All Forum Posts by: John Clark
John Clark has started 5 posts and replied 1531 times.
Post: plumbing work, contractor says no permit
- Posts 1,566
- Votes 1,250
Quote from @Jay Garrison:
Hi,
I am having washer/dryer hook ups and vents installed in two units and one GC estimate suggests skipping permits. I will sell down the road and want no problems with the city. Is this GC to be avoided? He also just dropped a price with no follow up paperwork or contract but is ready to fix a date to start.
Post: Asking for suggestions on how to structure this deal
- Posts 1,566
- Votes 1,250
Quote from @Rico Castillo:
They have a 1st, a 2nd, and a 3rd. Their agent also wants to get paid. All of the above totals about $430k. They want to sell their home for $550k. If the $430k is taken care of, they're willing to carry the rest.
So your guy with poor credit needs a mortgage for at least $390k ($10K for expenses) and the seller will do a subordinated carry for the $120k.
Concentrating on the mortgage, who's going to touch him for that much money? This is where the "why" of the low credit score comes in. If he's low because he got hammered with medical debt, sure. If he was a wastrel, don't bother with him: He'll be radioactive for at least 7 full years.
Quote from @Daniel Kaplan:
I am from the suburbs of Chicago and have a great network there. I anticipate getting an internship in Chicago my junior year summer and then getting a return offer - hence why I'd end up in Chicago.
Quote from @Daniel Kaplan:
Hey everyone!
Upon graduating college ( I am currently a sophomore), my goal is to immediately house hack. However, I am most likely going to be working in Chicago at a real estate company. How can I house hack in a market like Chicago? I don't want to live in a dangerous area and the property taxes in Chicago are insane!!!! Any ideas on what I should do here?
Second, why must you be in Chicago itself? Try northern Indiana -- cheaper, better schools, lower taxes, short commute by train to Chicago.
Third, what do you know about Chicago if you are set on living in the city itself? Follow the Ls (all of them) and check out neighborhoods. I see a fair amount of potential in the southwest side, near Midway Airport
Fourth, what financial resources/burdens will you have?
Post: Can I rent to someone who has no SSN?
- Posts 1,566
- Votes 1,250
Quote from @Tom Fidrych:
Post: Can I rent to someone who has no SSN?
- Posts 1,566
- Votes 1,250
Quote from @Nina Zou:
Check with the restaurant directly, and do NOT use the number he gave you. Try Google street view to make sure the place exists at the address he gave. It is VERY easy to fake pay stubs and deposit slips. Check with the bank, too, if you can.
Also, WHY do they have to move? If you contact the current landowner/landlord now (again, do NOT use the phone number he gave you), what does he say about the couple?
Also, how is this guy filing taxes without a social security number or an ITIN? Find out.
Post: Can I rent to someone who has no SSN?
- Posts 1,566
- Votes 1,250
I am aware of no law that says you cannot rent to illegal aliens, and some localities have laws forbidding not renting to them for that reason.
If he is Mexican, he should have a "Matrícula Consular" -- an identification card for Mexicans outside of Mexico. If he's Mexican and he doesn't have it, be real suspicious and ask why not.
Also, does he have a ITIN from the Internal Revenue Service? How is he filing his taxes?
Post: Has anyone had their realtor urge them to use their lender?
- Posts 1,566
- Votes 1,250
Quote from @Ryan Swigart:
She said since she is not familiar with that bank it will make the offer weaker.
I have dollars to doughnuts there's a kickback somewhere, and (ahem) "someone" won't get it if your bank is used.
Also, I have to ask: Is this a dual agency situation? Someone else in her brokerage is representing the seller?
Post: New & Experienced Agents - What's the most annoying part about being a RE agent?
- Posts 1,566
- Votes 1,250
Speaking as a lawyer, the most annoying part about being a real estate agent is the fact they are real estate agents. I've had to unwind so much damage from real estate agents pushing to get commission money even at the expense of the interests of the client.
And before you ask: Yes, dual agency is an abomination before the Lord.
Post: Odd situation- water leak casued damage to neighboring unit
- Posts 1,566
- Votes 1,250
Quote from @Heidi Kenefick:
@Greg M.
Thanks that’s helpful.
I live out of state, and have never been in the unit. It was inspected prior to purchase and I replaced everything old or worn out. It was the hot water heater that leaked and it was while vacant. The HOA manager turned the water off, I spent 4 hours calling not only the emergency maintenance line for my PM but when I failed to get a clear time line of when they would arrive hired a locksmith to unlock the unit and a water mitigation company to come. However the PM did get my emails/messages/calls and sent the maintenance man over and the locksmith found him inside after popping the back door open. I was literally willing to drill the locks to get this cleaned up asap. There was no way this could of been predicted. The HOA manager told me the area of water in The adjacent unit was very small.
Now that owner is talking about mold could grow etc. the unit was dried so I doubt that will happen.
My insurance doesn’t cover leaks from water heaters- I checked. And my unit had no damage, which I was grateful for since I just put in new LVP floors in July. If I file a claim, my rates will go up for all my rentals and all future rentals for the next 5 years. Plus it is not covered, and the area of concern will cost less than the deductible to fix.
I do feel bad, but I also need to be smart when it comes to business and filing a claim when it’s actually listed in the excluded clause on the insurance documents seems like a bad business decision.