All Forum Posts by: Sai T.
Sai T. has started 61 posts and replied 609 times.
Post: Millions face eviction, poverty as unemployment benefits expire
- Investor
- West Chester , PA
- Posts 620
- Votes 138
Millions face eviction, poverty as unemployment benefits expire with COVID-19 relief bill in limbo
Post: Student housing - asking about lease before offer
- Investor
- West Chester , PA
- Posts 620
- Votes 138
You want to know if they are paying rent on time (not only paying). Did they pay by cash/check/online etc.
The Bottom Line
An important first step is to review lease documents before you close so you know what you’re getting into and so you can ensure that the lease is well-written and structured to follow local rental laws. If anything seems off, demand that the seller fix the language as a condition of your closing. It’s also important to get not only the records for any prepaid rent and security deposits but also the money (it should be transferred to you on the closing statement).
Post: Student housing - asking about lease before offer
- Investor
- West Chester , PA
- Posts 620
- Votes 138
Yes of course and ask for tenants rent payment history/proof.
Post: What are these brackets I found while starting Demo in a condo?
- Investor
- West Chester , PA
- Posts 620
- Votes 138
I think you need to improve your photography skills!! I can not tell brackets on the wall or floor!
How old is the condo?
Post: Can we be evicted for this? (Hospice related)
- Investor
- West Chester , PA
- Posts 620
- Votes 138
No Kyle is not going to tell his LL.He wouldn’t have asking this question on BP. Sorry for being honest and blunt.
@Travis M. Sorry you’re going through this tough situation. To answer your question though, based on what you wrote, it sounds like you’re in violation of your lease.
In California (as in most states), leases are generally written so that the property may be exclusively used/lived in by the people/residents named on the lease. There’s generally no “extenuating circumstances” clause that says just these two people can live here unless a third really needs a place to stay and then it’s okay for that person to move in. But if you really want to know, simply read your lease to be sure. After all, none of us have read it.
As for the other issue you raised about the “stigmatized property”, in California (unlike most states), if someone dies in a home it’s considered a “material fact”. That means that your landlord would have to potentially disclose the death to all future renters (or potential buyers if he decides to sell) going forward. If I was your landlord, I wouldn’t be real excited about that.
Deaths in homes won’t bother some people, but they will bother others. It’s at least enough of an issue that our state legislature decided to write a law about it and designed it a “material fact”.
So while this is quite the ordeal from your family’s standpoint, try at least to see it from your landlord’s point of view too. You’re voluntarily breaking the lease that you and your girlfriend signed and agreed to, and potentially causing your landlord to have to make an additional negative disclosure with regard to his property down the road with future renters/buyers.
So, rather than do this behind his back, perhaps have an open/honest discussion with him about it and let him decide for himself whether or not he’s okay with it. It’s only fair to him.
Just something to consider.
Post: Can we be evicted for this? (Hospice related)
- Investor
- West Chester , PA
- Posts 620
- Votes 138
If are really genuine in doing above listed items 1 and 2 then why are you violating LA ?.
There is no reason or excuses to break the LA and all the above problems are your and your GF personal problems.
Post: Need a credible CPA in IL who knows Real Estate laws.
- Investor
- West Chester , PA
- Posts 620
- Votes 138
I’m looking for the same in Chester County area in PA.
Thank you
Originally posted by @Mitch Messer:
Hi @Jose Perez, and welcome to BiggerPockets!
Are you primarily looking for help with Illinois state taxes or with Federal tax write-offs?
If it's the latter, you may benefit more from an Enrolled Agent than a state-licensed CPA.
Post: I want to buy a lot from owner without us using agent: tips?
- Investor
- West Chester , PA
- Posts 620
- Votes 138
Nope, it’s a same process with or without agent Title Company wills do the title search and buy extend owner policy.
Post: hold harmless agreement
- Investor
- West Chester , PA
- Posts 620
- Votes 138
You can search but hire a professional
Post: Best Big Box Store CC
- Investor
- West Chester , PA
- Posts 620
- Votes 138
Thanks 👍
Originally posted by @Sai T.:
@Jeff Stein a quick question to understand the logic of 3 LLC for 3 Properties. Tomorrow you will grow your business and you may have 100 Properties.
I'm curious to know will you be creating 100 LLC ?
I have different equity partners in the 3 properties. Jaybird Properties LLC has 100% ownership of building 1, 95% ownership of building 2 (Jaybird Properties 2 LLC) and 70% ownership of building #3 (Jaybird Properties 3 LLC). I am looking to make an offer on an new office building which I will likely keep 100% ownership of and keep a debt partner so it will fall under my main LLC.
Hopefully this answers your question. I will not have 100 LLC's for 100 properties, but depending on debt vs equity partnerships in the future I may get more LLC's. The key to this is keeping different books.
I'm happy to explain any further if you have more questions.