All Forum Posts by: Account Closed

yes.  
it's renewable as long as you pay the renewal. 
every home warranty is different.  for your example.  some will cover the replacement and will only pay for part of the cost. 
majority of them do not cover 100%

The rent is so low.  Over here $200,000 home will rent for at least $1,500

I would recommend to do some upgrades and raise the rent. 

Can you refi to fix mortgage? 

Actually, If it's my listing I would not get appraisal. (Get local agent opinion that knows the market) 

I would spend my money on home inspection (good one) instead. Most termination happen during inspection period. When buyer's see those 50 pages report they freak out. Even when it's small items that we see every day. If you can tackle this small items prior their inspections you have a better chance pass the due diligence period.

Why i don't get appraisal:

1. A good appraisal once told me that they usually try to match the contract price as much as they could. Meaning it is better to have a contract price so the appraisal can work on that.

2. One appraisal can appraise high and the other can appraise low, since the bank won't be using the same appraisal you really have no say on this. Buyer appraisal can come back with totally different price than your appraisal.

This is just my preference. 

Congratulations 
Wish you a great success. 
This is a difficult question to ask because each transaction is different.

Great agent sometimes can be a great help if the deal turns sideways and can help you saves the deal based on their experience, connection and creativity. 

By this I mean,  inspection issue, Appraisal issue,  financing issue,  etc. 

Listing service is great for putting the house on the market and if the market is hot it will be under contract just as fast. 

If you decide to do that,  I would recommend to still have an agent as consultants a day just compensate them for their time. 

Here are things you want to avoid and an agent can help you with this. 

Pricing it too low. 
Real life Case.
I ask the seller how much they want to list the house.  
They said they did research and they think their house worth 250,000.
I know the area pretty well so I recommend it to listed much higher. 
and the house sold for 270000.

Pricing it too high or odd numbers. 
example:
some area the hottest market is selling under 200,000
seller listed at 205,000 (big mistake) 
they just eliminated majority of buyers that are looking to purchase under 200,000
why this is important you ask? 
because when the buyer run a search or when I set up listing notifications to my client.  I usually put even numbers.
example: if they are looking for up to 200,000. all the listing I send them will have MAX price 200,000.
seller listing over that my buyer won't even get the notification. 

many other samples that is too much to list. 

Hope that helps! 

Refer to your agreement.  
Every property management have their own rules and regulations. 

For me I never charge termination. 

Not worth the headache.
I had the same situation.  
Nice house to begin with but they demanding unrealistic things. 

We try to accommodate but decided to move on and return the deposit. 

Now the house is rented going on 2 years with different tenant and much nicer. 

Some people live in dream world. There is no such things as perfect home.

Communication is the key.
I do have one case.  tenants always late paying their rent. 
Even though they paid late fees the payment date kept getting later. 

So I agreed to give them 1 month break so they can keep up. 
We have that 1 month rent in installment. 
Then change the due date to biweekly according to their pay schedule. 
(we have this in writing via lease amendment) 

Now they pay on time.  They installment Is almost paid in full. 

We all happy. 

I always try to work out the issue first.
Most tenants are good,  they just bad with money management that's why they are tenants. 

But if they are bad tenants.  I would Eviction without a blink. 
Life is too short to deal with bad tenants it's not worth any amount of money. 

In my opinion you are Not under water  I would not worry about the market up and down. 

This should only affect people that have to sell their home in down market. 

We all have seen our property went down in value, don't mean anything for me because my mortgage payment is the same and I have a roof over my head. 

If I were you I would not sell,  that's $40,000 your hard earn money.

I would definitely rent it until I get my money back or at least until I am break even.  

No,  brokerage it has nothing to do with inspection,  Appraisal and permit. It won't affect those whatsoever. 

However,  if your partners want to compete to get listing,  seller tent to choose known/reputable company. 

Buyer's side not so much 

Agreed you can't replace expertise.  You should always seek advice.

I consulted with CPA already I know what I can deduct or not deduct. I set up my quickbooks based on that. 

After that I do it myself and it is so much faster. If my situation change I consult again.

The end of the year i enter it on turbo tax. It only took me minutes. 

Turbo tax also transfer my previous file and calculate my depreciation automatically.

I love turbo tax.  If you ask me. I choose turbo tax every time.

but this is not for everybody.