All Forum Posts by: Michael C.

If the unit is in a MH park, check to see how old they allow units to remain in the park. Once they reach that age - out you go.

If the bank did exercise the due on sale, is he in a position to refinancer at that time? If not, consider what Aaron suggests about placing it in a trust.

search for Land Trusts in this forum.

Something doesn't seem right. If this was a good opportunity, why has it been on the market this long? What are the comps in the area?

I was at the last event in san Francisco at the brew pub. It was a great event! Even got to meet you and @Joshua Dorkin there. I'm sure this will be even bigger & better. I'll going!

most leases convert to month to month after lease term, check yours.

Consider working with an investor friendly real estate agent. They will get paid at the end if the contract(s) is/are prepared correctly. But, who is their client? you or the person/entity that receives the assignment? It is best to let them know what you are up to. If they don't agree, find another agent. When an assignment is created, the assignee must sign all the paperwork including their agency relationship. If you try to do this without letting the agent know, their may be a problem later on in the transaction. good luck

Ok, so answer this - what happens if your tenant moves out but the roommate stays - and stops paying rent?

who will put up the deposit? how will it get released? what if the first tenant moves out and the second tenant gets a new roommate?

check to find out If you add the roommate, you can bind him/her to the terms of the original contract without creating a new lease so that both/either one is responsible for the property and the deposit release and any additional changes in tenancy requires your approval. Both roommates would need to agree to this.

If you already have a lease with the tenant that does not include this, you may be able to add a page and have both of them sign it.

PS this is not legal advice. Please check with tenant/landlord laws in your state or get professional/legal advice.

location, location, location. Higher returns usually require higher risk. is the neighborhood improving/stable/declining? If improving, may be ok. Is this for short term flips? what have recent sales been like in the area? values going up? do you have to act on either one at all? good luck.

Hi Zach, I would not take this lightly I suggest you check with a CPA or tax advisor in the state the property is located in about the tree farm and a business broker that specializes in this type of transaction to be sure.

If the seller is reporting income from the tree farm, the year after he files returns the Tax Man might question how he show the sale of the land and income from the tree farm. If you have not seen his prior year returns you will not know. Maybe you can talk to his tax preparer.

regarding splitting the parcel, the county can show you the requirements to split the lot. If you hold the funds in escrow, Make sure you can release without the sellers approval but upon an event. If you are unable to accomplish your goal, what will happen to the funds?

Are you buying the business or just the land?When a business is involved it should be on a business purchase contract. Also may require bulk sale transfer transaction, escrow is handled differently. Do you need the income from the business? If so, I would want to make sure it will continue operation after the purchase. The other items you mentioned? What does the seller want/need? Do you need environmental studies? Is the property loanable so when you sell it or refinance it, you or a new buyer can obtain financing on it?