All Forum Posts by: Miranda Bilodeau

Drop-and-Swap options are available for 1031 exchanges. As long as you and your ex-wife are the final taxpayers for the relinquished property and then the acquired property, you should be able to complete the 1031 and then your ex-wife can leave the partnership with her share of the proceeds.

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.

Subject-to agreements are tricky because they intend to go around the restrictions of a mortgage. You can make payments to the previous owner and then they would continue making the payments to the original lender. You can use a subrogation agreement to take over the financial responsibility of the original borrower but this could be considered violating the due-on-sale clause. In this case, since you are really concerned about it, paying the original borrower and then have the original borrower pay the lender is safest.

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.

Most leases include permission for the landlord to access a tenant unit with appropriate notice. In cases of emergency, you can access the breaker box without the traditional 24 hour notice, but give the tenants notice when possible.

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.

When it comes to JV partners, look out for their experience in the market, how many other deals they have in progress, and the type of contract they use for the agreement. You want to protect your interests and make sure that your investment, whether financial or sweat equity, is protected and that you can exit the agreement if the deal goes south.

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.

In this case, you may have options to legally pursue the original tenant as well as the subtenant. A local attorney would allow you to pursue claims against both parties. While the subtenant may have their own claims against the original tenant, that is not your problem. Your issue here is the lack of payment from the original tenant.

A local attorney may even have the opportunity to pursue other claims based on the Zillow reports, but that would be based on what information and evidence can be found by your attorney.

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 agree with the contributors encouraging presenting yourself either as another tenant or as the property manager. I also agree with the advice to keep separate bank accounts and have separate rent collecting methods to protect your anonymity. It can be a great experience living by your tenants but it can also cause problems.

It comes down to your risk tolerance and whether you want your tenants to know about your ownership. In either case, keep a separate bank account for the triplex and have all rents deposited there. 

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.

From the looks of the filing, the plaintiffs are angry that third parties are encouraging homeowners to use equity stripping techniques to make their properties appear encumbered to avoid lawsuits or liens. However, I could be misreading the provided information.

Equity stripping can be helpful for homeowners and for rental owners to prevent third parties trying to place a lien on a property or pursuing legal action to claim the property through a frivolous suit. This can be effective, especially for high-value properties. 

LLCs can be helpful entities to protect assets, if they are used correctly and the operating agreement governing the entity includes necessary protections.

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.

If you want to prepare your kids for the future and provide some financial assistance, you can create a revocable living trust with incentive provisions for your beneficiaries. This can limit the amount beneficiaries receive from the trust as well as requiring certain behaviors or actions from the beneficiaries in order for them to collect funds from the trust. This can allow the trust to survive several generations as well as encourage positive financial habits for your descendants.

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

In your case, if the other owners signed an HOA agreement, they could be legally bound to contribute to the building reserves. However, if they were able to purchase without also signing the HOA agreement, then you might not have any legal recourse to require their contribution.

If you can, reach out to the HOA about the potential penalties for nonpayment. If your HOA needs an attorney, you can look for attorneys using martindale.com or through the Washington, D.C. bar (https://www.dcbar.org/)

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.

Do you have questions about the requirements for a prescriptive easement to be upheld in California? Or the way to remove a prescriptive easement?