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All Forum Posts by: Anne Whalen

Anne Whalen has started 9 posts and replied 46 times.

Post: Delayed Financing Exception for property in Pittsburgh

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

hi @nnena curious if you have found a lender for delayed financing?

Post: 1031 Exchange from Personal to LLC

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

@Dave Foster

Thank you! Have you had any clients who used a 1031 for a property owned by a Real Estate Privacy Trust? I heard of some owners transferring personal property into a trust with the profits controlled by an LLC. If that were the case, the owner paying the taxes should be the same for the transaction and the management would be done through the LLc, similar to the scenario you mentioned above, right?

Post: 1031 Exchange from Personal to LLC

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

hi @Dave Foster thanks for the explanation! i have a similar situation where i have a SFH that I plan to 1031 into a multifamily. my current lender doesn't allow for the SFH to be changed to an LLC. if i do the exchange in my name and the new lender also doesn't allow the change to an LLC, are there other ways i can consider in protecting my asset?

Post: Replacing existing tenant mid-lease

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

@Tim Herman, thanks for your response.  Yes, credit and background come back clean.  Together with the co-signer, they would meet the financial requirements.  Appreciate the advise about the language.  We'll update the lease to include those terms.

Post: Replacing existing tenant mid-lease

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

Hello everyone, I could use some advice on how to handle a request to replace an existing tenant in the middle of a lease.  I have a 2bd condo with 2 tenants today.  They are sisters.  One of the sisters has decided she will be opening up a school in another city and would like to get someone else to take over her portion of the lease.

They found a possible candidate to move in.  She doesn't currently make enough on her own to cover the rent comfortably, but her brother is willing to co-sign to make sure the rent is covered.

We are thinking that we restructure the lease so that there are the two tenants, each co-signed by their respective siblings, so that we have 4 people that will be responsible for making sure the rent is covered each month.

Would really appreciate some advice about what to do and would like to hear why our plan isn't a good idea (and why).  Good to know your blind spots!

Thanks everyone.

Post: Tenant Behind on Rent, lease up in a month. Best action to take?

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

@Jake Kinoshita thank you. Yes we have everything documented and since we are trying to work it out with the tenant to get the rent owed paid back to us, we are keeping the eviction and small claims court process as our next step. Thank you!

Post: Tenant Behind on Rent, lease up in a month. Best action to take?

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

@Scott P. Thank you for your thoughts! This was a tenant that was inherited after the property was purchased last year. Before recent months, they have been good tenants and paying rent until they both got hurt at work within months of each other. We have recently received some of the rent owed so we know they are working very hard to pay. Since their lease is up next month, we gave notice that we won’t continue the lease with them and are working with them on how we would get the rent owed paid back. Since we are in discussions, it seems like eviction and small claims may discourage a potential resolution?

Post: Tenant Behind on Rent, lease up in a month. Best action to take?

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

@Mike M. I see your point. Thank you.

Post: Tenant Behind on Rent, lease up in a month. Best action to take?

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

@Kyle J. Also, wondering what would happen if tenant can’t pay even if small claims determines they need to pay back. What are my options then? Is the lost rent something I can claim on my taxes as a loss?

Post: Tenant Behind on Rent, lease up in a month. Best action to take?

Anne WhalenPosted
  • Rental Property Investor
  • Santa Clara, CA
  • Posts 59
  • Votes 12

@Kyle J. Thank you for your advise. Appreciate it!