All Forum Posts by: David Siegel

Looking for a referral for someone who can help navigate the as built permitting process. TIA!

 Thank you Amara! This has been the most valuable response to my question received so far and that's after having a couple of consultation calls with lawyers. 

What I'm wondering now, as my conversations with my tenant have become increasingly cordial with every passing day, is should I present him with the 60 day notice to vacate on February 1? They're not currently on month to month tenancy as they're still covered by their year lease until Feb 29 so does this need to be presented once month to month starts? Or can I present it now? Do people usually get these 60 day notices signed as a formality or are they reserved for difficult situations like the one I described?

During a consultation a law firm said they would review the lease and all communications between myself and tenant and draft the 60 days notice to vacate for a flat fee of $850. Is that good value? From the layman's perspective, I feel I can just go to https://eforms.com/rental/ca/california-lease-termination-le... and get this done without spending $850 but I don't know what I don't know... 

We've DIY'ed our way through plenty of dicey situations in the past. I think this may be another one we want to handle in-house. 

I have a tenant and they have been great for 2 years. Their lease is up on February 29. We decided it would be best to sell the property about 2 weeks ago and notified the tenant we do not plan on extending the lease. Their response was a little off the rails. They mentioned the wife has medical issues and this is causing stress and if she ends up in the hospital due to stress we will be hearing from their lawyers. 

We were working with our Real Estate Agent to do all the  little things that need to be done to sell a home and trying to coordinate those activities with the tenant. Our messaging was along the lines of 'we want to be flexible and offer you an additional month or 2 if you need it. But we need a firm move out date from you within a week'. They responded with the email saying their wife is sick and we will hear from their lawyers. We have since spoken to our tenant and they said they need time to figure things out. We responded to say that's fine try to let us know by Feb 1 with that firm move out date.

In reality this is a quid pro quo. I want them to allow us to conduct selling activities and in return we will be flexible on the move out date. If they don't offer us a reliable move out date in a timely manner and as a result our selling activities come to a standstill, I would like to plan on having them vacate the property by February 29 when their lease is up.

Has anyone dealt with a similar issue? Anyone in California? Does anyone have a good referral for legal representation for landlords? TIA for replies!

@Chris Seveney thanks so much for your reply! I sent you a DM. If you're open to speaking with me more about this or making a referral to a lawyer familiar with these kinds of deals it would be greatly appreciated! 

A property I listed on the MLS had the listing expire after 6 months. Shortly after an investor reached out wanting to take the existing loan subject to and purchase my property at full list price but do seller financing. I'm open to it. We are not needing lots of cash right now and were looking to sell to wind down operations as we just had our 2nd baby and life is hectic so I think this should be consistent with our investing goals.

I've never been a part of this kind of transaction and have no idea how to negotiate. I assume I'll also need a lawyer at some point. Who would be good at advising us for this transaction? Is anyone aware of what is normal in terms of down payment, interest rate and term for the seller financing loan? Any guidance is greatly appreciated! TIA!!

Hey all I have one LLC that owns one SFR that has been an STR for 6 years. We want to sell. I found a RE I really like. My friend who is half owner of the LLC says he wants to investigate selling the LLC instead of just the property.

Does anyone have experience selling an LLC that owns a single SFR? I saw some online content about selling an LLC but it was in the context of selling a portfolio of properties.

How does one go about selling the LLC? Is the RE involved or do we have to find the buyer ourselves? Any feedback on this topic is much appreciated! TIA!

Hello, I'm hoping to find a CPA for an LLC I created in California that owns our primary residence which contains 2 Airbnb units. Please send me referrals if you have a good CPA managing the taxes for your Airbnb operations.

I am Airbnb'ing out a full studio ADU with brand new kitchen and appliances. So the guest has their own full, nice kitchen.

Would it be kosher to buy boxes of frozen costco pizza and leave them in the freezer. Put my venmo code somewhere and say if you need a pizza, pay me $5 or whatever.

At the same time I plan on making other costco snacks available for free. Bottles of water, whatever prepackaged stuff I can supply, sun chips, whatever.

What kinds of liabilities should I be concerned with when I'm selling/giving away food in my Airbnb?

Thanks for your replies!

@Jeyo Punnakottil we spoke to their current landlord. Interesting point. Landlord could be lying to us to get them off his hands. We decided to move forward with this. Our ad was asking for top dollar and we were thinking about lowering the price. The different between the listed price and the discount is 9%. The difference between the price we planned on lowering to and the discount is about 6% and I'm OK with it. We are buying a place that we plan on putting work into and while I have sources I could have borrowed against for the upcoming work its just cleaner to use this cash for the work and just a little less costly. Actually, when I compare my discount to them to the financing charges I would pay to borrow for the improvements I planned on making its almost a wash. I come out a little on top. 

I'll respond here with lessons learned if I do get screwed over. Not really anticipating it though. We've been in close touch with the tenants and I think they'll be great!

@Gina Stern I appreciate it! My wife is an REA who only activates her license when we buy new properties but she is drawing up the lease herself. Could you possibly speak a little more to the 'watertight lease' concept? What areas of the lease should we focus on to safeguard ourselves? Thank you!!!