All Forum Posts by: Sasha Tetera

We are in the contract with a senior citizen who has asked 30 days to close so she can move out. We followed up through the month and she assured me that she will move out on time. We are due to close in 3 days (September 1st), however, her new place fell through and her now she is asking for a move out date of September 28th. 

Gladly we put the provision in the contract about her potentially staying till October, but what would happen is she doesn't move out by then? 

Here is exact verbiage we put in the contract: "Any damage to home prior to move out is the responsibility of the seller/tenant. Title to hold $500 security deposit. Rent Back Agreement: Seller is to vacate the premises no later than September 1st. Daily rent to be collected by the title company is $25 per day. Occupancy limited to October 1st" 

While I am respectful of her situation and willing to work with her, I also didn't expect to find myself in this situation. I don't want to lose leverage and second-guess if I should closing before she moves out. What are the implications if I do? 

Thank you!

@Michele King @Jon Blackburn Thank you, I noticed that BP typically provides a lower value than Zillow - I'm not sure how the algorithm work and if they filter out condos vs SFH.

Hi dear BP community, 

My friend has a condo in Edgewater community in Chicago that he is trying to sell and his building is requiring a contractor with Worker's Comp (learned a hard lesson there). The place needs a revamp and on budget - could you please recommend an experienced contractor? 

Thank you in advance! 

@Jon Blackburn did BP release their Rent Estimator tool already? I can't seem to find it. I personally use Zillow and then my own discretion. Thanks! 

@Brian Singh Bay Area market is diverse and consists of various pockets. 

To @Tracey Robinson point - I see people moving out from the SF downtown highrises into SFH as people seek privacy & more space. SFHs have always been in high demand so I anticipate prices steady there as compared to the highrises.

I don't think prices in the suburbs will be affected much here are a couple of reasons: 

 Exceptional school districts (ex: Milpitas) @Account Closed also some of the new construction is now being converted into rentals, limiting inventory even further. A friend is listing a 2br townhome $50K above the expected price.

People who were renting condos in SF for $4000/month now would buy a house across the bridge, therefore, driving up prices & demand.

Let's wait and see, we live during interesting times! 

Katie, thank you for all the details, wonderful article, I think umbrella insurance is a way to go. Good property managers are golden and it takes time to find the right match! I'll research more on the pass-through deduction, as I haven't filled my taxed yet. 

@Basit Siddiqi great advice, I will consider an LLC when I have several properties under my belt to justify $800 registration expense. So far have a hard time finding a lender that would refinance within an LLC, so I might need to develop the relationship first. I definitely agree with the title transference fees, so insurance might be a winner for me in the meantime.

@Jaron Walling thank you for your insights, I'll contact my insurance provider to see their options. 

@Ryan Landis 

 thank you for your insights, I'll take your advice and proceed with the search for the local specialist.

@Jill F. thank you for a heads up!

Hi BiggerPockets Community, 

I'm entering Ohio real estate market and looking to form an LLC. Are there benefits of forming it in another state (ex: Delaware) in regards to fees/taxes? I intend to buy more than one property in Ohio this year - should I be looking into a Series LLC instead? Or it makes more sense to convert a regular LLC into a Series when I'm buying a second property?

Thank you in advance