All Forum Posts by: Raza Rizvi

Hello RE community,

I had a question regarding the sale of my property. I lived in my primary residence but then welcomed a child last year so we rented it. It has been a year since the apartment was rented. I am planning to sell it and was wondering if I can still treat it as a primary residence (even though it was rented for a year) or will I need to do a 1031 exchange?

Any help would be appreciated. The apt is in Manhattan, NY

That is such great information. I have proof of both.

The previous owner didnt have any docs or even a lease. I have now had the property for less than 9 months and out of this time. I have been trying to kick this particular tenant out for over 7 months. Does anyone know of any attorneys that specialize in lead paint?

Hello everyone, Really need your help here. I bought a 3 unit property in NJ with tenants already in them. I got new month to month leases with the tenants just to see how they will pay... 2 tenats worked out ok but one tenant with a 2 year old child stopped paying rent after 1.5 month.
Anyway I started sending registered eviction notices etc. so they wrote me a fradulent check from a made up charity. Thats when i started the eviction process

Anyway fast forward 4 months. The sheriff will be locking them out any day now and now they are now threatning to take me to court for lead poisoning of their child. The house was built it in 1930's so it obviously has lead. I also made them sign the lead disclosure paperwork when they signed the new month to month lease even though they were already living there. In addition I got the kid's room and the window ledges painted with lead encapsulant paint. Even though only after a month and a half i was sending eviction notices, I still feel like i could be taken for a ride.

These people are really dangerous. I'm not even sure if they will harm their own child to make a buck. Anyway, am i protected enough?? I have a LLC and also have insurance on the house. But I believe they can still come after my assets.

What should i do?? Really worried about this issue. Can i do anything else to protect myself further? Like forming another umbrella LLC.

Any help would be really appreciated.

Thanks

Thanks Sam & Kim. The property is in NJ and it was a REO. I will look into a quick claim deed.

I currently purchased a property (cash). The tiltle is in my name. What is the easiest way to transfer it to my LLC. I should have done this before closing but with everything going on & my lack of experience I slipped.

Please let me know. BTW this forum ROCKS!!
Thanks

Can anyone let me know if there is a max limit I can raise the rent to? Maybe 10%? Or if I keep the rent the same and let the tenants be responsible for their heat (after the gas conversion). Would that permitted by law or am I breaking any rules?

Wow thanks Dale - I will quickly type up a month to month lease and get them to sign it.

I purchased a house in NJ (Essex County) - 3 family home. The tenants are paying below market rents and are month to month. They have no leases in place. 2 of the tenants are fine but the 3rd one is only paying $650 when the going rent is $1,050.
My question is how much rent can I increase without legal implications.

Also the house currently has oil heat that the landlord pays - if i don't increase the rent and just convert their heating to gas so all tenants pay individually.... is that legal if I state it on their new lease? I am concerned that their gas bill would tremendously hike.

Any help would be greatly appreciated.

I have a coop in Manhattan that is a primary residence and a 2nd coop that is a rental. I also own a rental property in AZ and in the process of buying a 3-family home in NJ (closing next week).
I was on regular insurance policies but now with the new 3 family unit I feel it is time to move them to a LLC. The AZ and NJ properties have no mortgage so they can be moved to the LLC without any issues.
The question is how to structure the Insurance. Do I insure the LLC? Get an umbrella policy? How does it work? This is all so confusing. Please help!! Thanks in advance.