All Forum Posts by: Teresa F.

These are rental units that we will be selling.  Trying to determine whether to rehab or sell as is.  

Looking for a realtor knowledgeable about Englewood New Jersey to do CMA for two condos and possible sell same. Thanks Teresa

Looking for realtor recommendations 

Hi John,  Go check out your competition.  What are they offering?  

Still not sure?  Have an open house and see who comes and what they say.  

Too much work?  Ask a local real estate agent to walk the house and give you feedback.  Best, Teresa

Hi Maciej!  Good luck on your exam.  Clearly if you are asking what makes a good agent you are well on your way to being one.  I listen to my clients but I also use my knowledge of real estate to ask questions and possibly expand their vision.  I do this every day, so I may be able to see opportunities they might miss.  When I see those opportunities I raise them and explain why I am talking about something off their list of "what I want".   Also, be yourself.  Best, Teresa

@Account Closed --  Guess that depends on the jurisdiction.  I am a broker in Maryland and DC and anyone can call the real estate commission.  I have also filed a complaint about a property manager for my property in Alabama and the commission there investigated.  My suggestion to Bernard is that he call the Commission and tell them the situation.  The Commission may take action or may simply say that there is nothing to be done.  Regarding suing someone, anyone can sue anyone else at any time for any reason or no reason.  It's the winning that is a bit more difficult.  (Guess it is obvious that I was a litigator for many years.) 

Hi Bernard --  In addition to your agent speaking to the owner, you should speak with the Broker too.  You can also call and speak to someone in your state's real estate commission. 

I just want to clear something up as tax handling and legal protection are two different things. A single member LLC may not be treated as anything special to your CPA. However, if you have a tax ID, bank account, and treat it like the separate entity it is, you will have better luck having the law look at it as a separate entity when it comes to protection. Essentially, if someone is suing you and you say -- can't sue me, this property is owned by my LLC you need to sue it, the tenant's attorney is going to look at whether you and others treat the LLC as a separate entity or whether it is just another personal savings account. If you don't treat it as a separate entity an attorney will be able to "pierce the corporate veil" and go after your personal assets.

As has been said by many others, seek legal advice.  I'm a lawyer and I still seek legal advice as needed.  

Yes, when I started but wasn't really looking at this as a business.  Just moved into a new house and put a tenant in the old one.  I had a nice W-2 income as a lawyer.  We had a few houses when I left my job but when I left it was with the intention of reentering the desk job after a few months.  I thought I would organize our rentals while I was "off from work."  Strange to say but it wasn't until I left the W-2 that I really got serious about my business and increased the rental portfolio.  

Hi Tim,  In my area the landlord can be held responsible for any damage or injuries caused by a tenant's pet so I have a pet application, get the license number, take a picture, etc.  You may want to see if you have similar laws.  If so, simply explain it to your tenant.  You may even want to forego a rent increase one year to cover the cost of his obtaining insurance.  Best, Teresa