All Forum Posts by: Hen Ley

I'm looking at purchasing a condo that the current owner built a loft in. They didn't obtain a permit and said they didn't need to since it was constructed within their condo. Is that accurate- do they need a permit or not?

The loft is also super primitive and obviously not up to code (not attached to the wall, steep stairs, etc.), but they're counting the sq. ft. of it towards the total sq. ft. of the condo- That's not right, is it?

I'm looking at purchasing a condo that the current owner built a loft in.  They didn't obtain a permit and said they didn't need to since it was constructed within their condo.  Is that accurate- do they need a permit or not?

The loft is also super primitive and obviously not up to code (not attached to the wall, steep stairs, etc.), but they're counting the sq. ft. of it towards the total sq. ft. of the condo-  That's not right, is it?

@Brandon Roof, Thanks so much for the information!

I was told that if a tenant has a life changing event (change jobs, move, etc.) during the course of their lease, it is the landlord's job to begin looking for a new tenant.  The original tenant is still held to the original lease term until the landlord finds a suitable new tenant, but the landlord is obligated to begin looking and the original tenant may be let out of their lease when the new tenant is found.  Is this accurate?

Looking to purchase a condo purchased in the 70's- The seller would like a quick close and I'm looking for ways to facilitate that. Is an inspection necessary for a small, 500 sq. ft. condo?

Is it advisable to place your personal residence in an LLC? What if you have a rental on the same lot as your personal residence?

@Eamonn McElroy, thanks so much for the prompt response and information- super helpful!

I'm looking at creating an LLC for some general real estate investing, however, it's a little daunting to ensure I'm doing everything required. Is an EIN necessary for single member LLC? Is a bank account set up in the LLC's name necessary? Do you have to show a 'salary' coming out of it to you, the sole member?

@Jonathan Minerick, thanks so much for the insight!

Thanks, @Jake S.! Does this mean that if you send a letter you only sign with the LLC's name, or would you include both the LLC name as well as your own? If it's the latter, do you still have the protection?