All Forum Posts by: Zico George

@Brian Ellis which bank/lender did you get those quotes from, I’m in the process of doing refi but rates I got are too high

I just recently got demand letter and expecting to get sue for a slip and fall incident. Home insurance policy denies liability, so the attorney decided to use MGL chap 93a( consumer protection act )and the insurance rep says they can’t provide legal representation if lawsuit claims are for 93a statue...I’m now on my own looking for legal rep to response to demand letter. Any help would be appreciated

Thanks to all for the responses

I've always wondered who can legally get sued if a couple owns a rental property and an incident such as a slip and fall or dog bite occurs at the property. Let assumes the couple had no insurance coverage, no umbrella policy and civil suit is pending. No mortgage, in equitable marriage state. No homestead on rental Who can personally get sued ? Husband or Wife ? if ... 1. The deed is in only one person's name but lease has both name 2. Deed and lease one name. 2. Deed and lease has both names What happened if only one spouse can legally be sued and suit won($>rental property ) how do determine who gets what when they're NOT getting a divorce. Keywords: California, Massachusetts, New York

@JD Martin

I hear you, you can't prevent someone from suing you

@Ryan Fernholz @Thomas Hickey

I just got sued( letter from tenant lawyer ) for this same exact problem, tenant attorney letter claim handrail was broken and stairs slope too steep...cause multiple injuries including fracture to arm. 

Rick Rucker and others Can you explain how loss(negative) affect rental schedule E. I have total expense(line 20) of $20k, have $7.5k depreciation on line 18, and a loss of $7k on line 26. I'm planning to get financing soon and wondering how this can affect that. Are you implying that we should try to be on black for line 26 to look good for financing. Please help explain

@Account Closed yes seller offer better terms. 

Only problem is the deal doesn't look good for either rental or flip(??). Sellers cash flow calc doesn't include deductions for Capex, vacancy, or maintenance.

Any ideas on how to make the deal work for me without offending the older couples, what would you do.

@Jeff Dulla thanks for input. 

I can get approved with conventional for 25% down and interest rate of 5.0% , versus seller finance of 20% down and interest at 4.5%

I'm thinking the reason the seller doesn't want to list it on MLS is because he stills want to have his hand on pie without being a landlord and still collect monthly checks. Maybe there worried about capital gains and depreciation recapture.

@LaDonna Aubrey he mention he's tired of been a landlord for 30 years, he's retired and old...they've sold other properties they had.