All Forum Posts by: Ruben S.
Ruben S. has started 4 posts and replied 17 times.
Quote from @Tom S.:
@Ruben S. Use an attorney for your state, as many states have very specific tenant-landlord laws. Should only be a few hundred dollars and worth every penny IMO.
My last lease, which I thought was pretty up to date, didn't' allow me to recover attorney fees for an eviction, only the past due rent. And it was only because of a few words that were missing in the lease. $1500 mistake :(
Thank you so much for the tip and advise.
Im very new in the real estate business but i think youre right $500-800 dollars is better than $1500
Quote from @Ruben S.:
Hello Every one! I`m looking for a lease agreement for tenants that I`m inhering in my first rental purchase. Any suggestions and places where can I get this templates or forms from? Any companies or websites that offer this forms that you have used before? This is in California Estate
Thank you in Advance
Hello Every one! I`m looking for a lease agreement for tenants that I`m inhering in my first rental purchase. Any suggestions and places where can I get this templates or forms from? Any companies or websites that offer this forms that you have used before?
Thank you in Advance
Post: Inhering Tenants in a Buying Rental Property
- Posts 17
- Votes 1
Quote from @Steven Foster Wilson:
Quote from @Ruben S.:
Hello everyone! I`m in the process of buying my first rental property with tenants living in the house. What would be the things to do before closing escrow when it comes to inhering tenants in investment property? Any suggestions? Any advices? How can I protect my myself and investment if any legal problem would rise up down the road? Their lease is expiring in 5 months with current property manager.
Thanks in Advance
Congratulations on the property. If the seller has before pictures that can be helpful for if they move out. You will have a better idea if there was any damage done to the property. Make sure you get their security deposit. I agree you will have to look at the lease and decide if you want to keep them or not. Is there rent at market value? Try to make sure you at least give them 30 days' notice for rent increase after their lease is up or see if they are planning on staying.
I don't think there are pictures but I will ask...
of there are none, am I allow to take picture of the property inside and out even if there tenants inside the house, do you know?
Post: Inhering Tenants in a Buying Rental Property
- Posts 17
- Votes 1
Quote from @Madison Wilson:
Great question! My quick tidbit would be to study the lease currently in place very carefully, so that 1. You have an idea of how the previous owners operated, should you decide to renew the lease with the current tenants. 2. Moving forward, you may have a better outlook on how you want to set up your next lease and whether or not you would like to include or remove any current stipulations. Congratulations on your first rental! You will do awesome.
Thanks Madison for the great response. Going deep into the lease, I requested the agreement thru my agent because the loan lender wanted to confirm the amount being paid on the current lease. However, all we received from the property manager according to my agent was about 3 pages with only one person listed on the lease, how much is being paid every month, when the lease expires and a couple lines telling about Latest fees.
This is a family house so im guessing that theres most be a second part of the lease agreement. My question is, am I allow to get the entire lease to read it over? If so, who should i ask for the lease?
Post: Inhering Tenants in a Buying Rental Property
- Posts 17
- Votes 1
Quote from @Joe Martella:
Get an estoppel agreement
Thank you for the advice Joe! Since we're only 2 weeks from start we're using an agent on both sides and there is also a property manager on the seller side, who should I give the estoppel agreement to? How should I get it done if this is the right question?
Post: Inhering Tenants in a Buying Rental Property
- Posts 17
- Votes 1
Hello everyone! I`m in the process of buying my first rental property with tenants living in the house. What would be the things to do before closing escrow when it comes to inhering tenants in investment property? Any suggestions? Any advices? How can I protect my myself and investment if any legal problem would rise up down the road? Their lease is expiring in 5 months with current property manager.
Thanks in Advance