All Forum Posts by: Michael P.

Hi all,

I have a family member with 4 properties in PA.
3 are in person name, 1 is under business name.

Before this person passes what is the best way to handle the situation.

Should the 4 homes deeds go into the 2 kids names, a simple deed transfer.

Should we get a Trust on all 4 homes.

All 4 homes are producing incoming as rentals.

The living spouse would continue to collect the rent and earnings, but wants the homes under childrens names.

Based on the above scenario, who should i speak with, what is the best option in relation to taxes.

Also, who pays tax on the rental income if the deed is in 1 parties name, and the rent is paid to another person.

Thank you for all your help and support 

unconscionable, is understood, i read the laws, raising rent is the way.  basically says if they agree, or disagree, if disagree they have to specify when they are vacating the home.

I have 3 properties lease out, great tenants, though i am considering selling based on the appreciations.

I started to read about end of lease, and how to approach the sale.

I read something that stated, even if the lease is not renewed, the tenant can stay month to month indefinitely.  The only way to evict would be if they stop paying.

Now, I might have read it in a way that you cant just evict if you want to re-rent, what If i want to sell the property, the lease states i will give the tenant 90 days notice if the property sells.

Any thoughts are appreciated.

Same here, got the email other day.

Though as others mentioned, they couldn't link the related information.

Books are straight as #2 pencil.  Lets do this.

Should I try selling my 3 properties directly to my tenants or an investor as a package?

Are investors more likely buying a package?

I appreciate everyone's feedback, great information.

The current rent is 1395, I am considering bumping it 25 dollar to accommodate for the dog, and a non refundable fee of 250.  The dog is currently 4months old, 12 pounds its a Australian cattle dog.  I would request for the dog to not be permitted upstairs via child gate, believe they have one up now since they have 2 children.

Also, can I write up an agreement that specifies any injury caused by a pet within the home is the tenants (name) responsibility.

I appreciate the feedback!

Hi all,

My long term tenant has asked what I thought about adding a dog to the household.  My lease agreement states no pets, certainly I can add an addendum.  What are landlords requesting from the tenant if they approve adding a pet, is it higher rent, is a non refundable fee, is it a deposit of some sort.  Side note, good tenants, good be very long term tenants so I want to make them happy.  Property is in NJ.

Thoughts?

For primary, i would go with the Heloc, but be careful, real estate is tricky, and life gets complicated when you're over your head at the place you rest your head.

At 75%ltv you are at 95k cash out, minus closing costs, and other fees you can probably walk away with 88k. Yes, the HELOC is good, but its still a loan, within a loan. If you cashout refi, you take control of that money. Yes, your payments go up, but 95k wont be that significant. Is this a rental, or your primary residence you are discussing? Also, you have to take advantage of the current market swing for a higher appraisal value for the cashout, or the heloc. Next week your prop can drop, and everything changes.