All Forum Posts by: Maxwell Lee

Hey all,

quick question on renewing a lease agreement with a tenant. 
From a legal perspective (in California), if the tenant has signed the lease agreement, is there a statute of limitation on how long the landlord has to sign the lease to finalize the agreement.  30 days? 60 days?  If not signed by a certain amount of time gone by, does the lease agreement go null/void?

thanks

Hi there,

I had a quick question for you landlords out there.

A year ago, I had a tenant who finished their lease and moved elsewhere.

We had a final property walk-thru of the unit and found the beige carpet we newly installed in the bedroom prior to the tenant moving in, had 4 round red paint marks that was impossible to clean out.  Each mark was around the size of a golf ball.  This was most likely made from a bed frame where the posts must have been painted red.  We tried to address this with the tenant and he swore up and down that this was not his doing and said it was there prior to him moving in.

I know that was not the case as mentioned above, the carpet was new before he came in.  We went back and forth and he said he would take it to court (he was a lawyer) and I finally decided it was not the hassle (probably cost me more money and time to go to court) and coughed up a few hundred bucks to replace the carpet in the bedroom myself.

How can i avoid this next time?  I was thinking, do I use a video camera or something during our initial move-in walk thru with the tenant before they move in so i have proof?  or is that too over the top or even legal? 

I know they have to fill out a walk-thru form saying everything seems to be in order prior to move in but they can just say they didn't notice it...who knows..

How do you landlords handle property damage when the tenant moves out?  If the tenant denies the damage was made by them, how can one prove it?  Without hard evidence like a video recording of the tenant walking thru the area, then its their word against yours...

Thanks in advance 

Interested too

Texas

Ohio areas

Thanks for that.  Can you or anyone give some examples of what I should be agreeing on?

I know for some, this is elementary, but I'm afraid I might miss something important along the way while i create my check list.  Lots of information i need to absorb around the RE world.

Many thanks

Hello BP,

I am looking to get into a partnership with a friend of mine as we start our RE journey.  We are looking to buy a rental property together.  We understand that this partnership will end some day whether we sell or just move on to other things...and we want to make sure we end with a 'great' note...not bad.  With this, a few questions came up...

1- In general, is there a basic "check list" to creating a solid partnerships?  (e.g. in general, what responsibilities each person takes on, what things we need to watch out for, etc...)

2- Should we hire a lawyer to create an agreement/contract between our partnership?

3- We plan on going to a bank to help finance the property. (we will both put even amount of down payment -skin in the game)  Can we both apply for the loan or is it better to have one person finance?  If one person finances, how does that work legally about property ownership?  Just trying to think of all possible scenarios good or bad.

Any direction would be greatly appreciated

Thanks to all in advance!!!

I am new to RE

I am looking into flipping for my early real estate journey.  I don't have the time right now to search for a "deal" on my own.  With this, i was thinking of going with a wholesaler.  

How can I find a good FAIR wholesaler (in state or out of state)....and GENERALLY....If i buy from a wholesaler, do I need to purchase all cash? or can i finance the property by using a bank to purchase the deal from the wholesaler?

Any thoughts, other strategies?

Thanks all