All Forum Posts by: Drew M.

your uncle could carry back the note...look into seller financing. 

How much time and money are you looking to spend in litigation?  Sounds like both houses have been there for a long time.  You would have to consult with a local attorney to see what kind of rights the neighbor property may have accrued even if there is not a recorded easement.  But it's most likely going to be a fight.  And if you resort to self-help and disconnect his sewer line and tell him to get lost you will not exactly appear sympathetic in any court action.

Probably better to explore an amicable resolution IMHO.

As someone once said, anybody can sue anyone for any reason.  Winning a lawsuit is another matter entirely. 

Fortunately, “*******” is not a protected demographic under our civil rights laws, even here in California.  If this were a new applicant moving in, I would personally immediately reject.   It’s a little different when it’s a roommate move in situation especially if the existing tenant has been good and you want to help him/her out.  I think you did the right thing by leaving it up to her.  I also think you did the right thing by sticking to your guns with the credit check and fee.  Maybe the lesson for next time is to just not engage and get into discussions about why the fee is required, etc.  Just state the requirements and if anyone tries to argue, tell them that’s fine if they disagree but if they want to rent your property then you have to follow the application process. 

Not an accountant, but I believe so.  I think you should consult with a knowledgeable accountant (maybe after April 17, hah) about the best way to achieve your goals.  There may be tax consequences to converting.

Haven't heard of this, but not surprised.  Definitely time to get a lawyer if you have been named in the suit and have been served.  You probably want a good general civil litigation attorney, or at least that's my two cents.  

Without seeing the recorded judgment, I have to guess that it is a judgment for periodic payment of support.  In other words your typical "$x per month" child support order.  The fact that it is recorded does not by itself mean that there are any delinquencies that would cause a problem.  But the judgment gets recorded anyway so that the recipient of child support can get notice if the payor tries to sell real estate in the county. 

If I were in your position I would get a copy of the actual judgment from the county recorder, and see what it says.  Then I would contact the attorney for the child support recipient.  There's a chance that the delinquent amount is $0.

HTH, good luck.

If it’s your insurance that is paying for the hotel, I would say yes. I would imagine your insurance company would agree, but check with them.  If the tenant is being housed by his own insurance policy then I think you would not be entitled to charge rent. 

The tenant is getting the benefit of alternate housing, so I think it’s fair for the tenant to pay rent. While lost rent may be in your policy, I’m sure your insurer would want to minimize their own payout by allowing you to collect rent.  Better out of your tenant’s pocket than their own, from the insurer’s point of view. 

@Ned Carey maybe a lawyer in California, where the franchise fees are a minimum of $800 per year.  Hah!

@David Putz I'm not 100% sure but yes it sounds like I could use outside money to pay the fees. I think my concern is more that it just seems like too much to pay and too many hoops to go through in order to support the small marginal gain I would get compared to leaving the Roth IRA invested in mutual funds.

@Carl Fischer Thanks for taking the time to respond and provide some ballpark estimates.  To answer your question, it's not so much rationale as it is my particular circumstances.  

I recently consolidated my retirement accounts into my current 401k provided by my day job. The Roth IRA got left behind. Yes, I don't qualify to make IRA contributions either (I guess I could do the "back door" if I was determined to fund the IRA). But most of all I don't expect to make further contributions because I am applying my cash in other ways now, such as to my 401k and to rental property. If there is any rationale, it's that I'm never going to be able to accrete enough money to do something like buy a rental property by contributing $5,500 per year. Not to mention the unfavorable tax treatment for leveraged investments held in an IRA (Hello UBIT/UDFI).

@George Blower Thanks for the recommendation.

Also, according to the IRS a Roth IRA may not be rolled over to a Roth designated 401k (or anything else, which is why I called it an orphan Roth IRA in my original post).

https://www.irs.gov/pub/irs-tege/rollover_chart.pdf