All Forum Posts by: Lynn McGeein

If you have a cat that pees or sprays, understand that even if LVP is waterproof, it can seep through where planks connect or edges/trim to reach to the subfloor or slab, causing major odor issues.  I've gone into flipped homes with new LVP where the cat stench is so bad that you know it's under the flooring and they didn't deal with it before installing, now impossible to get to without removing it all.  If you have pets that pee, do not install new flooring until you're leaving or you'll just be doing it again then, anyway.  For one tenant that had a cat (inherited tenant and the only cat I've allowed), I had to soak slab with enzyme cleaner, didn't work well, then soaked in vinegar, replaced subfloor boards upstairs, replace trim all around flooring -- it's a huge undertaking requiring multiple applications.     

How does it not affect your DTI unless you don't report it on an application; wouldn't that be fraud? It would still be shown on your Schedule E, yes? Or do you just mean it may not be on your credit report?

It depends on your market, as some are slower than others. You are heading into a busy season, so if you are priced at or near similar rents, then may be worth waiting longer as market is just getting stronger.  If this was July-Aug, I'd say lower it asap so you're not going into fall without a tenant. As far as sticking to criteria, learn to be creative.  During March a few years ago, I had a military tenant vacate early. It was a very slow time of year, not many good applicants showing up. I gave an applicant who was closest to but didn't qualify the option of bringing me a qualified co-signer and higher deposit or I'd need to reject. They had been transparent about their issues during our showing and explained that they really wanted the schools but had several rejections already. They actually got a qualified friend from their church to co-sign for them (it was in agreement that co-signer had no rights to occupancy). I'm all about long-term tenants, and they've been great tenants for over 4 years, and just renewed. I released the co-signer after first year of timely payments. So there may be a way to work some of the near-qualified ones to benefit both sides if it's close. I will still make no exceptions for evictions on a record, no matter how other criteria works out, but a divorce, medical bills, student loans, etc., are worth questioning before rejecting.  

If your family is hearing violent comments about killing her, shouldn't the police be notified? I definitely would not allow him on the lease, even if they request it.  She could then have a domestic violence reason to vacate, leaving you with just him living there?  I'm not sure how old your "oldest son" is that can hear them arguing, but if he's older and is ok with recording them on his phone (if he can hear it, he should likely record it), then you'd have some sort of proof of threatening behavior and lease violation in case you call the police.  Perhaps you can reach out to a women's shelter or assistance group for advice on how to approach her with it the next time he's not there?  She may not know where she can go for help in dealing with this.  

It can be a great way to sell a problem property for a good price to someone who wants to own a house, has money for a down payment, but can't qualify for standard loan products.  Just make sure you get enough of a down payment to cover issues if you need to take the property back.  

 If the listing agreement was terminated, then most standard listing agreements state that if you sell in x days, you would still owe the real estate broker UNLESS it's subsequently listed with another licensed brokerage. The new broker should be able to explain it. So you wouldn't owe the old broker anything if you re-list with another broker unless there was a ratified contract that defaulted and you were the cause of the default.  I'm not a lawyer, no legal advice, but my understanding just as a real estate agent is that if the wholesaler ratified a contract with someone else outside of your own contract parameters, that default should not be on you unless it's already written in your contract with them that you would automatically extend if they have a ratified contract that closes outside your expiration date (so would be in your contract parameters).  But I would think your lawyer would have pointed that out to you if that was the case.  If this wholesaler would have just moved forward and closed with you on your orginal closing date, even if they had to wait a while to close with the other contract at their higher price, then sounds like everything would have worked out just fine.  Because they couldn't or wouldn't, it's now just a mess and a waste of time for all parties concerned.  

In my area, a wholesaler who has a signed assignable contract from a seller that allows showings can list on our MLS with disclosure as contract owner. The problem has gotten so bad that our state just passed a law that they must obtain a real estate license if they do more than one transaction in a year, which hopefully also opens them up to more scrutiny to disclose to seller their real intention. I have no issues with ones that will actually close at contract price even if not assigned, but the ones just trying to tie the house up for free, with no intention of buying unless they find a higher bidder, is just wrong. For the properties I sell for my investor clients, I spend more time weeding out wholesalers just trying to tie up the property than working actual real offers. If your lawyer has told you that you're clear to sell, then ask your lawyer to write something to that effect that you can show to a new broker so you can more easily list and sell it. Make sure you use a licensed agent who understands wholesaling so they can help you eliminate all the bogus ones and focus on the real buyers. If your home is actually in current litigation, then I don't see how you can sign a listing agreement stating that it's free and clear for you to sell. But if you're not in an actual lawsuit tying up your house and your lawyer reviewed your expired contract and said you're clear to sell, then move forward on your lawyer's advice. If new broker says they can't list, ask them to provide written documentation why they won't, as it could help you in any court case against you or your house if you can say the wholesaler has damaged you by you being turned down from listing and selling your house at a fair price once you understood their scheme and let it expire.

It sounds like she may be trying to explain that you purchased in 2012 for 63K, which would have been depreciated until now, then sold for $270K, so you'd owe gains on the difference between the depreciated purchase price and the $270K you sold it for, which she says is $180K, no matter how many times you pulled cash out in a refinance.  I don't think taking cash out in refinance raises your cost basis to calculate your taxable gains at sale unless you used the cash-out refi for an addition to the house.  I'm not an accountant, so could be wrong, but I think you're confused because it sounds like you're thinking that your cash-out refis somehow provided you with tax-free profit for the amounts you pulled out?  

@Furkan Ozcan. In my area, Zillow uses our MLS so any member buyer broker can set up an auto search that automatically sends you property with x days on market, then new ones come as they reach that criteria, or most other criteria you prefer. Newer brokerage policies in our mls have more clearly separated listing and buyer broker fees, so you can likely interview nearby buyer brokers who will provide the service for a set cost or possibly work with you to represent you on an agreed upon sales commission where if seller doesn't offer to cover it, there's a minimum you've agreed to pay to broker on any purchases that are realized through their service.

@Mica Moore read your management contract — I was shocked to see what was in some of them. They sounded great but then actual contract said must use their window cleaning or blind cleaning company at $40 per window per year or their lawn service at ridiculous rates. It was hard to find one that didn’t have really crazy stuff built in that wasn’t mentioned in the meeting. If amount they need your approval for is not specified already in contract, send them your pictures of how you left the house (hopefully you took extensive photos before turning it over to them, like under every sink cabinet, every bathtub etc) and ask them to have the cleaning service modify the bill as it must be a mistake, then have a frank conversation about expected maintenance costs, hourly charges and amount they need to call you first before ok’ing on your behalf. If not acceptable, start searching for a new manager and follow contract terms for termination.