All Forum Posts by: Ronald Perich

@Kevin Manz, there are plenty of people who get freaked out by the thought of living somewhere where someone else passes away, especially in a non-traditional manner. The more violent or gruesome, the more people will be challenged with it.

Some states require you to disclose it, some don't. Some municipalities require it, some don't.

My initial setup fees were $1,900 for my LLC, but that included over $600 in fees paid to the state for the LLC itself. Seem reasonable to me, especially if you do anything more complicated than just creating a very simple operating agreement.

@Cody Harmon, 

@Carter Crowley is spot-on. Make certain the contract to purchase clearly spells out that the seller is not permitted to sign a new lease with anyone without your explicit permission.

But in your case, see if he'll talk the current residents into staying on a month-to-month basis until new ownership is complete.

My bet is at least one of the two have decided they won't be staying past their lease. And that's one of the reasons the owner decided to sell. He/she just doesn't want the hassle of making the place rent-ready.

@Dustin Baldwin

One caution about next of kin picking up personal property. Make sure they have legal standing to do so. Get with your attorney right away to find out what you need to do legally to protect that property and make sure you are protected from a lawsuit.

If Aunt Sally comes over for that irreplaceable broach, and the deceased had promised it (or even willed it) to someone else, you could be held responsible.

@Matt Hendrickson, unless I am mistaken, once you evict the resident the contract with that resident is terminated and they have no legal standing to occupy the residence. 

You have may legal standing to collect any rental payments from that time forward. Good luck getting a judge to go along with that, however. You might be able to get some additional remedy for future rent, but it will be a challenge to get it.

To Your Investing Success,

Ron

The problem with most water tanks is when they break, they leak. I would replace before it's died or at the least have the new tank identified and ordered.

I love the idea of scheduling, but getting 20 people to agree on a time is simply not possible.

I proactively change out anything around plumbing, including tanks, toilet hoses, and garbage disposals. 

Raising rent on one and not the other is not discriminatory unless you do it because they are a protected class. Every residence is unique and could be rented for different amounts for a variety of reasons.

That said, I would gradually raise the rent over the years unless you are ready to rehab the place and then raise them up to market value.

If you raise significantly, perhaps do some upgrade of significance to "give" them something as a result of the increase. That also helps maintain the residence over the years.

 Forgive me if it sounded like you shouldn't raise rent to match market or to make up for increased costs. That's not what I meant to say. I meant to say don't raise the deposit amount when you raise the rents.

I will freely admit that I could not possibly cover everything there is about using a SDIRA to invest in real estate. But I would like the collective help of BP to make my post even better.

I could also use the traffic to boost the website.

So if you wouldn't mind visiting my post on using a SDIRA, I'd appreciate. Even more, I'd appreciate a comment or two.

To Your Investing Success,

Ron

Visit the post here.

Agree. If the current owner doesn't take action, then a quick call to the city code enforcement folks might clear things up pretty fast.