All Forum Posts by: Gustavo Delgado

This sounds like a thought out plan. 

Don't know how much losing the homestead is going to increase your payment but you will need to change your insurance to a dwelling policy (landlord) not a homeowner policy. This will be more expensive. 

The best way to learn is by doing in my opinion

Hire a realtor. if you don't know one of the bat, I would get on har.com and see what is leasing in your area an maybe reach out to one of those agents that is already working that area. Make sure you get an experience realtor that can guide you through the leasing process, vette out any prospects, explain what your duties as a landlord are and what to expect, good bad and ugly.

 Hey Ko, I am the seller in this situation not the buyer. And yes I will cooperate with the buyer to get this done..

 To clarify, im am the seller not the buyer. They are using conventional and closing was set for this week. 

I have a condo of mine under contract. Everything was running fine until Underwriting wants to know about the 10% for reserves in the HOA account. The annual budget for the hoa is $850k so they want to see $85k in the reserves. The HOA, had a balance of $195k at the beginning of the year and is expected to have $207k by year end. So the HOA is only allocating $12k to reserves and not the 10%. My hangup is that even though the HOA is not allocating $85k for the reserved this year, they will have over $200k in reserves (over 20% of the $850k budget) Everything else has been cleared by the underwriter (insurance policy, occupancy rate, ect..) but I am concerned this deal will fall through because of this issue.

What are any contingency plans or other options we can look at in the event this will not close.

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I personally, never quite get the "investor friendly" anything.

All under one lease and you should collect rent in one payment. let them figure it how to pay. 

Man, you are just asking for problems. Never skip your due diligence OR I would charge the biggest deposit allowed in you state. 

Hire a realtor with experience leasing in the area. They should be able to give you an honest assessment to see if you are priced right. And most importantly they can help you vet out any potential lease applicant so you as the owner do not make a haste decision and lease the home to someone who may not be best tenant prospect

Did you collect a deposit? Hopefully it was equal to one month of rent. Keep the deposit. tell them directly they have to vacate before end of the month and maybe see if you can charge some early termination fee. Hopefully they leave the place in good shape and clean so you can put it back on the market