All Forum Posts by: Joe Homs

@Suzanne Mortensen we use Propstream because it's countywide.

Good Investing...

@Lutfiyya Portier I hate to tell you this but, you have done everything you should NOT have done.  It looks like the sisters still own the property.  You would have to get in touch with one of them to resolve this, which may need a probate attorney to resolve, and you may not get anything after that.  You should ALWAYS get title insurance when buying or selling a home.  A quit claim deed is worthless.

Your recourse now would be to get money paid from your father, but I don't want to have that conversation.  He may have been unaware. Possession is 9/10 of the law so I would keep renting out the home until hopefully you have recouped your investment and more.

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@Jamie Powers you will need to check with the city for specific local laws, but you should be good with 60 days notice.

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@Rosanne Muschenheim I am not understanding all your information.  Is your "first house" your primary residence?  If so, you can use the 121 exclusion and save on capital gains taxes to sell the home.  If it's an investment, then you should do a 1031 exchange.  So, I suggest before you buy something else you need to figure that out.

Life is short for "senior investors" like us, so live your best life and buy wherever it makes you happy.  Make sure your financial situation is square and go for it.

Happy investing...

@Becky Wong Kaplan I would have our friend review the PM contract and see what is needed to cancel that relationship (usually 30 days notice.)  That solves #1.  Then find out what needs to be repaired by section 8 and make those repairs.  If it's something the tenant damaged, then you can charge them.  Usually, the section 8 tenant is very cooperative, if not they will lose their voucher.  If you don't want to keep them then wait for 60 days prior to the end of the contract and notify them.

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@David Krovblit you can find some good one's here at this meetup.

OC Real Estate Investor Networking - Founders of Creative Vestors (biggerpockets.com)

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@Samantha Hooten Is there a reason that they are selling?  Are they old enough for a reverse mortgage?  If you put yourself on title, then the County will reassess the value of the home and you will pay more in property taxes.  A good investment is something that cash flows.

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@Kyle Pierrehumbert yes, so true.  When you get to the point of renting out the unit make sure you get a NON refundable deposit if your state allows it to keep them honest.

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@Kyle Pierrehumbert that is what being a landlord is all about.  I would suggest a price drop, but you say its competitive.  The longer you have it on the market, it like offering a price drop right away.  If you are renting for $1200 a month and can't then you have lost that income for the year, so you are really at $1100 a month.  Rent it as quick as possible.

If your feedback is great then why are they not following up?  Are they being honest with you or don't want to hurt your feelings?  At the minimum, the home needs to be freshly painted, newer flooring, and all the appliances in good working condition.  Have you considered section 8?

Good Investing...

@Kaleb Ahonen looks like you really want to learn.  Check out this meet-up in the OC also listed on BiggerPockets here: 

OC Real Estate Investor Networking - Founders of Creative Vestors (biggerpockets.com)

Good Investing...