AboutRichard Fritzler Expertise Comparing the advantages and requirements of traditional estate practices, and unconventional methods? Are Trusts a viable asset protection vehicle? Is there an alternative to buying life insurance to reduce the impact of the estate tax. Is the elimination of the estate tax during the next decade good for everyone? I can review the benefits and misinformation that exists.
Experience I have been in the business of assisting business owners in reducing their taxes and liability for over 17 years. We specialize in developing plans that eliminate the estate tax, not find a way to prepay it. Most small businesses do not survive the death of the principal. We want small businesses to not only survive, but flourish.
Organizations National Small Business Owners Association.
Nevada Association of Listed Resident Agents.
Citizens Legal Association
Publications Contributing author to "The Corporate Standard Newsletter".
Expert: Richard Fritzler Date: 6/15/2008 Subject: carrying a note in CA
Question Hi, i am considering carring a note on a property i own in CA. What i'm wondering is how long it would take to get someone out of the property if they stopped paying the mortgage. Everything looks great with these people i'm just imagining the worst case scenario. I know banks take 6 months to get people out, right? But as the owner and not having the red tape, i'm wondering if 3 months or less is possible...I guess i'd ike to know the procedure and the time constraints.
thanks,
john
Answer Trust me the banks don't create red tape to make their job more difficult and slow down the recovery process. Each State makes up the process that you have to follow in order to evict.
It could go quick, you might just ask them to leave and they leave. Or you might have to deal with a professional tenant, someone who knows the ropes, and can stretch his security deposit for a long time. It could be that you file a 30 day notice and on day 29 they file an appeal which might take a week or 3 to set a hearing date, when they lose that appeal then you file a 7 quit or pay rent, which really takes 3 weeks since no matter what day of the week you file it, it won't record for 3, then must be posted, that could take a day or two, and seven days is only work days, etc, another appeal, another court date, maybe they'll be granted an extension to make payment, After all that, and only after all that can you file the 3 day notice of eviction. 3 business days, filing time, appeal, etc. And this is the process in what is normally considered a landlord friendly state (NV). CA is far more tenant friendly.
Let me tell you a story about a landlord in Oregon (Tenant friendly state). He owned a few rental houses and wanted to get out of being a landlord, he went to each of his good tenants and offered them a deal, Sale on a contract. After about 1 year they'd have accrued enough money that it would be sufficient for a down payment and they could qualify for conventional financing, until then, the payments would actually go down. Sounds like a great offer and it was, his longest most reliable tenant agreed to it. Everything went great for a few months, then there was no payment, and no payment, he tried to call him, he finally was able to contact him at his job. The tenant said "I decided not to do it, and moved out, but don't worry I got you a new tenant". No contract, no money, etc.
He pursues the legal process, It took 6 months and at the last moment the appeal comes, more time for scheduling a hearing, he goes to court, the squatter is there, he makes his case, then the squatter gets up and has a stack of pictures, these pictures show that all the cover plates have been removed from the outlets and the outlets are hanging out of the walls, the chandeliers have all been yanked out of the ceiling and hanging from their wires, the toilets are smashed, and the list goes on. He then says, "your honor the reason I'm not paying rent is because this is what I have to live in". The judge decided "that no rent shall be paid until this problem is resolved".
But that is probably the Worst of the worst case scenarios. As far as procedure and time frame I would contact your local constable's office they are probably the ones that actually handle evictions in your area. Get the forms and list of procedures, find out what the definition of "a day" is. Find out the possible hidden days, such as delay of filing, how long from appeal request to court date, etc. then you'll know the worst case.
Richard Fritzler http://www.OweLessTax.com
http://www.NevadaCorporateServices.com
phone 800 590-6612
