All Forum Posts by: Daniel Sabato

A couple general questions:

1. Is the future of rental property landlording essentially coming to an end with the way the government is trending rapidly into total control?

2. When this real estate bubble pops (It will pop right?) , where will rents go? Collapse? Sky rocket? What’s everyone see for the future

Hello Everyone! Looking for some input in regard to money down on my primary. With a crazy competitive market most offers without 20% aren’t even being reviewed. My pre-approval is almost double the amount of the homes I’m looking to buy (I’m pre approved for $800K, I’m looking at home around 450) , so I’m pretty frustrated but it is what it is. I don’t hold much cash generally because I buy rentals. Anyway, that’s life, but my question is this: My lender said we can write the offer for 20%. She’s considering all cash, assets, 401K, anything liquid that can be used for that 20%. If we really wanted to, yes I have the 20%. It isn’t like I have 30K in assets and am saying I’ll put down 90, that’s not the case at all. But What are the risks associated with this? If the offer is accepted, can the seller say no way if I decide to change to 10% down? Is the money in escrow gone? I’m in NJ if that helps. I basically am just trying to cover all my bases & be very cautious about following the law. Thank you!

Hello Everyone, 

New investor here looking for some guidance from people with experience. Long story short I bought this property a year ago, had all the inspections done and such, did everything by the book. A year later I am being told that there's a foundation issue. Water is leaking up through the floor in the basement. Obviously I'm in panic mode a bit because this is the first major issue I've had with one of my properties. I am trying to understand how something like that was missed in an inspection, if I have the ability to do anything legally regarding that, how I should proceed now. Just looking for any advice from people on here. Thank you!

@Julie Hartman thanks so much for that response Julie!

Has anyone ever used a home warranty service to cover the small issues with appliances & such throughout the year? For example, America Home Shield? Wondering how well it works & if it’s proven to be worth it for anyone here!

Hello everyone, this is more of a question that came to mind & not really a situation I’m currently in. Is it possible for investors to sell a property that they have not yet paid off, keep the cash from the sale, and keep the original loan because they’ve got a stellar rate & a nice low payment? That’s very cheap capital. I’m not saying it makes sense always, or ever for that matter. But I did wonder if that’s possible. Any feedback is always appreciated!

@Kim Meredith Hampton Totally agree Kim & honestly I was very lenient about this for months due to the pandemic & trying to have some sense of empathy for people during this. It is what it is but just hoping to avoid it next time. Thanks for responding!!

@Mike Terry Thanks Mike, very insightful!

Hello everyone I’m looking for some general advice for a situation that I imagine is pretty common around here. I’ve got a property manager handling 2 of my properties. One of the properties has been a nightmare, tenant moved in, basically never paid rent for the 4 months & vacated the property, left the interior in shambles & left a nice bill for me to get it rent ready again. Property Manager sent them to outside collections & said they did everything when vetting the tenant, background check, credit check etc; I’m very frustrated with the situation & I’m not sure if I should fire my PM & move on or just consider this a bad situation all around & move forward with them. The second property is fairly new & the PM hasn’t had to do much with it. I understand this is part of the business and I need to be as unemotional about it as possible but it feels like a real kick in the chin when someone has so little respect for your property & the overall business transaction in general.

I’m also wondering has anyone ever received the unpaid rent from an outside collection agency after a tenant leaves? I feel like that’s a long shot but I don’t know. Any advice is appreciated.

@Theresa Harris That’s great information Theresa, thanks a lot!