All Forum Posts by: Sandra Park

Hi Rhiannon,

Usually one to 2 months of security deposit is standard. You basically want to have rent covered, plus in case there is damage to any part of the house, you want to be able to take that out of the security deposit, and give them the remainder back less the cost to repair. It would be good to take some video or photos before you leave so you have proof of the condition of your home, especially in areas that get a lot of wear and tear.

Good luck,

Sandra

Hi Oscar,

So before you close the current sale of your property at $290k, you need to get a qualified intermediary (QI) of a 1031 exchange on board. The QI basically acts in your stead, and holds the funds of this sale, until you close on the new property, where they will send the funds to the new escrow, and it closes in your name under title. Your timeline is that you have 45 days to find a "like kind" investment property, and 180 days to close. Your capital gains taxes would be deferred, and you would need to buy the new property at the price of the sale or higher to get the full usage of the 1031 exchange. Speak with your tax professional and they will assist you. Hope this helps!

Sandra

Hi Lucas,

I'm in LA, and happy to help you. Just make some rapport when you meet him, ask about condition of the home, foundation, roof, sewer if he knows. Everything else should cost less than these big ticket items if needed to be repaired. 

If you like it, ask him if he could put up a small amount, like 1% or half a percentage point, of the price so your friend can help you through the process, and get the escrow/title squared away. Seller's are supposed to pay the commission traditionally, though in commercial you do see it both ways - buyer or seller pays or both contribute to the agents commission). Remember, the Seller is trying to evaluate how serious you are as a buyer as well. If you look serious, perhaps he'll consider. 

I can help you with those aspects, (Contract, escrow, inspections, timeline ) and I can charge an hourly fee if that works for you too. You can contact me through my profile email. Good luck!

Best, Sandra