All Forum Posts by: Dyna J.
Dyna J. has started 3 posts and replied 95 times.
Post: want to sell but owe more than house is worth
- Chicago, IL
- Posts 105
- Votes 31
How about renting rooms in your home? How much is your mortgage?
Post: Seller-Financing when Seller Agent is involved?
- Chicago, IL
- Posts 105
- Votes 31
Are you sure its free and clear? There might be a home equity loan (or 2). If the place hasn't sold in 3.5 years please do your homework. The expenses, taxes, etc might be really high and the rents mediocre or low.
Post: tenant screening: verifying child support income
- Chicago, IL
- Posts 105
- Votes 31
She has no other income? Is the child support 3x your rent? Whats going to happen if the father loses his job, gets a cut in pay or has more kids. (There could be other women out there that could file for support also).
This sounds risky.
How long has she been using this as a source of income? What have previous landlords said about her? Any evictions (or filings), bankruptcies or forclosures in her past?
How long is the eviction process in your area?
Post: Talking seller into lowering price after contract signed
- Chicago, IL
- Posts 105
- Votes 31
Originally posted by Jon Holdman:
Agreed.
If the comps were only $40-50k and the place needed $30k worth of work; you would have a hard time finding a buyer. Now adding on top of that a purchase price of $85k and this whole situation just turned absurd.
Put on your nikes and run from this.
Originally posted by J Scott:
Or someone else could be offering a better deal.
OP, check to make sure your buyers aren't stealing your deals out from under you.
Post: What would you do with this tenant?
- Chicago, IL
- Posts 105
- Votes 31
How easy will it be for you to find another tenant? Whats the vacancy rates for your area?
How bad is the hoarding? Even if they do clean up to your satisfaction it will be easy for them to slip back into old habits. If its that bad then give them the 30 day notice ....
I dont know about your area but I doubt using MLS would be a good idea (RE: Wholesaling). If its a good deal then you'll be fighting multiple people over it and if its a mediocre (more likely) or a bad deal then good luck finding a buyer especially when you add your fee to the purchase price.
Post: Great investment, but zero HOA reserves. Show stopper?
- Chicago, IL
- Posts 105
- Votes 31
How much do you trust your inspector? Because if a "lousy" PM company hired a lousy Pest Control company and considers that acceptable then what other lousy repairs have been made? Are you getting a smoking hot deal on this place? Zero reserves would be a showstopper for me but I exclude condos as a rule anyway.
Post: Finder's Fee Dilemma
- Chicago, IL
- Posts 105
- Votes 31
Originally posted by Donald Hendricks:
But, that is just me.
Wow.
Post: Can seller backout of contract PLEASE HELP
- Chicago, IL
- Posts 105
- Votes 31
Originally posted by Gaurav S.:
My realtor never told me that she had asked the seller to do the pest work before appraisal. She kept insisting that the seller went ahead and did this work on his own and we shouldn't pay for it. But from day one it was the seller who was going to initiate the work and we had verbal agreement that we would pay for it.
Now I am wondering if I should fire my realtor :(
This is why realtors have insurance. She lied because she knew how much trouble she'd be in once you knew the truth. Go to her broker. She needs to pony up that cash so you can move forward. Maybe even give up her commision (if legal).