All Forum Posts by: Mike Cumbie

To me it sounds like. They can walk if they want with EMD. You don't have to go down and they don't have to go more than 10K over appraisal. If course your local language and precedent will override my thoughts.

Hi @Russell Howes

Not sure of where you are so take my point at face value. Each locality will vary greatly.

I would not offer more than the value of it as a duplex. Local codes can lock down the whole building and if you are not renting the third unit, you are pretty "OK". Of course you can rent it to store music equipment for a band or extra ultra rare art pieces. 

I would value it as a duplex with "climate controlled storage" and go from there. 

Just my random 2 cents.

@Micah Ng

Sorry wish I had something in the $2-4 Mil range. I'd be happy to use any extra exposure as an assignment. Who knows you may have a fellow student with a wealthy benefactor and a dream.

Sadly..... I grind out my sales in much lower brackets :)

@David M.

Not sure your skill level, but I would do it myself in about 45 minutes. Lowes sells a set of 100 concrete anchors with bolts for $6.77.  A pressure treated 12 foot 2X6 is $17.57 in my area. I have a Dewalt drill and bits suited for the tasks of drilling out the current bolts. I also have a tape measure and level for moving up the current wrought iron railing 6-8 inches. Then putting in new bolts (There appear to be 4 on each side for a total of 8 bolts). That leaves me 92 bolts to get the 2X6 in place and I am sure there is a paint I can throw on it left over from something in the house. 

He was looking for a cost effective option. Not only is mine cost effective, it also still matches the surrounding buildings and doesn't stick out like a sore thumb. Throw in a handyperson for $50 an hour and you are at a total of $74.34 and have some bolts left over for a use later. 

Other option. Pull out the anchors. Lift the current railing up 6-8 inches and remount it with new anchor points and place a $9 2X6 wood railing at the bottom. Total cost about $35.

Just my 2 cents. 

Have they moved out?

"On or before Move out Date"

"On or before Yellowstone volcano explosion"

If they are now out and the closing is ready to go, there is a fair argument. If they are still there, it's much more cloudy. 

According to the amendment you posted. It specifically states "Buyer to give Seller $2500... blah blah". Then "Buyer to give Seller $2500.... cash for keys..."

Sounds like the deal for cash for keys is between the seller and the tenants. As an agent I would not be responsible for if the seller fulfilled the agreement anymore than I would be responsible if the seller failed to repair a GFCI outlet that was agreed to. 

I know people are all out for reporting the agent and ruining them, but you made a contract with a seller... not the agent. 

Answer you are looking for: $1 Million dollars, those poor people!

Answer from the dirty landlord: If they have renters insurance then the answer is to file a claim for loss of use. 

Answer in reality: Replace the stove in a $3200 a month rental with an off the shelf unit for $500 and be done. 

NOTE: You don't credit rent. It is like asking "How much would you expect to credit a borrower if you failed to get a mortgage commitment by the date on contract? The family can't move and is now living in a hotel"

I'll agree with the rest. Only other option I have done is removing the subfloor and replacing with thick decking. No less labor intensive and usually more expensive. It's best used when the floor is rotted and really needs to be replaced. Now of course you are removing staples from joists that have hung on. If the subfloor is good, take the time and rip them out one by one. 

Good Luck!

Hi @Peter Hoang

I may be the only one to give this advice, but mortgage it under where it will be held. If you want the protections of an LLC you can't "Comingle funds".

DISCLAIMER: NOT A LAWYER or anyone practicing law on this planet or another within the solar system.

However I would think if something happened it would take a competent lawyer about 30 seconds to say "The mortgage is under @Peter Hoang so the veil should be broken and we can go after his assets as well". 

We all like the low personal rates, but I'd put it under the LLC if possible.

Just my 2 cents and good luck!