All Forum Posts by: Lynn Z

you're absolutely right...someone always makes money in down times. Right now in my area, it's really large homes in the city that are selling at reduced rates and need improvement.

don't forget pulling 10,000 out (say on $110,000) might cost you 2.5-3% closing costs on a refi when everything is considered. Calculate how long it's going to take you to pay off the points on the refi before deciding. It's always a big decision for me to pull cash out. You don't want to wind up worse off.

sales of medium and higher priced homes that have been sitting for a year or so have sold in the past three weeks. Long term investors (one house held for 14 years) are letting go of break even rentals as they are tired of flat rents and higher and higher property taxes. One investor that told me how great things were in September is entirely out of the market....tired of the hassle.. according to his lender. I think the market is going to be complicated for awhile.

there are some great articles in the charlotte observer about entire neighborhoods affected by "funny" financing. It's makes interesting reading on line.

How are two tax years treated with a 1031 exchange? You acquire in 2006 but your holding period of 180 days ends in 2007. Is the same IRS Form filed out in the first year with partial information and completed in the following year?

you must be a realtor or broker. Here, they've gone to a personal key swipe method where realtors can only get on at your computer....no loaning of passwords for any reason.

House sales are brisk in our area for the first time in over a year but prices are flat year over. Good bargins at the high end ($500,00 and up) but alot of unfixed inventory being sold. Don't know who's buying them but definitely going to have to have $$$ thrown at them.

Wallpaper hangers are backed up for weeks and months and stay busy in the summer. They say remodeling jobs not new construction business. Who knew anyone was even remodeling with wallpaper these days.

Are you looking at MLS or are you talking Realtor.com? You have a definite advantage when you have the MLS system but even then, agents are buying off of those postings and can reduce the price by their commission. It's hard to compete. I know someone who did quite well as a new investor just making deals with investors who would negotiate with him.

Most of the realtors in my lifetime recognize a "good deal" as a property that will sell...that doesn't necessarily match up with great value. I've always found you have to do the footwork and ride bys yourself.

How many times have you gone to an open house or gone through a house with a realtor and asked "Do you know of anything else interesting"? They'll flood your email with stuff you already know about but they just don't court investors unless they are buying themselves and rehabbing. I think alot of the best deals are gone before they hit the market. Perhaps stiffer credit guidelines and higher risk in the market these days will curb some of that enthusiasm.

I called the other day when a new FSBO sign appeared up the street from a house I'm doing. Guess what, a realtor owns it. They won't even list their own houses. Apparently she's been turning houses for 5-6 years. How committed is that?

I'm renovating a house. The sales history showed a higher amount than I paid for the property and the assessor set the newer rate based on that sale. It was a inter family purchase from father to daughter.

Fast forward, the assessor going through deed transfers sees that I paid alot less for the house and shows up in the gutted kitchen asking questions about the value to the dry man of all people. He just couldn't understand why that house dropped in value. They must be desperate for property tax money.
I normally protest all property taxes but since I was renovating extensively and the assessor walked in the front door of my property to take a look...I just let this one pass by. You really have to pick your battles with the assessor's office.

If the terms of the lease are met and the unit is in clean condition the tenant should supply a forwarding address in writing to the landlord. In our state, he has 30 days to give a written accounting of what he deducts. Make sure all utilites are taken care of and that the mail is forwarded to the new address
or held for pick up.

If the accounting isn't reasonable, go to magistrate's court (can do this in my state) and let the judge decide. If you've hired a cleaning service or maid both sides can bring their documentation and let the judge determine if the landlord has had legitimate deductions.