No Lease
If I rent a place to someone on a month to month would I have to have a lease? I am afraid that I may not be able to get them out if I have a lease. Seems like it would be easy to get them out if they have no lease in case they fall behind on rent. Thanks for any help
There is always an implied rental agreement. With no written rental agreement, the implied would be determined upon conversations, how often rent is paid, and customary tenant/landlord practices for your city/county/state. Just because you have nothing written down does not mean that you will not have to go through the proper channels to get them out.
It is always better to have a written rental agreement.
By the way, I would consider a property manager as you are just starting out and newbie landlords can get taken by professional dead beat tenants.
I would suggest letting the title company, or closing attorney, handle all of the documents you need. I would NOT do a kitchen-table closing in this case.
But no, typically your seller does not need to be present. Everything that needs to be signed by her can be done via a notary.
My 2¢
Thanks MCole and no, this will not be a kitchen table closing, everything will be done the RIGHT way. Just wanted to really find out if she needed to be present and wanted to know if there were any particular documents that I should have in my possession signed by her, giving me the authority to act on her behalf (kinda-sorta) in this sale. Any other responses would be greatly appreciated. Thanks all!
Has the Owner agreed to take less than her selling price and make up the balance in your unsecured note? This modified payment plan will require an addendum to your original purchase and sale agreement, signed by the buyer and seller.
If yes to the above, you can ask her to sign a Limited Power of Attorney giving you the authority to sign the sale documents on her behalf.
[addsig]
Thanks Bargain76. I already have that document in hand and signed! Again, thanks for your help in referencing the addendum needed.
Thought i was done with this, but one last question (hopefully), when you say that an addendum is needed to the original sales contract, that must be signed by the buyer and the seller, which buyer and which seller? Does that mean it should be signed by myself and the original owner, or by myself (as new seller) and current buyer?
Please refer to the entire post to really understand my question. Thanks!
Quote:
On 2006-11-03 04:20, bargain76 wrote:
We consider it a real bonus when we can get inside a house before buying, and have developed rules of thumb on rehab costs in $5K increments from a drive by. We are very imperfect in what we do. Sometimes a $30K profit potential results in only $10K. Sometimes it nets $50K. It all averages out.
To bargain76:
Could you expand on your rules of thumb regarding "$5K increments from a drive by."
Thanks.
Quote:
On 2006-11-04 20:04, bargain76 wrote:
On a drive by inspection..........If the exterior is fairly neat and clean, calculate a min. of $5K for carpet and paint. Add another $5k if there is exterior rot and the ext needs paint. Add another $5K if the roof shingles are old and curled, another $5K if there are holes in the roof. Then double those numbers if the property is very trashy looking.
To bargain76:
You are in Florida, I am in Los Angeles.
Should I understand that your $5K assumptions would have to be adjusted for my market, obviously higher.
Would you agree with that, and if yes, how would you approach this decision in my, very expensive, market?
I agree with bargain. I am one of those investors that hate people asking financial questions when the matter has not gotten serious. When it gets serious I have the Proof of Funds from the bank and all that is needed.
Also, I am one of those that tend to buy without contingencies unless the place looks really skanky. Then my contingencies are usually termite and structural as I have found those to be very costly areas.
Otherwise I do something similar to the $5K. On a driveby you can usually tell the condition of the roof, exterior, yard, windows/doors, etc. I always add on for tile and millwork. I just assume that whatever flooring is there will have to go. I also add on automatically for bath and kitchen as I ALWAYS replace bathroom fixtures if the house is older than 2 years.
Can an Assignment of Contract be listed in MLS?
depending on your contract you maybe able to list for sale or sell it to the largest group of investors realtors.
Hello,
You will probably need the assignment contract as well.
Lauren
Thanks Diamond05, that helps!
purchase and/or option to purchase ,assignment contract nonrefundable deposit form do not take less than 1,000 .