All Forum Posts by: Daniel Trimbach
Daniel Trimbach has started 1 posts and replied 3 times.
Post: Need thoughts on Potential Deal.
- Investor
- Belvedere Tiburon, CA
- Posts 3
- Votes 0
Jonathan,
It seems like an okay deal. I would make sure you have plenty of reserves for unexpected expenses. I would look very closely at the CCRs to make sure that they can't limit the ability for you to rent the unit down the road and if they do to make sure you are "grandfathered in" so you would still have the right to rent your unit and only future owners would not have the ability to rent their unit. Years ago I had a town home as a rental unit and the HOA tried to disallow rental units in the complex. Look closely at the the HOA are they in any lawsuits? or special assessments? Do they have a healthy reserve? Are the other owners paying and current to their dues? How other units in the 8-unit complex renting their units out. Some lenders will not loan to you if the % is too high in rentals in the complex.
Also in your lease make sure to put in an adendem or clause that if a HOA violation occurs that the tenant will be responsible for paying the violation. For example parking a car in a guest spot etc. Some HOA's get a powertrip and go a little unreasonable in accessing fines.
I hope this helps and good luck!
Post: Do I need to give a 30 day or 60 day notice?
- Investor
- Belvedere Tiburon, CA
- Posts 3
- Votes 0
Thanks a lot Dashon! I appreciate you taking the time to write a response to my question...that confirms what I was thinking. Stay safe in the crazy storms out there now. I look forward to reading your posts etc Take care, Dan
Post: Do I need to give a 30 day or 60 day notice?
- Investor
- Belvedere Tiburon, CA
- Posts 3
- Votes 0
Hello BP! Any help would be really appreciated. I am going to sell a rental property in Marin County California...I have a tenant who is in the property and might buy the property when it is on the market. My question/challenge is that her lease expires March 15th and I can give a 30 day notice before Feb 15th because it is less than one year for her tenancy. However, if she is there for at least a year the lease goes month to month and I must give a 60 day notice. She is elderly and said she may need 2-3 more weeks to move out. Can I have her sign an addendum (with a 30 day notice)that allows her to stay longer but gives up her right to a 60 day notice? Should I do a fixed term lease? Any ideas, resources, or suggestions would be awesome! Thanks so much.