All Forum Posts by: Jack B.

Under the CDC moratorium you can? Link? The CDC policy doesn't mention anything about 30 days, just non rent related reasons.https://www.federalregister.go...

WA's policy is that you can evict if you move in or sell, with 60 days notice. But the CDC moratorium....

I am cash out refinancing 4 rentals to buy 4 more rental houses. I have cash on hand to do it, but figured I'd reduce my taxable income and avoid putting fresh money that is not subject to RE capital gains taxes into new deals.

At first I was not going to buy new ones in WA because of the seemingly never ending eviction moratorium. But then I did some digging and found many other states have extended theirs as well and then the CDC came out with a national ban.

I figure I can mitigate this by being EXTRA picky about income, credit and career field, making sure it's a multi income household, and also that it would be worth it to take on the rentals if I reduce the risk like this. I'm pulling out nearly 500K out of rentals, much of which is coming from 2 rentals I bought just 3 years ago.

I figure the rising prices and long term rent increases will be worth it, and I'm also considering a new strategy, rather than relocating my rentals, I'd leave them here to get the insane appreciation and cash-out refinance periodically to buy rentals paid in cash in a different lower cost of living state I plan on relocating to. This way I will have my 10 loans maximized and appreciating for me here, and any number of paid off rentals for insane cash flow where I want to move to. Boom!

Thoughts?

The drain pipe from the kitchen is leaking into the basement. The galvanized pipe is rusting and causing a leak. The rest of the house is on PEX already. But they didn't do the drain pipe to the basement when I bought it.

I can have them terminate the new pipe below the ceiling into the basement for 1.5 K or have them replace the whole thing UP TO the concrete floor for 2K.

I plan on selling the house in no more than 2 years anyways. I'm tempted to go with the 25% cheaper option.

Part of me wants to do the short term fix, as it sounds like they don't go below the concrete and there is always still a potential for a leak, as the  plumber said they terminate for the long term fix 3" above the concrete slab. I plan on selling the house in 1-2 years anyways.

The other part of me thinks, long term fix as it will be less likely to come up in inspection. That said the house has a 10 year old water heater and needs to be replaced as well, but I want to sell soon to avoid all the capex expenses. 

So 1.5K for a fix that will likely work for years then sell, or 2K for long term fix?

 

I don't think you actually understand fair housing laws. I can tell tenants who live in my basement whether they can have large gatherings on my lake....it's not the same thing as discriminating against families living here...your troll comment is outlandish, insulting and baseless. I would expect more of a "moderator"...As a licensed Realtor here I understand the laws considerably better than your presumptuous and insulting persona. 

Moreover you tell me to refrain from following up "on this line" as if you can make insults and force people not to respond. WHO DO YOU THINK YOU ARE???? I'll gladly take this up with the actual owner of this site, your post is WAY out of line. Literally insulting me with baseless assumptions then telling me not to respond back...

 I forgot about escrow, it was a miscommunication. So for some I'm paying 6K total all in including escrow, points, etc. but for others it's about 10K all in. Still way cheaper than the 20K my usual broker was asking. What a rip off. I'm actually starting to like Aimloan so far....$800 in points for a 3.65% rate. My usual broker was asking for 10K in points to buy that rate...

I have a studio apartment on a lake house that is in my basement. A married couple with kids want to rent it from me and have family over to enjoy the lake all the time...I'm like, I am renting a unit for YOU and I to enjoy the lake, not have it turn into a damn public park....

36 year own ANTIFA winner living with mommy wants to rent my lake house because she is ready to move out...she wants to rent it with her indoor emotional support pig...lol

 Who are you using? A national lender?

Double post.

I'm using a direct lender (AIMloan) but it turned out that I forgot the escrow charges! It's actually 4% regular closing costs.