All Forum Posts by: Victoria Redlin

My home insurance went up 226%. That was a surprise. I will shop around, but CA is hard with insurers leaving the state. My tenant is not happy with my rent increase, but what are landlords to do. Insurance is only one factor in the increased expenses this year. 

Scenario:

My client has a home and is a Medicare recipient. He has to sell his home because he can no longer afford the upkeep or live alone. He still needs Medicare and still needs somewhere to live. Can he sell his home and use the proceeds to build either a Grandparent flat or ADU or addition at his child's house? He heard there is a limit on spending the proceeds, restricted to $25,000./year. It will probably cost him more than that to create the initial downsized housing. It could easily cost as much as his proceeds, but if he can only spend $25k/yr. He'll need to live in an unfinished property for awhile. What are the guidelines for Medicare recipients selling and buying primary housing?

Officially I do not know. I do know that when I've purchased a property that had been smoked in. When we did clean up there was a lot of residue on the window frames. On the ceiling by the area they smoked in the most. If they have been there awhile and had pictures hanging, there is discoloration on the wall when the frame is removed. I think I'd start with swabbing a non-porous area like the window frame. Best wishes

I have a rental home. It was recently re-rented it on a one year lease. I'd like to exchange it for an investment home closer to me. It seems like the timing doesn't work out. I don't find the replacement property until after I give in and re-rent the home. Is there a company that helps you make this happen, working with the timing issues? Maybe you work together to buy and hold? I could get a DSCR loan on both properties, but then I'm left with an extra property I want to 1031 out of.

Any ideas. 

Hi @Fiona Humphrey and @Melinda Vaughnundefined

And anyone else on this thread.

Melinda, what are some of the components you find necessary to set the contracts up correctly?

You mention using a NNN commercial lease instead of a residential lease. I've been exploring that option, how has that worked?

How did you structure the agreements to lease the house to a care provider?

Did you sell or lease the business as well?

I'm hoping for some input on the best way to write up the lease contracts, as that is my next personal assignment.

Is the house licensed under the property owner's name (LLC) or under the care provider's name?

If you first licensed the property under the property owner's name or their LLC, how did you transfer the license to the care provider?

Thank you in advance