All Forum Posts by: Account Closed

Actually the suspension is for 60 days. For HUD and Fannie Mae

If you borrow from private mortgage or bank that is not backed by fannie mae you have no relief at this time.

https://www.fanniemae.com/portal/media/corporate-news/2020/covid-homeowner-assistance-options-7000.html

Here are the link from HUD:

https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_042

I use zep smoke odor eliminator. it works well for spoke and cooking smell.

Spray the whole house includes vent. the next day the smoke is gone.

Regardless the law, if the tenant's agree it's always a good idea to sign a new lease anyway. 

This way it will be your name on the lease not the previous landlord.

Don't forget to ask for, pay stubs, copy of driver license, etc.

I had situation in the past with inherited tenant with no info. You need this info for future legal action. garnish their wages, etc.

Your agent is right, most likely the blinds will stay. 

She should've ask this to the seller's agent directly and confirmed it for you. Instead of asking you to ask yourself at the inspection. I understand buying a house is stressful. It is her job as your agent to address any concern. Blinds is not a big issue but if you concern about it, it is a valid question.

Just ask her to add it to the next amendment. Be sure to do this before the due diligence end. 

Being 3 hours away i can understand if you can't attend the meeting.

What you should have done is contacting the HOA board instead of the HOA management company.

Since the board is the one that held the meetings and the one that responsible of hiring and firing the HOA management company. (of course by voting)

You should be getting regular newsletter from the boards and usually it has their names and contact info.

Does the condo have a website? look for the board info there too.

and start calling the board.

Good Luck!

Congratulations on your purchase. 

One of the benefit using a property management is they do the book keeping for you. 

You just need to keep track the expenses that you personally pay, if there is any:

example: mortgage, taxes, insurance, etc.

I recommend to hire CPA at least for the 1st year. They can help you identify tax savings. 

I recommend to open a separate bank account , start from a clean slate.

It will be easier for you to keep track. Ideally it will be only 12 transactions but most likely it will be more.

example: almost always repair cost will be more than reserve funds, in that case you will have to transfer the money.

You need to go to quick book mechant site and download the statement for the month the tenant claims they paid. To show you never received the payment. Good Luck.

It's all about the numbers. If your mortgage is the same amount as your rental amount. I would consider it as investment. Because you can deduct taxes and insurance plus appreciation. Example: when we sold our first home we gain 50,000. We use that as a down payment for our new home. If we were to rent that 1st house we wouldn't have that 50,000. On our current home if we sell this one now we would have capital gain 120,000 tax free. It is in a better area and it's a great school district. The price has increase significantly. I would recommend to purchase your primary residence first if you can put as little as possible for the down payment. Then use the rest of the money to buy investment.

HELOC follow up question. Is the rule apply to existing balance. Or only apply for new withdrawal.

I personally like security deposit, most of my tenant doing really good and majority of them are getting their deposit back. 

So it is not fair to charge someone who maintain your property the same amount with others who doesn't. 

Also I think if they know they getting their money back they usually tries harder.