All Forum Posts by: Susan V.

@Joe Xie Although I have experience with this, I am not an attorney yet, so I do not want to give advice that would be better addressed with an attorney and you would have the benefit of attorney-client privilege. Based on experience on real estate cases, transacting real estate and being a property manager, the month-to-month term is still a contract, but that means that tenant is not obligated to you as the new owner under new terms, unless such new terms are established. So, if you are comfortable with month-to-month and gamble on what happens after closing, then do nothing. The seller should be the one to execute a contract now. If you are already set on getting the tenant to renew (perhaps at a higher rate), then that contract could be assigned to you. Contracts are assignable unless specified otherwise. It's best to know you have a solid tenant rather than to go through an eviction or squatter scenario. I've gone through both (as an agent and a property manager) and I was quite fortunate because I knew what I was doing and my clients were happy that I knew. Anyway, even if you are drafting a contract by yourself and the seller agrees, you still need to double-check with a real estate attorney who is well-versed with all aspects of what you are trying to accomplish. I hope this helps.

Looking forward to hearing from you.

When doing virtual deals, you need to know what you are getting yourself into every step of the way. I'd like to know how you are doing at every step.

It's cleaner to draft new and execute a new one since the old one already expired. I know the Bay Area and rent control. If you are going with the existing rental terms, make sure that covers your expenses. Another way to do this is to have the seller execute the lease and assign it to you effective the current date. Make sure you double-check everything with a real estate attorney in the local area.

I'd like to know how it goes each step of the way. Asking price? Income?

Some lenders are asking for 40% depending on the location, your credit score and the property's income potential.

Have you tried transactional funding to do a simultaneous closing? 

Is it a good idea to hold notes and real property in the same LLC? Why or why not?

Anyone here with experience with buying, holding and/or flipping these properties? Who could you trust in those areas?

Has anyone here found good lenders for outside of California for amounts less than than $50K?