All Forum Posts by: Jessica Chow

Thanks everyone for the support and feedback! I think I'm just a bit jumpy because it's our first property, so your comment have been VERY helpful in calming my nerves.

@Dennis Williams and @Bill F. - Confirming that the tenant is on month-to-month lease.

@Sai T.- We know what we need rent to be at to be cash flow positive, and also what it would rent for if the house did NOT come with a tenant. We thought by keeping tenant, we would save on marketing materials and whatever vacancy costs while we get a new tenant in, but at the end of the day, we're fine to put a new tenant in. 

My husband and I are looking to open an LLC to transfer our first and future rental properties under. I have 2 questions for my fellow BPers:

1. We are based in California, and are buying out-of-state in Utah. Is it better to work with a real estate lawyer in our home state, or in the state where our rentals are located?
2. Based on the first answer, does anyone have a real estate lawyer they can recommend? 

Thanks in advance!

My husband and I just bought our first rental property in Lehi, Utah, thanks to a lot of the tips, tricks, and courage from you fellow BPers & these forums. The townhouse that we purchased had the option to come with the tenant, which was especially exciting since we are out of state, and didn't have to find another one. However, now that we have an accepted offer, we are concerned about a few things:

• Before we put in an offer in on the house, we told the seller's agent to let the tenants know that we would be raising the rent from $1250 to 1350, which is market value for the area. It was never communicated to our agent until after the offer was accepted that the tenant is not happy with the new rent price and may move out ASAP.
• The sellers agent also told us only now that the tenant has been difficult to work with on scheduling showings and now the inspection, even though they already knew that the house was being sold.
• Then, the sellers agent asked us if we would be interested in using their own property management's service.

I don't have any specific questions, but want to get anyone else's take on whether this is a suspicious situation, either with the tenant or with the sellers agent.

For what it's worth, our agent will be present for the inspection tomorrow (Tues) morning, and we have asked her to get a feel for the tenants, since they may be present.

Thanks in advance for your thoughts!

Hi @Aaron Crow and @Account Closed! I am also looking for a lender in Dallas. Do you mind sending me your contacts as well? Much appreciated!