All Forum Posts by: Emmanuel Ivory

Also looking for an CPA in Sacramento area who is familiar with investing 

I collect rent through Apartments.com previously run by Cozy.

Hi BP!

My brother and I are house hacking our home. We found an applicant who completed an application, and paid a security deposit 3 weeks ago and has yet to sign the lease. The young man is a student and did not want to sign lease until closer toward the start of school, later this month. The applicant was expected to move-in 10 days from now. Today the applicant stated that he could not move-in because of tuition cost and his job suddenly being unable. I thanked him for being open and wished him the best. 

But he asked for his security deposit back since he has not moved-in nor signed the lease. I do not think he is owed the security deposit since we turned away other applicants and held his room for over 3 weeks now. So what do you think, do we have to return his security deposit?

We are new to real estate and being landlords. I just wanted to ask for a second opinion before telling him we cannot return security deposit. We are in the Sacramento, CA region.

@Chris Pasternak

Hi Chris thanks for the information. So to answer a few of your questions, I am working with an agent and so is the seller. This seller has gone into escrow at least 2x before the previous buyer pulled out of the deal. The previous buyer does have a pest inspection and a home inspection done earlier this month. I just learned about the home inspection after talking to my agent.

I have reviewed both the pest and home inspection. Based on the home inspection it appears there was a plumbing leak that lead to moisture under the home but the issue has since been repaired. The inspection report does advise to have a plumber inspect the home again to ensure the issue was fixed properly.

Hi BP,

So my brother and I are buying our first home in Sacramento with intention of house hacking. We are speaking with the seller who wants to sell the house as-is, which I understand but the seller also wants us to waive inspection.

As a first time home buyer and someone who has spent months saving money for a down deposit, I am afraid of pulling out and loosing earnest money.

We do have a Pest report estimated repairs of $10,000. Seller offering $4k credit at closing and home renovated with a great deal.

Am I overreacting? Please any advice would help.

@Nick Sandoval Hi Nick I am in the Sacramento area and interested in a duplex

@Elijah Householder Hi just following thread as I have the same question and plan to be in the same situation next month in Sacramento CA.

I am buying my first home and using FHA so I must also evict one tenant in the duplex. I assume a 30 or 60 day notice should suffice?