All Forum Posts by: Carrie Angyal

Let me start by saying that I am a dog lover, all dogs and breeds. However we are closing on a property and inheriting a tenant with a pitbull. I've tried to get insurance to include the dog but it's astronomical. Tenant is section 8 and has been great, so I really want to keep her. Any ideas that will limit my liability? We will eventually transfer to an LLC. Hold harmless addendum to lease? Property is in CT.

Appreciate the feedback, looks like I will be sticking with my attorney.

We're closing on our first multi family property in a few days and will be forming our LLC soon to put our other rentals and this one in it. LLC members will be my husband and me. Is there any benefit to use an attorney to create the LLC or just do it on legal zoom?

Apparently it was subdivided already. He told us that the entire lot was ours, not knowing his brother years earlier sold half of it to the town.

We are under contract with our first 3 family rental. The sellers realtor is the brother of the owner of the property who has just passed away. The 3 family has a nice corner lot with a large garage. When we went to sign the contract the sellers realtor said that the land might be able to be subdivided and built on. My husband called the town today to find out that the land had already been subdivided and sold over 20 years ago by the seller to pay back taxes. So basically, we are getting half the land we were shown and are under contract. What should we do? Shouldn't this have been disclosed to us upfront? Also, the seller had two offers come in right behind us so I really don't want to lose the property, but this is a huge issue. Thank you.

yes, we were going to obtain the mortgage personally and quit claim after to the LLC. It sounds like we may have issues doing this after because of the lender. Are there any alternatives to reduce liability?

We will be closing next month on a three family in Hartford, CT and was wondering if anyone has any recommendations for attorneys to create an LLC and an accountant specialized in rentals/LLCs. Thanks in advance.

I appreciate all the help! We decided to just have the seller pay the 4k for the repair of the roof (our roofer is doing the work) and not claim the write off.  With the $ we're putting out I would rather not have an additional 4k out of pocket to bring to closing.  Thank you, this site is great!

The 4k estimate is one we obtained from our roofer, so we know the job would be done correctly. But if they structure the loan for the seller to pay the $4k in repair at closing that we increased the mortgage amount for, do we get to write off that 4k as a repair? Or 2k? Or nothing? I appreciate your help.

Ok I need some help. We're about to settle the sale price on a 3 family that needs repairs to the roof. Initially we tried to split the cost to be paid out of escrow at closing. Seller thinks we should increase sale amount 2k and put the repair to be paid at closing by them. The repair amount is 4k. Who gets to write the repair off for taxes?