All Forum Posts by: Jonn Vidal

is this the new norm? i mean especially with estates where real properties sell for $1-5+ MILLION each nowadays?!

With most urban tenants in default since 2020-21 and Courts routinely granting them another year, there's bound to be a high % that remain FSBO since even after u get a FSBO to list, it eventually expires unvisited since most tenants are using covid and now postponed eviction orders to stop buyers/inspectors/appraisers from entering!

Thus the new strategy would rely on sourcing cash buyer investors who buy unseen and present those offers to FSBOs rather than just be listing holdover properties that are under indefinite tenant lockdown which is the gross new norm!

Aunt was showing me she received a cash offer of $649K from Zillow on her single fam detach.

Zestimate says $1.365M.

Are they going around offering around half of MV or is $650 their cap and if so whats it based on: a max of double the average national home sale price? Cuz around here avg sale price for SFD is currently like 2M!

Coast to Coast, Legislature is quickly shifting from Pro-Tenant to Anti-Landlord!

NY: 

No Evictions! Not Now, Not Ever – The Brooklyn Rail

What's next, even hotels & motels and private estate alike will be barred from removing tresspassing squatters?!

Under the Legislature’s misleadingly named “Good Cause Eviction” bill, all sorts of renters will be allowed to remain in their rentals FOREVER giving landlords & owners virtually no recourse, not even to sell!

Even AirBBers will be protected should they wake up deciding to stay not one night, but permanently. Even tenants who haven't paid in years. Even a roommate temporarily renting just a room who takes over the whole building permanently!

In theory, the bill still lets landlords evict tenants for “good causes,” such as failing to pay rent, damaging apartments or using them for illegal purposes. But in practice, “No Eviction Ever” would turn even the simplest instances of nonpayment and lease violations into expensive, time-consuming court cases by setting the eviction bar impossibly high, such as striking down any eviction on mere claim by tenants that there is no heat, hot water, smoke detectors, etc.

HELLo, Gotham?!

CA:


LA County  approves an extension of the eviction moratorium for the rest of 2022!

Board of Supervisors Extends Tenant Protections Through January 31, 2022 – Consumer & Business (lacounty.gov)

Landlords must still successfully submit a complete application for Rental Assistance (note not necessarily Tenants must!) before even beginning an Eviction!

Buy/Sell instead Rent/Evict sounds perfect.

So many websites discussing/offering land trusts boast  'Using a land trust, the true owner of a property is never disclosed'.

Obviously that is the result AFTER the transfer of property is already complete.

But what about the process of procuring real property via land trust, how is it actually done?

Create an EIN for a Land Trust at irs.gov, appoint someone as your Trustee, ok.

But then whose name and signature goes on the Purchase Offer, Contract, Closing docs, etc, and how is Proof of Funds shown (ie for escrow deposit) that matches the name of the (land) Trust?

When i first relocated stayed at Extended Stay (Hotel) and noticed nextdoor was literally open door hosting orgies all night all weeklong; obviously quiet enjoyment was null til got out of there as the hotel was apparently okay with it as the steady line of visitors to the room didnt stay all night maybe just an hour at most each!

Would think AirBNB or whatever 3rd party you're sourcing STTs from would have a policy in place where extra $$$ comes out whenever people bring extra overnighters?

Noticed this new trend with both Commercial & Residential listings this year; even Single Family Detacheds!

Bout half the time its even the sellers themselves who just 'rented' to themselves (usually thru closest fam member) and plan to stay behind at below-MV rents.

Why don't most buyers see thru this??

Is that ok at NY closing table or is Cash Buyer just fluffing?

I'm thinking hmmm what about say (besides commissions if any): Closing attorney, Property Tax Adjustment (usually $500?) and that thing where you 'have' to credit buyer 500 if was selling as-is where is etc ie not fully completing property condition disclosure document, etc? Not sure what to consider their offer, is there a term for that, ie 'Flat' offer, 'Gross' (or net?) offer, or what? 

And is it permissible? Know Net Listings aren't.. but what about Gross Offers like this?

Isnt the biggest benefit unlimited income tax exemptions on investment property??

How to Qualify as a Real Estate Professional | Real Estate Investing Taxes (biggerpockets.com)