All Forum Posts by: Keith Schellhardt

Tenants gave notice that they plan to vacate. Lease Agreement stipulates they must provide 45 day written notice, however it was less than 30 days. Lease Agreement also stipulates that Landlord can show property to prospective new tenants during this time frame, however tenants are refusing to allow any showing and advised that they called the Sheriff and was told that it is illegal for LandLord to show property while tenant still occupies the property. Unless the law has changed recently, I am not aware of this. Location - Madison County, Illinois. Does anyone have any insight?

First, let me say thanks Biggerpro.

$200+ dollars later, my attorney is drafting the Limited POA and General Partnership Agreement.

I do have a followup question regarding liability and protection:

Does anyone have thoughts on if its okay to start out with just a large insurance umbrella policy, in addition to my standard policy and General Liability Policy and then once we get several properties under our belt consider incorporating for better protection???????

How are others who are in General Partnerships investing in real estate protecting themselves?

I have been requested to bid on, puchase and close on properties obo several investors who reside elsewhere. I would think that this requires some sort of "Limited" POA detailing specifics of time frame, properties, $ amounts, etc in order to protect the investors. Also, I would like something written in the agreement to limit my liability, while performing these duties.

Are there FREE Forms that can be downloaded or does anyone have recommended sites that they have used to purchase required legal forms?

Any other suggestions/recommendations/cautions WELCOMED!

I've tried my hand at 2 Short-Sales and it was a great learning experience, however it proved that I still have alot more to learn. Would appreciate any words of wisdom and guidance that you can provide.

P.S. I am an ex-OC'r [ San Clemente to Newport Beach] and visit the area several times a year. If we happen to bump into each other while I am out there, I'll let you buy coffee....................

Even though we know why there are lawyers and how they operate and that agreements really dont mean anythings, now the question, does anyone have a waiver that they have tenants sign for such potential risk that reflects that tenant will pay all legal fee's/court cost, etc.... if property owner is pulled into any lawsuit as an outcome of their pet hurting someone?

Question - Can a private individual request to hold title or lien against personal property during the duration of a lease agreement with renter in the state of Illinois?

Can anyone direct me to where I can find a very detailed Rent Roll and Expense Form in MS Excel format that can be downloaded and used?

Yes, it can be very frustrating and I sympathize with you. I am also involved with my very first "Short Sale" and experienced alot of upfront concerns with getting someone in that department to talk with me.

One of the keys is to make sure that the person that you are tryig to buy the home from provides the lender with a "Letter of Authorization" to speak with you regarding this property. In addition to supplying this letter I have been requested to supply full names, loan numbers and SSN#'s of all parties on the loan before anyone would speak to me.

Another very important factor is not to be rude or short to anyone you talk with. These representatives have hundreds, if not thousands of problem files that they are working on and they have specific procedures to abide by. Remember, they are dealing with very frustrated, desperate and irate clients who are in the process of losing their home. And we think we've had a bad day!

P.S. My "short sale" package is being submitted next week to the lender. Wish me luck and lets post our outcomes.

Can anyone suggest where to find a "Contract" that might be typically used in a "Short Sale" scenario whereas the buyer would purchase property As-Is with no contingencies. Contract doesnt need all of the legal mumbo-jumbo verbiage.

John:

I stand corrected.........thanks.