Q. Hello all, going to be renting first property this upcoming summer for a year or so. 19 years old, not a lot of experience with these things. but what are some questions i should ask the person who is "showing" the house when I tour it? I want to cover a lot of things with whoever shows me the house so there are no surprises. Thanks a lot.
A. The landlord is going to ask you for references, and it sure wouldn't hurt for you to ask for some as well. Like the country song says, God is great, beer is good and people are crazy, so you want to make sure you aren't renting from one of the crazy ones.
Other questions to ask are about utilities (find out who supplies them so you can check the average utility bills, this is a quick call). Ask about any damaged areas you see, note those on the agreement if you decide to rent the place as existing conditions. Talk about the repair policies, some will allow you to do minor things and deduct this from the rent, others require you to notify them and they arrange repairs. Ask how long tenants typically stay, how long the last one was there, something like that, this may give you a hint on how the place is.
Of course, ask to see the lease agreement, if it more than a few pages long or filled with legalese, walk away, see paragraph one.
Do some research, call the business line of your local 911 and ask how you can get information about reported crimes in the neighborhood. Go by the place at different times of the day, see how busy or not busy it is. Make sure it suits your lifestyle. Most landlords do not live near their rentals, so they may not have these answers, and if it were me, I would want to find out myself rather than take the word of someone trying to sell me something.
Do some listening while you are looking at the place, try to get a read on your landlord. Some are very nice, very fair people, and as long as you hold up your end of the bargain, everything will be just fine. But, then there are others. See paragraph one.
Other questions to ask are about utilities (find out who supplies them so you can check the average utility bills, this is a quick call). Ask about any damaged areas you see, note those on the agreement if you decide to rent the place as existing conditions. Talk about the repair policies, some will allow you to do minor things and deduct this from the rent, others require you to notify them and they arrange repairs. Ask how long tenants typically stay, how long the last one was there, something like that, this may give you a hint on how the place is.
Of course, ask to see the lease agreement, if it more than a few pages long or filled with legalese, walk away, see paragraph one.
Do some research, call the business line of your local 911 and ask how you can get information about reported crimes in the neighborhood. Go by the place at different times of the day, see how busy or not busy it is. Make sure it suits your lifestyle. Most landlords do not live near their rentals, so they may not have these answers, and if it were me, I would want to find out myself rather than take the word of someone trying to sell me something.
Do some listening while you are looking at the place, try to get a read on your landlord. Some are very nice, very fair people, and as long as you hold up your end of the bargain, everything will be just fine. But, then there are others. See paragraph one.
What are the important steps to take when buying into an existing investment property as a partner?
Q. This is an established property managment business renting apartments to graduate college students. I would be buying a 49% position in a LLC. The existing owner would retain the other 51% and would also manage the property for a fee. Our goal would be to sell the property at the end of 3 to 4 years, when the 51% owner is ready to retire and when my son is finished with his graduate program at the same school.
A. Your existing owner is retaining too much control. He has majority ownership, Managing the company and on top of that charging you a management fee. Since he has majority ownership then his cut of the net profits are larger. I would negotiate that he removes the management fee since he receives a large amount of the proceeds. If he is looking for a silent partner, then I would reduce your interest percentage by the amount of the management fee. You would have to evaluate the P/L to determine if the management fee is worth the discussion. Since he is 3-4 years from retirement, he has no reason to negotiate with you. My suggestion would be to find someone that is willing to share the profit as much as the cost of the business.
How should an Assignment of lease to an LLC form read?
Q. I am currently renting a property in my name and will be creating an LLC. Once created, the tenant will be instructed to pay the LLC.
What should the Assignment of Lease form state that will be given to the tenant?
Are there any sample forms available?
I searched the internet, but am not clear since most samples seem to be between two parties. Or do I need to consider myself and my LLC as two parties??
Thanks!
What should the Assignment of Lease form state that will be given to the tenant?
Are there any sample forms available?
I searched the internet, but am not clear since most samples seem to be between two parties. Or do I need to consider myself and my LLC as two parties??
Thanks!
A. You need a proper advice from some experts in the field of property management. You can get a lot of landlording advice and help by joining a landlords association like AAOA. It has helped me when I needed some good property advice. AAOA will provide all the books and forms you will need in the business of property management at discounted rates.
How can I open a bar in London?
Q. I would like to open a bar or a small bistro restaurant in London. Can anyone advise on what the steps are. Also, what's the best website to use to search for business properties to rent?
A. This sort of business has one of the highest failure rates. With the current economic climate the statistics are even higher.
To run a bar you need premises first. Rents are astronomic in London and you would need to pay at least 3 months rent in advance so you need to get finance sorted.You need a solicitor to deal with purchase of the lease etc.
Once you get premises you need a licence to sell alcohol which are not easy to get. For a restaurant there is a mountain of red tape to comply with food hygiene regulations for the preparation and sale of food.
All that work should keep you going for a while.
To run a bar you need premises first. Rents are astronomic in London and you would need to pay at least 3 months rent in advance so you need to get finance sorted.You need a solicitor to deal with purchase of the lease etc.
Once you get premises you need a licence to sell alcohol which are not easy to get. For a restaurant there is a mountain of red tape to comply with food hygiene regulations for the preparation and sale of food.
All that work should keep you going for a while.
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