All Forum Posts by: Geoffrey Hoffman

EPA suggests a mitigation system if the reading is 4 or above.  Get the mitigation system.

How many years ago was it that there was a huge recall on defective drywall?  I never saw any myself , so I don't know what it looks like or what goes wrong.  The picture doesn't look like water intrusion to me, with no apparent problem directly above the subject area. 

No, a Realtor cannot offer price/terms which you did not tell her to offer.  That is why it is best to negotiate in writing.  

That aside - If your first response is to call her broker, get her in trouble, and take her license away- Why not have a conversation with her first? Are you sure there is not a miscommunication here?  Based on the numbers you stated:

Bank is at 136k

You tell Realtor to offer 129k

She says she asked the bank to contribute 7k to repairs. 

Was the counter at 136k minus 7k towards repairs  (net offer of 129k, as you wanted)?  Or was it 129k with 7k credit (net of 122k).  Did you even ask her?  Is it just a coincidence that the difference was 7k?

Is this national?  107k household income for the 80th percentile seems low.

So... I'm assuming you've filed a police report??  Depending on the jurisdiction , 3k could be grand theft.  If he did it to multiple people, it's not just his reputation he's risking.

No no no.  You want the apartment, you apply.  Your sister wants it?  She can apply.  If the person won't fill out the application, they are hiding something.

I own 2 duplexes in Cleveland, both with this same layout.  The upper unit includes 2nd and 3rd floor.  Rent amounts are high due to the increased square footage and bed/bath count.  In one case, I made the 3rd floor a master suite with full bath and walk in closet.  The question of "is it legal" never occurred to me since the 3rd is not a separate unit.  The attics had already been finished usable space.

Not knowing anything else about the situation or your motivation ; I would do 1 of 2 things-

1. Delay close until the mess is cleaned up.

2. Tell the seller "Give me a certified check for $1000 and I will close."  

Easy

Many REOs must be cash purchase, or rehab loan.  You are not the only cash buyer out there.  There is always some wiggle room in price, but don't think you are not competing with other cash buyers.

I don't see how it benefits you much.  With a lump sum, what would you do with the money?  Probably have it sit in a bank account earning little to no interest.  You can't spend the money.  What if the tenant has to legally break the lease mid-term (some states have laws about military, etc.).  You may need to return some of the funds for future months.

You still should do background/credit check as you would with any other tenant.

The tenant can easily open a checking account and set up automatic payments to you, via bank check or electronic transfer. Why not just do that?

I had a situation where the tenant didn't qualify (based on income) for the full amount of rent.  He had very good credit, clean background, and had savings.  I wasn't worried about him paying reliably, just that his income wasn't high.  We agreed that he would pre-pay a lump sum to "buy down" the rent amount.

Here's what we did.

Monthly Rent- $1000

Security Deposit - $1000

Non refundable Pre-payment $300 X 12 to make the rent $700/month.

Due at lease signing - Sec. Deposit, First Month, and Lump Sum (1000+1000+3600).

I don't know if this example helps you-  Just a way to meet halfway.