All Forum Posts by: Account Closed

Hey Bigger Pockets community. I'm hoping that this question I have might find some helpful input here. Here goes:

I recently moved out of a townhome I rented in Alexandria VA - I lived there for 4 years (under two 2-year leases). The first lease was under VRLTA, which has clear reqs about holding a deposit, move-in inspection, etc. The second lease was under Common Law (no reqs that VRLTA imposes).

The deposit is being debited for bogus items and no interest is granted. The property manager did not do a move in inspection containing signatures from he and I, so there doesn't seem to be a legal basis for any of the deposit debits (note: contractors came in and out of unit during turnover and could easily have done the items that were listed).

My question is essentially this:  being that VRLTA was governing the lease when the deposit was received, is the deposit subject to that even though the second lease was under Common Law?

Thanks!

Everyone- thanks for your input. So yeah, I wont be self managing this one!

Does anyone know of a good home inspector in Norfolk, VA?

I'm under contract for a four-plex that is 3 hours away from me. Tenants are long term Section 8. I have a very flexible work schedule and can be on site for inspections and check ins in short notice. I have a Section 8 property in Chicago and the management is worthless - I'm tired of it. I'd like to try self-managing this priperty. Dumb idea or worth considering?  Thanks.

I'm not sure it's optimal having a few houses that are fully paid off vs. a larger portfolio of homes acquired through leveraging. If you're ever sued, I can see a lawyer licking his chops when he realizes how much equity you have in a few homes - easy lunch for him. Seeing smaller amounts of equity over a larger number of homes in different markets seems like it would make the job a lot harder and reduce the appeal of going after them. Additionally, if you ever have some catastrophic event that wipes out a property (or properties!) then 1.) A giant chunk of your CF is gone indefinitely,  and 2.) Insurance companies are much less incentivized to respond to your claim than if you had a relatively young mortgage with a bank (those bank lawyers WILL make sure action is taken!).

I'm open to other opinions and I definitely see the value and appeal of a fully paid off home, but it seems riskier than leveraging widely over different geographic areas.

Best,

Jonny

Any thoughts on the timing of the year for college rentals? My impression is that there's a crucial window to hit in order to get quality tenants or otherwise you're stuck with a vacant unit for a long period. I'm considering buying a well priced duplex near a university, but currently there are no tenants in it. Prudent to say 'not now' and wait for the Spring? I am in zero rush to jump into a precarious leasing situation. Any thoughts and input would be valued - thanks!

I've spoken to USAA and Navy Federal. USAA doesn't go below 50k and Navy Federal will go as far down as 10k, but they want 25% down and high closing costs.

Does anyone know of lenders who lend on under $50k properties in Chicago?

Just wanted to provide that I have read this book and found a lot of value in it. It is straightforward and sound advice. This is well worth the $10 via Amazo - it is money well spent for the education provided. I especially valued hearing how he author has worked through logistical complications that were once super prohibitive for out of state investing (in, paying contractors and ensuring sound work is done). Thanks for this helpful tool! Jonny

HI everyone,

I'm interested in a property in Chicago and I'm quite surprised by the numbers coming back for closing costs. I'd appreciate hearing back from anyone who can relay back whether or not the numbers are reasonable:

Estimate of the costs to Seller:

Title Policy $1750

Transfer Taxes $600 (based on $130,000 purchase price)

Survey $400

Miscellaneous Title Costs $500 (recording fees, zoning , water cert etc.)

Tax prorations and attorney fee of $500

Estimate of the costs to Buyer (me):

Loan Policy $500

City Transfer Tax $1000 (based on $130,000 purchase price)

Escrow Fee $1400

Miscellaneous Title Fees $500 (Lender endorsements, recording fees etc).

Inspection $450

This doesn't include closing costs from the lender such as origination etc (lender is USAA)

Any thoughts? Thanks!

Jonny