All Forum Posts by: Sergey A. Petrov

You could push it. Depending on the language in your lease, that “last month” is for the current term. Once the term is reset with a new rate, it becomes just a general prepayment. Plus you can’t pay “last month” twice - once at lease signing and once at lease renewal. That “last month” is now at the new rate and the tenant short paid. Is it worth the push? Maybe if the rate doubled. Or maybe not if they are great tenants and will be staying long term

I want nothing from the seller as I’ll do my own due diligence. This will include market research, compliance, and maybe an inspection unless it is a smaller condo (in which case I’ll vet the association) and my risks are minimal without an inspection.

Different States have different laws on what the seller must provide to the buyer as part of the process. If they gave you what is required and you find it insufficient, call the management company or a Board member. If they haven’t provided you with what is required, tell the seller you’ll cancel the transaction on that clause

If you are looking for a place to retire, I’d suggest getting on a plane or in an RV and traveling the country. You can then pick a State / wide area and narrow it down from there

Depends on the mortgage regional bank or otherwise. There are too many types of mortgages where there is not a blanket answer one way or another 

What happens when one decides to move out? 

We are all subject to a potential audit and I don’t think anyone would know what criteria IRS uses for the audit flags with one of them being / not being self prepared vs prepared and filed by a tax preparer. At the end of the day, if you trust yourself with your own return, go for it. It just needs be accurate with enough backup if you do get audited. And if you do, you can decide how to handle and manage that audit. Same theory applies to returns being done by a professional tax preparer 

Ouch! Sorry that happened! I would most definitely pursue the tenants in every way possible and report to the appropriate authorities. This should’ve never happened!

If you are serious about getting into commercial, call a few commercial brokers, tell them what you are looking for generally and ask them to keep you on their “buyer list”. Most of commercial deals are off market, word of mouth, and personal business connections. You’ll start seeing deals come your way and start learning and evaluating from there. 

No downside to making an offer. Yes, sometimes people need to see it in writing in front of them to make a decision. They’ll either leave it, take it, or come back with a counter and you will then know if it is a deal worth pursuing further