All Forum Posts by: Lana Friedland

I have a potential tenant , who I like, but she wants to run manicure/pedicure business from the appartment. She says because of Covid her clients feel safer coming to her house instead of salon. I am worried about extra liabilities. Should I ask her to get additional insurance? Should I also declare this in my landlord insurance policy?

Hi Patrick, we own a rental in Odenville, AL. we are also OOS investors from NY. We bought it turnkey and it looks like the market there is very good. There's a good rental demand and the property prices are going up. But now after 2 years the tenant moved out and our PM company took a while to even get an estimate, and the estimate came to $4k - the PM is saying their contractor is backed up and that's the only one they could find. Were you able to find good contractors? Are you planning to manage the rental yourself or do you have someone?

Hello. We own a remote rental, managed for us by propery management company. The property has been vacant since September. The property management company had it renovated and put it on the market. We questioned them why it's taking so long to rent it, they suggeted to lower the price. We had someone we know to go see the property, and it turns out that the property is not in a rent ready condition, there are apparent problems and the renovations were very bad quality. Obviously, we'll be leaving the management company. Does anyone has an advise what can be done to resolve the situation with the management? can we ask for our money back that we paid for renovations? Can we take them to court? Any advise is appreciated.

Mark S., you're right , we are transferring from peronal to multy member LLC, where my husband and I are partners. The attorney recommends to use warranty deed in this case. If it was exactly same structure, he says it's fine to use quitclaim.

Hi, Mark,

Did you transfer the deed? did you use Quitclain deed? I also need to transfer in TN, but don't want to use quitclaim deed since the title insurance will become invalid.

@Adam Schneider, it actually turned out that the lawyer was preparing a deed of trust as well, it's just the borrower confused me that there was only one document.  Sorry about the confusion, that is the first deal for me.

Thank you, Kathie, that's a very good point! I will talk to them about splitting the document.

Is anyone familiar with 'Acquisition and building mortgage note'? We are doing private money lending and the borrower's lawyer prepared this type of document for us, it combines a promissory note and deed of trust in one document. Anyone has experience with such documents?

We signed a contract to purchase a propery from a turnkey company. After the inspection was done it took them a month just to find contractors to do the repairs. They are saying that the office is located 2 hours from the property, that's why it took so much time. Now we are concerned, since they are also property managers, how they will be able to manage that property. We have 20 days left before scheduled closing date. I doubt that it's enough time to make all repairs, get the appraisal and we get processed for a non-recourse loan (we are pre-approved). I was woundering if we can ask them to get out of the contract now  without loosing the deposit or should we wait until the scheduled closing date and hope that they will be late.