Always happy to help! I also agree with the responses from Benjamin, especially number one.  I don't have too strong opinion on removing now and putting it back up, though now that you have it up (and have clearly listed the actual move-in date) you can probably just leave it up.  Just keep your standards up for the tenant and any potential guarantors and be patient as it's likely the more serious interest and applicants may come closer to a month to 2 weeks from move in.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Keith:  I'm an attorney and very risk averse, so feel free to take this with a grain of salt, but I generally recommend guest network access be limited strictly to wifi use for personal devices.  EVERYTHING else should be linked only to the main password.  Remotes exist and they can decide to log in personally to Netflix, Hulu, etc. if you don't provide your access directly.  Any more and guests can start getting into systems, changing things, and generally making a mess.  Common sense is no longer so common, and while not every guest will there are always the few that ruin it for everyone.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Annecdotal evidence certainly, but here are my thoughts - 1) Guarantors can be treated like tenants, so long as you have the contractual background to ensure that they are fully and properly legally bound.  In other words - the guarantor needs to sign EVERYTHING for you to properly be protected.  Guarantors should be individuals and not entities (LLCs or corps), and you should for sure do plenty of background on them (honestly more than the tenant) to verify they have the repayment power should things go sideways.
2) This one is tough without a lot more info.  Where is the building, how old is it, where do you lie on the low-mid-high end spectrum for housing, how close to industry, etc., etc.  Overall, your rent requirements seem fairly reasonable from an industry standpoint as a whole, but the devil is in the details.  That being said (addressing point 4) you are early in posting and it's the desperate that will be looking that far out, so isn't too surprising to me.
3) This could be the reason for the type of interest being received now, that's pretty early for the average renter to be looking.
4). Yes, I do believe this can and is having an impact. Also, you might want to be careful listing early. Though not quite as problematic as selling, if a property has been up for rent for long time with no agreement, there is a bit of an inherent worry - what's wrong with this that it hasn't rented in so long?  You can ameliorate this a little bit by putting in the ad now something to the effect that this is an early listing and highlight the actual availability for move-in.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.