All Forum Posts by: Shireen Y.

Thank you for the information, Ryan!!

Thank you for the response, Ryan! To go a little deeper with the redemption laws, I found this law (below) that allows the purchaser to enter the property during reasonable hours. So, if I were to bid at such an auction (HOA foreclosure) would SB1079 apply AND laws surrounding the 90-day redemption period? Or, would someone need to wait the 45-day period before entering the property if they were the highest successful bidder?

Code of civil procedure section 729.090. Rents & profits during redemption period. 

(a) From the time of the sale until a redemption, the purchaser is entitled to receive from the person in possession the rents and profits from the property or the value of the use and occupation of the property.

(b) Notwithstanding subdivision (a), the purchaser is liable to the person who redeems for any rents or profits that have been received by the purchaser pursuant to subdivision (a).

(c) The purchaser, from the time of sale until redemption, is entitled to enter the property during reasonable hours to repair and maintain the premises and is entitled to an order restraining waste on the property from the court. Such order may be granted with or without notice in the discretion of the court.

If a property owned free and clear is sold at an HOA foreclosure auction, which law (SB1079 or Cal. Civ. Code 5715) applies?

For SB1079, a prospective owner-occupant can bid on the property post-sale and win the auction within a 45-day period. For Cal. Civ. Code 5715, the homeowner has 90 days post-sale to redeem the property. Which law applies in the case where an HOA organization is foreclosing the property? No one seems to have the answer to this. The trustee says they "cannot provide legal advice".

Ok, got it. Thank you all for the responses. Much appreciated!

I  sold my primary residence/investment triplex last August 2022 and purchased a property through a 1031 exchange. I used $250k (personal exemption for the primary residence portion of the sale) and then $250k (in the 1031 exchange account) to complete the sale. If it matters, the process of evicting squatters for the last 6 months has drained any motivation I had in rehabbing the property and just want to invest out-of-state. I have 3 questions…

- Are there taxes on the sale if I break even? 

- Do I have to do another 1031 exchange on the entire $500k? 

- Can I get the $250k that was the personal exemption back without being taxed? 

 I don't have the permit since it is difficult to get but I definitely have the protection that would be required. I was just trying to do it the "right" way first. Thank you all for your advice and help.  

 Thank you, Sam. I think I am being pushed to option 1. The attorney bill for last month was $3,200 and an unlawful detainer hasn't even been filed yet. Most of the charges are "attention to file" and "conferences" with his paralegal. I would have loved to have found an attorney to do it for $1,300. 

I did. Unfortunately, it has always been home and I didn't think I had the resources to be an out-of-state landlord. I had no idea it would be this complicated or be in such a helpless position. Getting out looks to be the goal since there is no way this can be sustainable. Thank you

I'm learning some hard lessons on my second rental property purchase here in California. I inherited 2 tenants that have refused to pay rent since closing on the property in late October. In late November I served a 60-day notice to vacate on the grounds of extensive remodeling. I also offered cash (triple their rent) in hopes they would vacate. By January 20th one of the two tenants refused to leave. Instead, the remaining tenant has allowed 5 other people to move into the property (I believe she's collecting rent from them). The tenant that did leave said they are destroying the property and stripping it to buy/sell meth. That they are armed and he was too scared to stay there anymore. I have called the cops and the Sherriff's office for help but they will not do anything. I asked if I could just at least find out the identification of everyone that is living in my home so that they can be served and charged for destruction of property, and both tell me it is a civil matter and to seek legal counsel (I do and that bill is just racking up without much progress). I know this story is just one of many, but is there something I am missing? Is there really no protection at all as a rental property owner and everyone just gets away without repercussions? Should I do monthly check-ins with future tenants to make sure no "Doe's" are residing in the property? I'm just curious if there's any advice that might slow down the gray hairs I've started to get from this messed up situation.