All Forum Posts by: Cali Skier

First off, great forum, I really appreciate all the help we have received here.

Second, I am not emotional about this, its a business decision for me, I am in this to make money.

We have tenants that are renting our property, they pay on time and actually early every month.  The grass is always cut, they seam to be taking care of the place.  They are a nice family that is not married but has 4 kids.  They paid first and last months rent. We have a very nice house that we updated, painted and put in new laminate flooring.  We have not done an inspection yet but should have.  We got a call 5 months ago because they wanted a dog.  We told them $300-$500 deposit on top of the existing $1500 deposit.   They said they would not get one, we trusted them on this.  Well, we believe they have a dog because I was over there last weekend to check on something outside.  Lots of feces in the backyard grass, paw prints all over the back patio and the back door is a little chewed on.  

Lease is up April 1st.  Here is what I plan to do about it.  First, I believe I know what kind of dog it is, and if its that dog we would have accepted it.  I plan to do an inspection for smoke detectors this Thursday or Friday giving 24 hour notice.  I want to know if the property inside is well maintained.  I will walk through it and I assume the dog will not be there.  After the inspection is over AND I am happy with the care of the house I plan to politely address the dog in this matter.  We know there is a dog living or visiting this house and while it would have been better if you would have just told us, you have otherwise been good tenants.  We need to see a picture of the dog and we need a deposit in the amount of XXXXX.  If you would like to continue living in this house, we need you sign this new 1 year lease agreement starting April first at $75 more per month (5% increase) to bring you closer to market. We would except a payment of $50 a month to pay down the deposit for the dog.  The $50 goes away once you have paid the deposit.  If this is not acceptable to you, you have violated the lease and we will give you until March 1st to get out of the house. 

What do you think of this, I do not want them to pour concrete down my toilet.  The other option is to just tell them we know they have a dog, and because of that we are not renewing the lease after April first they must be out, and let them come up with their own solution because we know they do not want to move, they asked to renew the lease about 6 weeks ago.

Thanks in advance.

Thanks, I surfed https://www.fanniemae.com/ for about 15 minutes and was unable to find any information for investors. 

I am also worried about getting a 4th (last) investment loan and not being able to make updates to my house.

Rocket Mortgage https://www.rocketmortgage.com... said:

Meeting The FNMA 5 – 10 Financed Properties Qualifications

Fannie Mae unveiled its FNMA 5 – 10 financed properties qualifications during the housing crisis for highly qualified investors. Qualifications for this program include:

• 720 credit score
• 25% down on a single-family home, 30% down on a multifamily home (which could involve a two- to four-unit property)
• Have the funds needed to cover PITI on all properties
• 2 years of tax returns showing rental income
• No bankruptcies and foreclosures or delinquencies of 30 days or greater on a mortgage
• History cannot indicate any late mortgage payments in last year and bankruptcies or foreclosures in last 7 years
• 4506-T form, filled out for tax purposes

You may have to shop around for the right lender; not every lender will offer you the option to tap into a FNMA 5-10 financed property due to potential risks to the lender.

So my wife and I have 4 loans.  1 for our home and 3 rental properties.  We want to keep buying properties but have been told that after 5 loans it can be difficult to get a 6th loan.  

Here are my questions...

1. We want to get a loan to make an addition to our current home.  Would that be considered loan number 5?

2. How do you get the 6th, 7th, 8th, etc. loan?

Thanks Bruce and Jake.  It's buried in the dirt in the back yard, planning to gravel around it with a valve box.  It is required because the manhole covers are higher than the lowest drain in the house.

Thanks folks, I have found that it is a backflow valve burried in dirt and I am trying to figure out how to get it off.

Thanks, should I try to pull up the laminate or just let it sit?  I will get the mold killer spray as you suggested, but not sure how it would get under the laminate. 

It would be a big job to pull the laminate I think.  I would have to pull the baseboards to get to it, and it runs in the direction that the water flowed across it in the room so I would have to pull it from the sides of the room back to the middle where the doorway is.  If it ran perpendicular to how you walk into the bathroom I could just pull it from that wall and it would be easer. 
 

So I just bought a house, this is the 2nd month I have rented it. The renter called last night and said that the house was flooding, toilet in the master and AC drain in the garage both overflowed.

I called the former owner and he said remove the cap off the cleanout outside and plunge it. The renter did that and it cleared. I asked the owner if this happens often and he said it didn't but this is the fix when it does. He said if someone flushes something they are not supposed to it will cause this. Sounds to me like it is clogging beyond the cleanout, odd...  The former owner said something about a "flap" that gets "stuck" or "clogged" not sure what that is about.  This is a line that goes to a city sewer line that runs along the back fence in the neighbors yard.  

Questions:
1. I have never seen this happen on 4 other houses I have owned. Is this a common thing? Does something need to be done, or just tell them to be on the lookout, try to watch what gets flushed, and plunge it if it clogs again?

2. The water got under the laminate in the master. I think I will shop vac it heavily tonight when I go over there. If no other water is going to be present in the future should I just do that and leave it? My thinking is there will be no further water for mold to grow. Any thoughts on this?

3. The "flap" anyone know what that could be?
Thanks in advance folks...

Thanks to all of you guys.  Appreciate the advice and Gary the differing opinion. Thanks all!

Hi,

I looking for some advice, let me get right to it. We bought a property and are renting it to the owners who are about to move out. We had a nice discussion with them yesterday but towards the end they mentioned this issue, I do not yet have more information but I am going to talk to them again...

Side bedroom of this house has a winter only water issue where the wood flooring in the room rotted out and had to be replaced with carpet. The furniture in said area of the room had to be replaced because it became damaged. This room is on the front left corner of the house, there is a water faucet on the left corner of that room facing the front of the house. I do not believe there are any other water lines near this issue. Bathroom is across the hall and I am 99% sure sewer lines go to the back yard and not the front so its not sewer, and it does not smell. I believe its PEX tubing.

I know this is vague, but even ideas of what this might be would be helpful.

Thank you.

Any thoughts?