All Forum Posts by: Sergey A. Petrov

But the property is currently in your wife’s name only? And the mortgage would be in your name only? Still not seeing anything that would trigger a waiting period… your closing agent should be able to sort out how your names go on the deed…

@Thom Knapp - I own a short term rental in West Seattle. It is managed by someone else (a small “mom and pop shop” with a personal touch approach and a successful track record over nearly a decade). I’ve also been looking to acquire more properties in West Seattle over the last 2-3 months but none made sense to me thus far. Send me a PM - happy to share my experiences and connections 

30 days isn’t that long. We are past the crazy seller market (maybe TX is different but it doesn’t sound like it). The usual suspects are 1) overpriced; 2) no staging / bad staging; 3) lack of professional photos; 4) not as great of a real estate agent. Once you’ve worked through the above and determined it won’t sell, either refi and hold or offer creative financing to see if that’ll turn up more buyers

Was this a rehab sitting on the market to sell or sitting on the market looking for a tenant? Can’t tell what you are doing with the property based on your post…

What do you need to wait for? Are both of you applying for the new loan? Your closing agent will prepare a quit claim deed transferring the property to both of your names. Did you turn into a rental? Do a rehab? If it is a simple primary mortgage with a cash out application, there should be no waiting period 

It should be in your LLC formation and/or operating agreement docs. Doesn't matter what State you are in but you do want to make sure it is spelled out in LLC docs and all partners are on the same page

Direct to the assessor’s office. And even then watch for special tax credits that may exist on Property A and not apply on an identical Property B immediately adjacent 

Definitely get some professional pics. Before that, have it staged. Add some art work and other things that will make it spark. Hire someone for that as well if your brain doesn’t work that way (mine doesn’t so I always hire people who are way more creative than I am!)

Will the RV be on the property? If so, I'd like to hear more feedback from people smarter than me. From what I know, you have to occupy the "property" so I suppose as long as the RV is on the "property" it might be ok. No different than an owner occupied duplex, tri-plex or four-plex with 1, 2, or 3 units rented. Or a single family home with a legal ADU. Does that qualify if you occupy the ADU and rent the "main dwelling"? I know that in owner occupied commercial, the owner user business must occupy at least 50% of available square footage. Not sure if there are similar guidelines on residential or multi family…

You still need to do a move out inspection. If all is well and the tenant is ok just paying for three months worth of rent as an early termination fee (there should be absolutely no reason you can’t re-rent in 3 months), they keep the deposit. If the place is trashed, all bets are off until you figure out what it’ll cost to fix and how long it’ll take