All Forum Posts by: August Faustino

Thanks for all the feedback, this is all helpful.  The cost ended up being $450.  We will be getting a cage around the pipe  for the future, as I'd hate to have this happen again.  He has admitted fault, which is good, he and his roommates have been good tenants thus far (1.5 years in unit).  We've been inside unit several times and its kept up well.  I will present the invoice and work out a payment plan with him (if necessary).  Despite this being a pain in the neck, I'm taking it as a positive as its giving me more experience.  Thanks everyone.

Thanks @jeffwillis, @cassijustiz and @anthonyhurlburt that makes sense, the security deposit needs to be in tact for other damages.  This is a good opportunity for me to do a little more research and get experience with tenant issues.  

Hi All,

We got an email this morning from a tenant who ran into the water supply main for the building with his car last night.  Water is off on the building now and we have called a plumber and arranged for it to be fixed today.  My question is, do we use part of the tenant's security deposit for this repair?  I'm assuming they are responsible since they ran into it with their car.  I've never encountered this type of damage caused by a tenant's error while they are still living in the unit.  I've only dealt with deducting for damage when tenant is vacating after they've given notice?  Has anyone had a similar experience?

Thanks,

August

Hi Everyone,

I have a family member who owns a piece of property.  The property is in a revocable trust.  The family member is the only trustee.  She wants to add me to the title of the property.  The goal is to add me to the title, I start making payments on the property for six months (seasoning period).  Then in six months I apply for a cash out refi.  We are already working with a mortgage broker on the financing part.  My question is related to the title.  Does anyone know how to go about adding a person to the title when the property is in a trust?  Also, we are in California, I'm not sure if this varies by state.  

Thanks,

August

Thanks @Account Closed, I sent you a message.

Hi @Account Closed.  I just saw this thread, can you also send me the information for your Real Estate Attorney, Robert Petrovich?

Thanks  for the insight @Manolo D.  That's good advice, about working with the realtor, it doesn't hurt to try.  I'll pass along the info.

Hi All,

I have a family member who was listing his Los Angeles property with a real estate agent.  He decided that he wants to sell the property to a different family member instead of selling it on the market.  He called the real estate agent and told them that he does not want to sell the property through them at this time.   When he listed with the real estate agent he signed a contract from the California Association of Realtors (C.A.R. Form CLA) Commercial and Residential Listing Agreement.  

The first section of the document is titled Exclusive Authorization.  It states that "the owner hereby employs and grants the broker June 1, 2017 and ending November 30, 2017 the exclusive and irrevocable right to Sell the real property in Los Angeles CA"  It lists the address of the property.  

The realtor has taken the property down from the MLS.

He sent my family member a letter indicating that 

"the listing agreement covers the above periods listed and that the agreement is in full force and effect.  However, we are willing to accommodate your wish/request to have the property off the market at this time.  Pending future conversation."

The letter goes on to say "we will continue conversations with prospective buyers whom we are in contact with and we will make our best efforts to obtain a full price offer on your property."

My question is, does my family member have to wait until the end of this listing agreement to sell the property to my other family member?  They are not planning to list with a real estate agent, only use a title and escrow company.  

Also, does anyone in Los Angeles know a real estate attorney who I can refer my family member to regarding this situation?

Thanks,

August

@Greg Downey, that totally makes sense.  For Memphis Cashflow, he emphasized that they sell you the property and offer property management services which really peaked my interest.  If they sell you the property and then manage it, its in their best interest to be on the up and up.  Another thing Memphis Cashflow mentioned was that their property management fee went down, percentage wise when you have more than 4 properties with them.  It also decreased again when you have more than 10 properties.  That sounded good to me, because they are trying to get repeat business and they have to do a good job for you or you wouldn't continue to do business with them.