Anyone Heard Of Scbuyshouses.com? Scott Claire
I am just getting into property locating business part-time and came across this site. I have googled and have not read anything negative but wanted to touch base with all of you experienced birg-doggers to see what you may know!
The lease I used to use had a one year term, then the month went month to month (with a 45 notice to vacate). Does your current lease have that already written into it?
If you had a copy of your current lease, I would suggest an addendum. Perhaps as follows:
RENEWAL OF RESIDENTIAL LEASE AGREEMENT
This renewal Agreement dated ____________ is a rider to and forms a part of the original Residential Rental Agreement dated _____________ between ______________, Landlord, and ______________, Tenant, for the property located at
__________________________________________
This Agreement is hereby extended for an additional 6 months commencing ________________ and ending _________________, The Rental Rate during this period shall be _________________ per month.
________________________ / __________
Landlord / Date
________________________ / __________
Tenant / Date
[ Edited by NewKidInTown3 on Date 04/19/2008 ]
I use something similar to what NewKidInTown3
proposes. However, just being a bit picky I add:
"Upon execution hereof, the Lease Extension Agreement, this addendum shall become an integral part of the lease. All other terms and provisions of the lease shall remain in full force and effect."
i ended up just printing out a lease extension from the Nolo book, got it signed and all went fine.
Curious, where are these properties located? I am amazed you can purchase rent ready duplexes for those prices- while I could get them that cheaply including repairs, it would require months of work to get them ready to rent.
Chris
WOW! That is crazy! I wish we had deals around here like that. Thanks for sharing.
Deposits are not income until they are forfeited. Consult your tax advisor to confirm.
In most states, the landlord tenant law requires deposits to be kept in an escrow account separate from your personal or business funds. Consult your attorney for specific details. Mismanaging funds is just one way you shred the corporate veil and expose all your personal assets to a judgement creditor in the event of a lawsuit.
I believe this is the correct link.
http://www.box.net/shared/ogrdphwcgg
Good point NewKid regarding shredding the corporate veil. I can see where you are coming from.
Thanks,
Jer
Co-mingled funds... great way to lose your RE license (if you have one) here in NC. I suspect other states are similar. Are you buying these properties at "market" or are they significantly discounted?
Hi Jer,
thanks for sharing.
I have found some properties in Buffalo.
Is that the same area you are in?
My only concern is the vacancy rate....
What has been your experience.
Thanks
Andy.
40k in repairs is a gut rehab the way I do it.
Sounds a bit thin for our market in Lansing, but everywhere is different...
Chris
------Breaking news------
After couple days of hesitation the Bank came back with $117K as a counteroffer!!!
I have to make a decision by the end today so all feedback and advice is appreciated!
Thanks,
Well, the math adds up especially since I am trying to be very conservative on my estimates (I think that the repairs might be a little less than $40k and the rents might be close to a total of $2,000/month for a fully remodeled rental) but as I previously said this might be my first Rental that is why I wanted to run this by the Forum and see if I might be missing something or did not think of before. Several heads think better than one. Also, I like the fact the this particular house has sold for $250K in 04/06 and then again in 10/2006 for $310K!!!
Other suggestions?
Should I put this rental (if I go ahead with it) in a LLC or under my name? Any strategies to obtain a Rehab Loan?
Thanks,