All Forum Posts by: Daria B.

 Search warrant being served is not grounds for eviction. Conviction could possibly depending on the nature of the crime. Innocent people are the victims of search warrants. 

So tread cautiously 

Hi

Short back story:

Search warrant served and tenant refused to open door resulting in police using force (they did knock first) that caused considerable damage to property.

Termination (90-day) notice served to tenant who has now solicited an attorney to remain in the property. A letter was sent to the PM who shared it with me. Of course tenant attorney says there is no cause, tenant pays and there is no merit to the termination.

Termination letter served (sent by PM 90 days prior that puts end date at 2/29/2024) is based on a lease paragraph stating tenant did not abide by lease regarding “agrees no drugs or other illegal substances will be used, manufactured, sold, or distributed, on, or from the property.” This was broken by the tenants minor son who was arrested at the property when police raided the unit due to drugs found at the property. A search and seizure warrant was signed off and issued for tenants son who resided at my property from evidence I assume acquired by law enforcement.

Need eviction attorney recommendation:

This started out as a termination for the lease clause mentioned above. With the tenant now looking for a way to remain (hence tenants attorney letter on their behalf), the end date would be 2/29. If the tenant remains after that date, does this now turn into an eviction - and if so, what cause, the original reason of drugs or the fact tenant did not vacate or both? The PM generally handles evictions but it didn’t start out as an eviction. If the PM attorney will not follow though then I need to find an eviction or other attorney to work in my interest.

I feel I need to say more but do not want to inundate the post. Trying to keep it simple.

Cheers….

 Where in FL is this?

This is a very broad question.  Perhaps you can give a general idea of the issue you're facing?  Your umbrella typically applies when the liability on your underlying policy is exhausted.

So, my mother in law and aunt inlaw inherited their mother's house. It was in an irrevocable trust (thank god... as she needed to go to a nursing home later in life). Now the property is is just in the MIL and AIL's name. The aunt lives there now and will until her time comes. Ultimately the house will be inherited by my wife and I down the road. (We are 36-37.... MIL and AIL are 70 and 66). The estate attorney recommended that we put the MIL's half of the property in another irrevocably trust and my wife as the trustee and beneficiary. The MIL unfortunately has Lupus. She lives with us, and ultimately will until she passes or needs a nursing home. 

We are never going to sell this house,  even after we inherit it, it will become a rental. Does the $2500 cost for an irrevocable trust make sense? Why doesnt the MIL gift us her 50% now? Getting loans on the house with 50% in an irrev. will be a pain in the *** too. 

Those in the asset protection or tax field, what are your thoughts?! TIA!

Best,
George

@Daria B., The issues that require a special form of transaction when you want to include improvements are that you cannot take title to your new property before you close the sale of your old property.  And you cannot exchange into improvements on property you own.  

While this would seem to eliminate your opportunity to add improvements, a reverse improvement exchange still allows that. Instead of buying your new property we as the QI form a holding entity called the Exchange Accommodating Title holder (EAT).  The EAT holds the property for up to 180 days while you improve it.  And then you end up with the property after selling your old property and using those proceeds to move them into the EAT property.

The two big disadvantages to these are that you have to have a source of money to buy the new property.  And a regular lender cannot do these types of loans.  Secondly they are very complicated and expensive costing several thousand dollars more than a regular 1031 exchange. 

@Daria B. You will need to work with a QI and a Lender to determine. It would depend on sale price, net sale price, equity, initial equity, capitalized expenses on previous purchase and a few other factors. If you have the right lender and the right qi and the right total acquition price you don't need to come out of pocket or pay capital gains.