All Forum Posts by: Mark Vesu
Mark Vesu has started 17 posts and replied 50 times.
@Daniel Pierson Thank you. Will do.
All, the lease is ending Aug 31st and my tenant is not interested in renewing it. What options do i have? How much should I charge more (% wise) if the tenant wants to go M2M. What type of lease should I ask them to sign and what type of notice should I get from them - 30 days before move out or 60 days. Should I go M2M with fixed term, i.e., M2M till end of October as I don't want my tenant giving me 30 days notice when I am on vacation or I am out of town. I've never done M2M before.
The house is a 3/2 duplex (corner lot) in a good school district, with its own driveway and utilities. It is closer to a bunch of amenities.
Appreciate all your help. Thanks in advance
All, has anyone split their duplex into two SFH using SB9? Can this be done? Is it complicated? Appreciate your help. The situation is this..
- Duplex is on a corner lot, i.e. they have their own main entrances on two different streets (but the address is on one street)
- Utilities (Water, Electricity, and Gas) are separate
- Two units are connected by garages
- Lot size is around 7800 sq ft
- Location - San Jose
- One is a 3/2 and the other is 2/1
Appreciate your help.
Quote from @Darius Ogloza:
Is the duplex a rental held 50/50 by your sister and friend? I assume the deed is held as a TIC, correct? You really do not need anything sophisticated if the arragement is a 50/50 investment. If one or both intend to live in the duplex, yes, by all means, put an agreement together.
You form a California LLC with your sister and friend as managing members and then quitclaim the property into the LLC. Simple. The California Secretary of State website can walk you through the process. You will need a federal TIN as well.
Thanks for your response. It is 60/40 ownership.
Quote from @Account Closed:
Quote from @Mark Vesu:
My sister owns a duplex with a friend of hers and would like to get the groups help on two topics
1. Can someone refer a good lawyer in California to write/review a Tenancy-in Common Agreement? What can she expect to pay for this service?
2. What is the process to put the TiC into an LLC and how much would it cost?
Appreciate your help.
Just thinking out loud . . . ;-)
Post: Tiny House on Wheels as ADU in San Jose
- Posts 50
- Votes 7
When you say attached ADU, do you mean Junior ADU or (JADU)? If you don't mind me asking, if you can't move it around, what is the reason behind ADU on wheels?
Quote from @Darius Ogloza:
Is the duplex a rental held 50/50 by your sister and friend? I assume the deed is held as a TIC, correct? You really do not need anything sophisticated if the arragement is a 50/50 investment. If one or both intend to live in the duplex, yes, by all means, put an agreement together.
You form a California LLC with your sister and friend as managing members and then quitclaim the property into the LLC. Simple. The California Secretary of State website can walk you through the process. You will need a federal TIN as well.
@Darius Ogloza thank you. It is actually 60/40 and one side has a so so tenant.
Quote from @Katie Balatbat:
A written agreement among co-owners is always a good idea. Although they may be on the same page when starting out, so many possible disagreements or unforeseen circumstances could arise. The cost is likely dependent on the level of customization and depth needed. As you mentioned an LLC as well, generally you would either have a TIC Agreement or an LLC as the LLC operating agreement will essentially serve the same function as the TIC Agreement, and ownership would either be held in the LLC or as TICs at any given time.
*this post does not create an attorney-client or CPA-client relationship. Readers are advised to seek professional advice.
@Katie Balatbat Thank you. What would be better? One, the other, or both. Please see my response below. Appreciate your help. Will you be able to recommend a lawyer?
@Account Closed Since this is within the close friends, no issues on any "common expenses". There could be two issues:
1. One side is fully kept up to date and the other is not (no one knows the inside condition)
2. One side has a good professional tenant and the other is so so (they divorced one year after moving in and the guy had difficulty paying rent during covid). He could be an issue when they try to evict him.
This is the main reason, she wanted to quickly sign the TiC and get the property into LLC as she doesn't want to be liable for other tenant issues.
Thanks
My sister owns a duplex with a friend of hers and would like to get the groups help on two topics
1. Can someone refer a good lawyer in California to write/review a Tenancy-in Common Agreement? What can she expect to pay for this service?
2. What is the process to put the TiC into an LLC and how much would it cost?
Appreciate your help.