All Forum Posts by: Eric Petersen

Local RE group?  Are you speaking about physically, social media, or?

As for driving and looking for activity, I am not in the area on a regular basis but I agree with the idea and concept. 

I had not thought about Facebook.  I am not a social media user really but that is a good idea.  Thanks

Yep. I have sent more than 1 contractor packing and most don’t want to share their “great ones” but I am hopeful with the slow down maybe I can keep their peeps busy during a lull. 

Hello everyone.  I have several properties scattered in Vegas and Reno.  Yesterday I purchased another 2/1 condo (850sf) that needs to be fully rehabbed.  I have great contractors in Vegas but am struggling to find one in Reno and my guys don't know anyone in the Reno area.  Looking for someone that might flip their own properties when they can but takes projects on the side or works for a flipper or ....  Looking for a full demo of ground floor condo (tear out bathroom, carpet, kitchen, etc.), new LVP throughout, replace cabinets, appliances, paint and go.  I am going to rent it and I dont anticipate it taking too long given its size, but I need to find a couple of names to get bids.  I have one company but they seem to be retail contractors (vs rip and flip) and I always like to get two or three bids unless I really like/trust one of the bidders and then just go with them.  

If anyone is doing this kind of work or has a good name they are willing to share, it would be very much appreciated.  Things seem to be slowing in the area so I am hopeful that I can find someone to develop a long relationship and do this over and over again.  If anyone has peeps or suggestions, looking to hear from any and all.  

The delayed move out was not part of the RPA but was a side deal.  So the deal is fully closed and recorded and all monies disbursed.  The holdback is quite literally a deal between he and I. That was why I wasn't sure whether he was a tenant or something else.  Deal had to close in order to meet short sale requirements but allowed for owner to hold over for no more than 90 days. 

I didn't think about it until it was done (too late but live and learn), but do I have rights to have roof repaired or contractors come in to provide estimates or ....  It is "my" house but they have the right to the delayed move so I am not sure where that leaves me for rights.  Would be nice to have everything scheduled to start right after they leave.  

I get that and have $5k set aside.  However I really am trying to figure out whether I consider them a "tenant" and therefore what notice I should provide.  If a tenant, then can I also start scheduling work to be done on the house while they still occupy it?

Maybe not the smartest move, but it got the deal done at far below market prices so I am happy with that. I said they could delay move out for 90 days. No rent, just pay utilities, HOA , etc. I want to make sure that they GET OUT on time and that I preserve my rights. Property is in NV.

1). This seems to be considered "at-will" and there is no lease agreement nor are they paying me any rent.  Should I file notices when I get close to the final day?  

2). From my read, it looks like I can use a 5-day "no cause" notice as they are basically a holdover tenant, with no lease and no payments so I can go with the shortest notice period.  Does this seem right?  Should I use a 30 day even though I can use the shorter? 

Basically I just want to be sure I can get them out if they dont move on time so I want to file any and all notices that are appropriate.  At the same time, I dont want to send them something that implies we have a different type of relationship.  

Any and all advice is welcome.  90 days isn't up for another 62 days, but I want to start getting my ducks in a row now.  Is it better to use an eviction firm or just prepare the notice from online sources and use the sheriff to deliver?

This is the first deal I have done like this and if there are "better ways" to do this, I would love to hear them as well.

@Katie L. I was trying to kill two birds...the first was to limit personal liability by forming an LLC, the second was to avoid probate by making the family trust the member. I just wondered if this was common or not or if there were some big pitfalls I was missing. While I am not looking for "advice" per se, I was hoping someone might say "That is pretty common in CA" or "That works but watch out for this pitfall" or "Read this post, it address a lot of your questions" or .... That was really what I was looking for. Thank you

I am going to start my first LLC for an MFR that I am going to acquire. I am trying to determine the most efficient and tax friendly way to do this. Should I make the Family Trust the sole member, should I be the sole member, .... I searched out and read the posts I could find about LLCs generally, but couldn't find anything as to what is best as it relates to who the member/members should be.

Yea, depending on condition $1000 is probably light, but ugh the value just isn't here in the Bay Area.