All Forum Posts by: Steven Chen
Steven Chen has started 4 posts and replied 19 times.
Post: I am a tenant & the lease is super onesided. Is this enforceable in Las vegas court?
- Posts 20
- Votes 1
Quote from @Nathan Brown:
A lease is a contract like any other. Generally speaking, contracts aren't enforceable if they contradict written law. However, in practice, sometimes landlords will stipulate whatever they want on the assumption the tenant neither knows the difference nor has the means to fight it in court. None of the examples that you wrote above stand out as particularly egregious in my opinion. What I might suggest if it matters to you is to hire an inspector to help complete your due diligence.
I thought "responsible for all damages to the property or adjoining buildings, caused by the overflow or breakage of water works" would be thrown out since it is ridiculous for a tenant to pay for pipe repairs, especially if it is shared amongst 50 floors. Seems expensive. Do not want to expect a $40k bill for this scenario since I would have to pay for neighboring units if it happens from the way the contract is worded?
Post: I am a tenant & the lease is super onesided. Is this enforceable in Las vegas court?
- Posts 20
- Votes 1
Quote from @Richard F.:
1) Meet with the LL and see if you can negotiate any of the terms.
2) Review the specific agreement with an attorney that specializes in LL/Tenant issues, and is very familiar with not only local law, but also local Judges typical handling of common issues.
3) Vote with your feet...move on to a different property / LL.
4) google las vegas landlord tenant law.
5) If you sign it, you likely will be held to those terms. The only one that might be questionable is the one about appliances, in my opinion.
LL will not budge. I read Nevada law but could not find specifics on pipe fixtures
Post: I am a tenant & the lease is super onesided. Is this enforceable in Las vegas court?
- Posts 20
- Votes 1
Quote from @Greg M.:
That's not a super one-sided contract. That is fairly normal.
Insurance generally doesn't cover neglect. Therefore, if you fail to maintain something, don't expect someone else to pay for it.
The way this is worded. Does it mean I have to pay for all breakages of water works, even if it is not my fault? I don't want to be on the hook for a whole floor's damage due to hoa or landlord not maintaining shelf life of pipe and fixtures
Post: I am a tenant & the lease is super onesided. Is this enforceable in Las vegas court?
- Posts 20
- Votes 1
Keep in mind this is a 50-floor high rise by the Vegas strip. There is no way for me to check or guarantee some of these items. Renter's insurance won't cover me for pipes and fixtures for example:
"The tenant agrees that the property, equipment and fixtures will be under the control of the tenant and agrees to keep the property in a clean and sanitary condition. The tenant agrees to pay for any damage to plumbing caused by freezing or any neglect. The tenant will also to be responsible for all damages to the property or adjoining buildings, caused by the overflow or breakage of water works."
"Appliances are for the convenience of the tenant, but are not guaranteed to operate for the duration of the lease. It is the owner's discretion to repair or replace an appliance. If the tenant is careless with an appliance, the owner will not be obligated to repair or replace it. In most cases, the tenant will be responsible for paying the maintenance deductible"
"Tenants pay the deductible for repairs to dwelling and systems for each event."
" If AC or Heating repairs are caused by unchanged air filters, Lessee will be responsible for the repair cost."
"Tenant agrees that there were no clogged pipes at the time they moved in and that the tenant is responsible for all cost to fix clogged pipes during their tenancy."
Post: Is it normal to make tenant pay for any and all pipe repairs in Las Vegas Nevada?
- Posts 20
- Votes 1
I am the tenant
Post: Is it normal to make tenant pay for any and all pipe repairs in Las Vegas Nevada?
- Posts 20
- Votes 1
This is in the terms:
The tenant agrees to pay for any damage to plumbing caused by freezing or any neglect. The tenant will also to be responsible for all damages to the property or adjoining buildings, caused by the overflow or breakage of water works."
Post: Is it normal to make tenant pay for any and all pipe repairs in Las Vegas Nevada?
- Posts 20
- Votes 1
Basically the unit is in a 50 floor high rise. I don't want to be on the hook for $40k if the construction crew that does building repairs or neighbor damages the pipes in my unit.
Post: Made 800k in stocks in 2020; real estate strategies to lower tax?
- Posts 20
- Votes 1
Also can you buy a property without renting it out to save on taxes and use it as a deduction?
Post: Made 800k in stocks in 2020; real estate strategies to lower tax?
- Posts 20
- Votes 1
=QOZ are pretty new and I'm not sure how taxes will work on that. In 7 years will I pay taxes on 2020 tax rate or 2027 tax rate? Tax brackets might be higher in the future to pay for all this spending
It would be awesome if someone can message me or post here what steps I need to take
Post: Made 800k in stocks in 2020; real estate strategies to lower tax?
- Posts 20
- Votes 1
Originally posted by @Basit Siddiqi:
@Steven Chen
If you want to get into real estate and defer your gain, QOZ is the answer.
So I shouldn't try to buy my own rental property?
Any good QOZ funds currently? Or are most underperforming due to covid?