All Forum Posts by: Stone Teran

Hello BP,

Could you please recommend a private or hard money lender to buy a rehab property? Plan is to buy without any down payment and refinance after rehab. 

Thank you,

Maya

Ned,

I just have to point out this is not true in case based on this he tries to take legal action.  Unless he or his representing agent actually received the signed contract back, nothing is binding.  You can argue that if you were "told" it was signed and accepted it's binding, but it all goes back to what will be upheld in court.  If he sues and goes before a judge and tells the judge he and his agent were "told" it was signed and accepted but you can't produce a document, it will get thrown out without hesitation.

Even with the agent as a witness (the agent the seller told it was signed and accepted), without an actual document, no judge would rule in favor.  The judge has no proof that anything is truth or a lie.  It's all hearsay.

Wait for the boat to be near the dock before you jump!

I'm tempted to say what's the matter with you people. 12-20 pages lease? Give me a break. Even the standard residential lease agreement from California Association of Realtor is only 5-7 pages. I'm with @Mike H. on this. My lease is only 3.5 pages, and I'm looking for ways to cut it down to 3. It used to be 4 pages. I go over every page with my tenant and have them initial and acknowledge at the bottom of each page and sign on the last page.

I just finished reviewing a 40-page NNN lease agreement on a retail store. There were a whole bunch of manure on that lease IMO. I'm going to have my attorney negotiate a lot of those BS terms out of the lease and add in some clauses of our own if I'm moving forward with this lease. Ironclad lease or not, the judge has the final say when it comes down to it.

 Well... that's a relief! I was worried about you for a second. You have an interesting business niche and a different type of clientele. Do you use MTM rental agreements or long term leases? And why? Do you run into a lot of people who are illiterate and/or who can not seem to grasp the meaning of the terms in your rental agreement/lease?  Or is it more that they are defiant? I imagine D properties attract a lot of rule breakers and trouble makers. A lease of fewer pages, but with the right punch, may be just right for your market. Curious as to what others with D properties are doing.

Whoa! How many units do you have and how often do you have turnovers? How could this be working for you? Begs the question... what type of rental agreement or longer term lease is best for D tenants and D properties?

In the course of 20 years and 16 rental units we have had three evictions. All three stayed until the sheriff came and the evictions were swift, completed in less than one month. Our properties are in the B-C range and our market niche is low-income and fixed income. A well thought out lease or rental agreement could save a landlord a load of headaches, if one is willing to keep an eye on the property and enforce the terms of the agreement.

@Stone Teran, that's interesting that your attorney wife has seen it and not wanted to add to it. What sort of tenants do you attract? A, B, C? Have you ever had an eviction? How long have you been a landlord? (I'm not picking on you, I'm just curious.)

I downloaded a free residential lease that was 7 rather large-spaced pages.