All Forum Posts by: Jonathan Ward

Hi,

My sister and I rent a property that's in a Revocable Trust. Our tenants have given notice and will be out by 5/1. Being an 87 yr old home, I would like to sell the property. She and her husband have been hit hard by Covid and have had to convert some of their IRA retirement savings to cash this year. Unfortunately I just learned that for tax purposes, they can't absorb a windfall payment (about 275k) on their 2022 tax return. It would invoke large tax penalties given their recent financial moves.

Is there a way the home can be sold this year, and they can put off reporting their 1/2 of the sale to the IRS until next year? Maybe putting their proceeds into a temporary "holding" account, escrow or banking method?  

I know it sounds strange but I swear it's all legit. We can get top dollar for the home this year and as 1/2 owner, my financial security is affected by this. In fact, I'm currently doing exterior renovation to the home myself at no charge to the Trust to improve curb appeal.

Thanks for any suggestions 

Good to know. I'm meeting with an irrigation company tomorrow at the home to replace some old sprinkler valves. My tenant(s) will be there. I'll get a good feel for how to proceed. They're already scouting other properties so this may go easier than I think.

My wife brought up a good point. This home is co-owned by my sister who's 2000 miles away and has little interest in it other than receiving 1/2 the rent each month. I'll have to buy out her share to do this.  Painting and adding window shutters (my idea) will definitely add curb appeal and possibly increase the appraisal. It may be better to let the home sit in it's current state so the appraisal doesn't come in too high. The home has a lot of potential but it's hard to see at this point. It's definitely a fixer-upper.

Thanks.. Yeah I agree. The paint really isn't necessary right now. Would probably be easier to do once we're at the property anyway. I found out that the automatic sprinkler unit failed leaving the backyard without water for about 6 months, (hence the condition of the grass and shrubs). Wish they had told me but since they pay for water, why bring it up? 

I'm just going to take over as gardener now and get the landscaping in shape. They have no issues with that. I can also plan for future drought landscaping which I've done at my current property. At least it's a start. It's a 1934 Santa Fe style home so lots of work ahead, but most of it can wait.

Thanks... we were originally on a 30-day MTM contract but I offered a 45-day. They asked for a 60 instead with prorated rent (half a month) which I granted.  We're on pretty good terms but I know they wanted to buy the property so they're disappointed.

My realtor thinks that as the landlord, I'm able to maintain the property's exterior at any time. I just don't know where to find information related to this in California? 

Anyone? :)

Hi... I've given a 60-day notice to my tenants so I can move my family to the property this year. The property needs a lot of work. They have let it suffer to the point where it will take months to renovate it properly.

As owner, can I start painting the exterior of the property before the 60-day is over? I will be doing it myself (very slowly albeit), and therefore be at the property several times a week. 

Thanks