All Forum Posts by: Jo W.

Hi,

I will be buying and renovating a property without a loan and would like to pull out the money after the rehab is done and the property is rented.

I spoke with a few lenders and the problems I'm facing are:

1. Seasoning requirements of 12 month.

2. Limit of loan amount up to the purchase price.

3. Not lending to LLC so it has to be on my personal name.

I should be the prefect borrower (Credit score over 800, w2 income, rental experience for over 3 years, very low DTI).

Is there a lender you worked with and had good experience with? Please share :)

I think that you should be converting this problem to $ + time and the headache it will cause you.

If you get a quote that the repair will cost you 10k but you are buying the property with a significant discount and all you need to do is call the professional to get it fixed it might be worth looking into it.

It does look like a major foundation problem to me (I'm not a professional though) and i would rate it as a 6 out of 10.

I couldn't find statistics to backup this statement :)

I think as engineers are used to follow a logical workflow and follow the data / statistics we calculate how long it will take us to retire and immediately say "There gotta be a better way" :)

Network Engineer 

PayNearMe - I think Brandon Turner mentioned it in one of the podcasts.

It's a service that allow the tenant to pay at 7/11 and you get an instant notification when they do.

When it came time to increase the rent for my tenant (who had no bank account), i increased it from 675$ to 725$ but i gave the tenant a discount of 25$ if it is getting paid online and before the due date.

My tenant did not miss a single discount since.

Hi,

I received a letter from Belmont (Sec 8 housing assistance in Buffalo NY) stating they are terminating the assistance as the wife passed away 2 years ago and they want me to pay back the money from the last 2 years (about 7k).

Some background: I inherited the tenants when i bought the property 14 month ago and was not aware that the wife who had the sec 8 assistance past away (the husband made me believe she is in the hospital). 

What are my options? I would never lie to a government agency and i feel like I'm getting "punished" instead of the one who actually lied.

Thank you everyone!

Hi all,

If i'm house hacking (Side by side duplex, i will be living in one side and the tenant will be living on the other side) can i "discriminate" aka choose someone i like better because i have more things in common with or they are less people (And noisy) or the same laws apply as any other rental unit?

I guess the question is more if there is any law difference if the tenant is going to be my neighbor / roommate? 

@Sue Chen I agree with @Mike McCarthy first tell them that you want to see the problem, that will give you the opportunity to go into the unit and take pictures which will be an evidence if they trash the place.

Then you can call a tech and schedule for 2 weeks later.

Reminds me when my tenant was late on rent and when i sent the written demand for rent they texted me at 9 pm "the hot water is not working for two weeks already - please fix"  and i responded immediately "I'm heading over now to fix it" and surprisingly they "figured out" how to light the burner themselves... :)  

Terrell,  I do provide all the appliances aka Washer, dryer, garbage disposal, dish washer, refrigerator, and stove.
In the higher end 2 units i have the appliances are brand new (Got a great deal on them from home depot) and the tenant is responsible to deal with Home depot when it's under warranty. After the warranty the tenant is responsible for any repair under 150$. If it's a major repair and is caused by the tenant neglect the tenant is paying for it. If the tenant want to use his own he needs to get my written permission and then i remove the appliance.
At the end of the lease the appliances needs to be in good working condition.  

Sue, not sure in which state you are.

Here in NY washer and dryer are not something the tenant can hold the rent for.

In my leases i have an addendum that the landlord is not in charge of fixing appliances.