1% Interest for tenant
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1% Interest for tenant (by charles dickens [CA]) Nov 11, 2021 6:12 PM
       1% Interest for tenant (by NE [PA]) Nov 11, 2021 6:25 PM
       1% Interest for tenant (by Ray-N-Pa [PA]) Nov 11, 2021 6:39 PM
       1% Interest for tenant (by Richard [MI]) Nov 11, 2021 6:40 PM
       1% Interest for tenant (by don [PA]) Nov 11, 2021 7:20 PM
       1% Interest for tenant (by Ken [NY]) Nov 11, 2021 7:35 PM
       1% Interest for tenant (by charles dickens [CA]) Nov 11, 2021 8:47 PM
       1% Interest for tenant (by NE [PA]) Nov 11, 2021 8:49 PM
       1% Interest for tenant (by plenty [MO]) Nov 11, 2021 8:52 PM
       1% Interest for tenant (by Ken [NY]) Nov 11, 2021 9:42 PM
       1% Interest for tenant (by DJ [VA]) Nov 11, 2021 10:00 PM
       1% Interest for tenant (by Frank [NJ]) Nov 11, 2021 10:50 PM
       1% Interest for tenant (by Colleen [FL]) Nov 11, 2021 11:17 PM
       1% Interest for tenant (by Colleen [FL]) Nov 11, 2021 11:17 PM
       1% Interest for tenant (by Tony [NJ]) Nov 11, 2021 11:25 PM
       1% Interest for tenant (by BRAD 20,000 [IN]) Nov 11, 2021 11:28 PM
       1% Interest for tenant (by Small potatoes [NY]) Nov 12, 2021 12:02 AM
       1% Interest for tenant (by P.B. [MI]) Nov 12, 2021 2:27 AM
       1% Interest for tenant (by W [CA]) Nov 12, 2021 3:26 AM
       1% Interest for tenant (by dino [CA]) Nov 12, 2021 6:02 AM
       1% Interest for tenant (by RB [MI]) Nov 12, 2021 8:15 AM
       1% Interest for tenant (by plenty [MO]) Nov 12, 2021 8:28 AM
       1% Interest for tenant (by charles dickens [CA]) Nov 12, 2021 8:39 AM
       1% Interest for tenant (by Scott [IN]) Nov 12, 2021 9:57 AM
       1% Interest for tenant (by NE [PA]) Nov 12, 2021 10:11 AM
       1% Interest for tenant (by Nicole [PA]) Nov 12, 2021 10:19 AM
       1% Interest for tenant (by Salernitana [CA]) Nov 12, 2021 10:58 AM
       1% Interest for tenant (by NE [PA]) Nov 12, 2021 11:02 AM
       1% Interest for tenant (by Ray-N-Pa [PA]) Nov 12, 2021 12:01 PM
       1% Interest for tenant (by Sorta Blonde [CA]) Nov 12, 2021 12:53 PM
       1% Interest for tenant (by Robert J [CA]) Nov 12, 2021 1:30 PM
       1% Interest for tenant (by Vee [OH]) Nov 12, 2021 3:14 PM
       1% Interest for tenant (by Oregon Woodsmoke [ID]) Nov 13, 2021 10:17 AM
       1% Interest for tenant (by don [PA]) Nov 13, 2021 4:11 PM
       1% Interest for tenant (by don [PA]) Nov 13, 2021 4:14 PM
       1% Interest for tenant (by charles dickens [CA]) Nov 13, 2021 7:00 PM


1% Interest for tenant (by charles dickens [CA]) Posted on: Nov 11, 2021 6:12 PM
Message:

Hi, everybody,

Charles here,

I have been unloading units due to covid & ppl not paying..-picked up some BTC :)

now I have an SFR and the tenant wants to go for a 1% interest in the property to satisfy the HOA, has anyone ever heard of this type of arrangement before so an HOA will be happy with a renter...

Opinions welcome....

because the hoa nazis say the renter must be on the deed... :)

Thx,

Charles...

````` --73.235.xx.xx




1% Interest for tenant (by NE [PA]) Posted on: Nov 11, 2021 6:25 PM
Message:

Hahaha. Sounds like youíre about to get played HARD! --24.152.xxx.xx




1% Interest for tenant (by Ray-N-Pa [PA]) Posted on: Nov 11, 2021 6:39 PM
Message:

I am absolutely not a fan of investing Condos

Place the property into a land trust and there is no way to find out who owns what.

--24.101.xxx.xxx




1% Interest for tenant (by Richard [MI]) Posted on: Nov 11, 2021 6:40 PM
Message:

No way.

If this person has any judgments against them, the judgments will attach to your property.

Also, since they will be part owner, you'll have to foreclose to get them out instead of evict (if you can even do that).

And likely more.

If you insist on even considering this, get a good lawyer involved --- who will also likely tell you no.

In Calif? Just sell and go somewhere you are treated better.

Really! Not kidding here. I just saw a headline that your gov has now extended the no eviction thing until the end of March 2022. Before then, he will undoubtedly extend until 2023 or 2024 or 2025 or just make it permanent. --75.7.xx.xx




1% Interest for tenant (by don [PA]) Posted on: Nov 11, 2021 7:20 PM
Message:

Put a tenant ton the deed? That's a hard h*ll to the no! So much bad can happen,all of which ties up your property. For just one immediate thought, what if the tenant does not pay and takes off? You cannot sell or refi your property until you find him and get him to quit claim off the deed. --73.141.xxx.xxx




1% Interest for tenant (by Ken [NY]) Posted on: Nov 11, 2021 7:35 PM
Message:

I think you should sell the place --72.231.xxx.xxx




1% Interest for tenant (by charles dickens [CA]) Posted on: Nov 11, 2021 8:47 PM
Message:

Hi,

everybody,

thx for your replies my guy whois askin for a 1% interest ina SFR,I am a little hesitant,however have as good as agred to it becuse I believe he will pay the rent..... --73.235.xx.xx




1% Interest for tenant (by NE [PA]) Posted on: Nov 11, 2021 8:49 PM
Message:

Might as well give him more than 1% --24.152.xxx.xx




1% Interest for tenant (by plenty [MO]) Posted on: Nov 11, 2021 8:52 PM
Message:

No. No. No. Ask your tax guy and legal attorney why. --172.58.xxx.xxx




1% Interest for tenant (by Ken [NY]) Posted on: Nov 11, 2021 9:42 PM
Message:

Do you understand the ramifications of what you are considering? --72.231.xxx.xxx




1% Interest for tenant (by DJ [VA]) Posted on: Nov 11, 2021 10:00 PM
Message:

You'd be better off to sell it to him with owner financing.

Or just sell it to someone else who can get a mortgage.

Life's too short to deal with such a Nazi HOA.

With what you are considering, things will only get worse. --209.131.xxx.xxx




1% Interest for tenant (by Frank [NJ]) Posted on: Nov 11, 2021 10:50 PM
Message:

I cannot imagine this being a good thing. You want to sell...improve, anything....now you have a partner that can impact your control.

Others above gave good advice, go find an atty. to explain why its such a bad idea. --174.206.xxx.xxx




1% Interest for tenant (by Colleen [FL]) Posted on: Nov 11, 2021 11:17 PM
Message:

I havenít heard about deed requirements for occupancy. However, my sister recently bought a townhouse that has strict HOA .. not allow short term rent or maximum 1x quarterly. Itís 1/2 miles from the FL beach. What they do require are applications of occupants .. I guess for filling and to check if a person has no or acceptable record. So she went ahead submitted applications of a few family members.

Could your is having this similar? --108.28.xxx.xxx




1% Interest for tenant (by Colleen [FL]) Posted on: Nov 11, 2021 11:17 PM
Message:

I havenít heard about deed requirements for occupancy. However, my sister recently bought a townhouse that has strict HOA .. not allow short term rent or maximum 1x quarterly. Itís 1/2 miles from the FL beach. What they do require are applications of occupants .. I guess for filling and to check if a person has no or acceptable record. So she went ahead submitted applications of a few family members.

Could your is having this similar? --108.28.xxx.xxx




1% Interest for tenant (by Tony [NJ]) Posted on: Nov 11, 2021 11:25 PM
Message:

I'd rather walk into the fire pit at a pig roast - wearing gasoline pants .... --73.215.xxx.xx




1% Interest for tenant (by BRAD 20,000 [IN]) Posted on: Nov 11, 2021 11:28 PM
Message:

Charles,

Whew! I was tempted to comsider buying a home with an HOA and you just cured me - THANKS!

If the person is on the deed they are an owner, not a renter.

No way to evict.

BRAD --73.102.xxx.xxx




1% Interest for tenant (by Small potatoes [NY]) Posted on: Nov 12, 2021 12:02 AM
Message:

Charles you do know you can go back on your word and change your mind, seeing as you asked for and received solid advice. be sure if yourself and tell the fellow, sorry this isn't going to work out, best of luck in your search. --24.194.xxx.xx




1% Interest for tenant (by P.B. [MI]) Posted on: Nov 12, 2021 2:27 AM
Message:

If you give him any percentage of the property, he is then a partial owner not a tenant.

That would be a very bad choice for you and an absolutely good deal for them.

By the way, what is your home and property worth. What is 1% of its worth.

If it is worth $200,000 you would be giving away $2,000 to get how much for back rent? And you could not sell unless that person signed and then you would need to give that person their share of the profits.

And who pays for all of the taxes, insurance, upkeep. You and then they profit.

A bad deal, for you, all around. --67.22.x.xx




1% Interest for tenant (by W [CA]) Posted on: Nov 12, 2021 3:26 AM
Message:

Heard of someone who did something similar - deeded their deadbeat relative an interest in the house and let them live there - this person refused to contribute to the mortgage payments or upkeep and lived there for free. No skin in the game and couldn't evict. Can you say completely screwed and left holding the bag with big legal bills? --201.140.xxx.xx




1% Interest for tenant (by dino [CA]) Posted on: Nov 12, 2021 6:02 AM
Message:

Hmmmmm, sorry to be so blunt but it sounds like a classic case of asking for advice hoping you'll be told to do what you already decided to do only for the purpose of having somebody else to blame when you screw up.

The problem here is that everybody told you not to do what you want to do. A real problem for you. You'll have to blame yourself and nobody likes doing that.

If you want a possible solution, you should first be sure HOA has the legal authority to require resident to have some ownership stake. Have quality attorney check CC&Rs to see if HOA is in compliance. That means you don't decide. Why did you rent it in the first place if you were placing yourself in violation?

Anyway, HOA are known for occasionally over stepping their authority. Next decision is if you are in violation, what can HOA do to enforce it? Will they enforce it? Are there others that are also renting out their place without problems? If you are being singled out, HOA might have liability.

Your least concern is satisfying tenant, tenant doesn't decide when or if or to whom you sell property. Unless of course you want to screw up.

--76.171.xxx.xxx




1% Interest for tenant (by RB [MI]) Posted on: Nov 12, 2021 8:15 AM
Message:

Brilliant idea.

When does your REI book come out ?

--24.151.xxx.xx




1% Interest for tenant (by plenty [MO]) Posted on: Nov 12, 2021 8:28 AM
Message:

So this is single family home. With a homeowners association. You want to sell this house. A person wants to rent it. And this person bought you a work around that seems to help them with their goal. But your goal is selling and this henders you from selling. This person is not your buyer. Next! --172.58.xxx.xxx




1% Interest for tenant (by charles dickens [CA]) Posted on: Nov 12, 2021 8:39 AM
Message:

Thx for advice --73.235.xx.xx




1% Interest for tenant (by Scott [IN]) Posted on: Nov 12, 2021 9:57 AM
Message:

If you ignore all this good advice and go ahead with this thing, have your renter sign a notarized quitclaim deed before signing the lease. Also a waiver of their right to a Partition Action. --107.141.xx.xxx




1% Interest for tenant (by NE [PA]) Posted on: Nov 12, 2021 10:11 AM
Message:

This must be a case of ďjust buy it and rent it outĒ. Set it and forget it way to riches. I swear, some landlords are their own worst enemies. --174.198.xx.xxx




1% Interest for tenant (by Nicole [PA]) Posted on: Nov 12, 2021 10:19 AM
Message:

I kept silent when I first read this thread. Now that I've thought about it, this guy is pulling everyone's leg. --98.237.xxx.xx




1% Interest for tenant (by Salernitana [CA]) Posted on: Nov 12, 2021 10:58 AM
Message:

Does the HOA's list of rules includes that 1% rule? We have some properties in HOAs and have never heard or read about such a clause to "satisfy" the association.

If no such rule exists, you already now have more insight in your tenant. I really hope that you did not change your lease to "satisfy the HOA." You might look into a good eviction attorney if you and your tenant already signed something. Best of luck. --73.93.xx.xx




1% Interest for tenant (by NE [PA]) Posted on: Nov 12, 2021 11:02 AM
Message:

Agreed. --174.198.xx.xxx




1% Interest for tenant (by Ray-N-Pa [PA]) Posted on: Nov 12, 2021 12:01 PM
Message:

If you are still determined to this - which is ill advised here is how to do it to protect you. Change the deed to reflect a transfer into your trust.

Create a Land trust that shows that 1% interest, then create a second one dated the next day showing the transfer of that same 1% beneficial interest.

If the HOA - and only the HOA needs the paperwork, show them the assignment of Beneficial interest at 1% to your future PITA. At no point does the tenant get that paperwork.

The next day notarize the change in that assignment. Transfers of the BI do not trigger a change to the deed.

--24.101.xxx.xxx




1% Interest for tenant (by Sorta Blonde [CA]) Posted on: Nov 12, 2021 12:53 PM
Message:

I read this over and over to be sure I was seeing what the poster was asking. Granting someone, especially a renter, an interest in YOUR property??? Why would you want to give away any of your property rights to anyone? Sounds totally bad. I might be blonde, but not blonde enough to grant part of my hard earned property to anyone just to rent it out. I shudder to think of the legal ramifications down the line when you try to get the 'renter' off your deed! --174.65.xxx.xx




1% Interest for tenant (by Robert J [CA]) Posted on: Nov 12, 2021 1:30 PM
Message:

Here in California you can NOT EVICT A CO-OWNER! So if your tenant has a INTEREST BY CONTRACT, like a RENT-TO-OWN or a PERCENTAGE INTEREST, you can not evict. You first have to set a side their ownership, win that case then sue for eviction.

--47.155.xx.xxx




1% Interest for tenant (by Vee [OH]) Posted on: Nov 12, 2021 3:14 PM
Message:

Just marry them and divorce, prolly several months quicker and you can sing, dance, have wedding cake and make new friends too. --76.188.xxx.xxx




1% Interest for tenant (by Oregon Woodsmoke [ID]) Posted on: Nov 13, 2021 10:17 AM
Message:

I suspect that OP owns a house in an HOA that doe not permit renting the property out. Every house must be owner occupied. That's why someone wants an ownership percentage so they can rent the house.

The only thing to do with an HOA that does not permit rentals, is to sell the thing outright and invest elsewhere. --76.178.xxx.xxx




1% Interest for tenant (by don [PA]) Posted on: Nov 13, 2021 4:11 PM
Message:

and if the tenant dies??? Now your property is tied up in his estate. Oh, he had no will and is survived by 8 cousins, and half of them are whereabouts unknown, you say?? You will spend thousands of dollars and several years(at least) trying to clear it up. --73.141.xxx.xxx




1% Interest for tenant (by don [PA]) Posted on: Nov 13, 2021 4:14 PM
Message:

Good luck trying to get a court to set aside the 1% interest. For equitable actions, you need "clean hands." You would be going into court and stating "you see, your honor, I did not REALLY give him 1%, I was just trying to deceive the homeowners association and gain a right I did not have under the contract." Court will not help you with your improper motive. --73.141.xxx.xxx




1% Interest for tenant (by charles dickens [CA]) Posted on: Nov 13, 2021 7:00 PM
Message:

No way am I giving out 1% :) --73.235.xx.xx





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