All Forum Posts by: Cameron Price

you should be careful to get a state specific lease too. Here in Colorado we have a few things that other leases might not need. You should reach out to your local Apartment Association. They will have a lease, but it will cost you. Be weary of leases you find for free.

Thanks Lucas. I searched for SC Apartment Associations and found one in Columbia. The site doesn't seem to have a lease agreement for purchase. Looks like they want to sign members up and sell them conference tickets. lol. What's wrong with a free lease agreement? If you were in SC and had a solid lease that you'd spend decades perfecting, and were willing to share, it seems that would be the best one I could find.

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Originally posted by @Erin Legler:

I hire an attorney for all my rental properties. It costs me $45 for them to write up the lease. In the event the tenant sues me, the attorney would defend me. He would not defend me if he did not write it up. I'm sure there would be other attorneys that would, but I want the best in that event.

Solid advice. I definitely need to form a good relationship with an attorney. I have dealt with several in the recent past, but don't have a go-to yet.

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Originally posted by @Joe Fornasiero:

I'd recommend reading Elizabeth Colegrove's book "The Everything Lease Addendum" there's a lot of great tips/wording on what you should add to your lease agreements.

Thanks Joe! I visited her site and am working on purchasing this book. Appreciate the recommendation.

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Hey BP,

Does anyone have an awesome lease agreement that they would share? I know some of the experiences land lords here have been perfecting them for years. If I can start from where you are, that would be great :)

I'm in SC and plan to invest here for the most part. I know it needs to be SC specific, but I can edit what needs to be changed.

I have a home ready to rent and getting a solid agreement prepared is my last step before marketing the property.

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@Bill Gulley

"You will never paint a master piece with a paint by numbers set"

I love this! Golden insight!

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@Account Closed

After writing that last post, i realzed you know a lot of what I wrote, but I got hung up on "cash offer is always better"... true unless the sellers agent is acting illlegally.

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Originally posted by @Account Closed:

I am confused. Did you go straight to the listing agent or through your own agent? Your post reads like you went straight to the listing agent. If so, what does the agent getting both sides of the commission have to do with the other offer? The same holds true for your offer, doesn't it?

A cash offer is ALWAYS better than one contingent on financing. In fact, you should be able to buy it for LESS than the other guy. You know the old saying...cash is king.

The only thing a real estate sales license means is the person took courses to be able to sit for an exam to be able to represent someone else in a real estate transaction. Most of the ones I have met in residential real estate know far less about structuring a deal than I, know next to nothing about basic business, and don't understand their fiduciary duty to the seller.

The fact is that agent is bound to take your offer to the seller, and his or her personal opinion is irrelevant. You could insist he or she does take your offer to the seller. The reality is the agent could say he or she did when he or she didn't, and it was rejected. (That's right. The agent could lie about it. The seller may never have seen your offer, but you were told he or she did.)

You have decide how much this deal means to you and how much grief you want to endure pursuing it. I gotta believe this isn't the only deal in Pompano Beach, Florida. But if in your mind it is, then you have decide what strategy you will use to get your offer in front of the seller. Hint: honey always works better than vinegar.

It would seem that a cash offer would be better, but there are people in this world who care only about themselves. The part of the equation you're missing is the possibility of a sorry agent.

Say the agent has 2 offers: one is 10K more, but he would have to split a 6% commission with the buyers agent, and the other is 10K less, but he gets all the commission. Which one do you think a sorry real estate agent wants the seller to accept? The one with twice the payday!

It would be illegal and unethical to steer the seller towards the offer that benefits the agent the most.. It is the agents fiduciary responsibility to represent the client in a manner that puts the client's benefit above his own. It would be even more wrong not to present the less favorable offer at all....but, unfotrunately, a lot happens everyday that is illegal and unethical.

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@Ken Cavanaugh

Welcome to the site! I'm a fellow SC investor.

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@John Weir

Congrats man! The upstate seems hot right now. Keep making progress man!

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@Dave Toelkes

I understand the capital gains on the 13,000.

Its the other part that confuses me to no end.

Where did 283/ month come from. I paid 500/ month.

I have a civil engineering degree and cant figure this out... why is this so hard!? Lol.

I know I came out good in the end, but my mental wiring wont let get by with not understanding this..

So capital gains are due on depeeciation I deducted? How is this right? If depreciation is the accounting for the money I already paid, why am I being taxes on accointing for it now?

Forgive my ignorance man. I'm trying hard, but this is whipping me.

I'm about to binge on youtube videos about real estate depreciation/ accounting.

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All Forum Posts by: Cameron Price

Cameron Price has started 26 posts and replied 174 times.

Post: Lease Agreement, anybody willing to share theirs?

Post: Lease Agreement, anybody willing to share theirs?

Post: Lease Agreement, anybody willing to share theirs?

Post: Lease Agreement, anybody willing to share theirs?

Post: New Invester, trying to overcome fear

Post: Some realtors out there are just plain shady!!

Post: Some realtors out there are just plain shady!!

Post: Newbie from Bluffton, SC

Post: Final deal of 2015

Post: Depreciation: when do I get credit for initial purchase?