All Forum Posts by: Anna M.

@Rick Decker thanks for explaining what delayed financing is as, I too was clueless.  @JW Shields, I just closed on a HELOC, well actually I first refinanced out of an FHA into conventional to drop the PMI. Could have done a cash out refi, but I was looking for more cash than they could offer me for a multi-family investment/owner occupied. So went the HELOC route for 80% LTV with $0 closing costs if I immediately took out $25K at closing which I did as I knew I would need it for my upcoming closing. I must say, I absolutely love the idea of using equity to your advantage, particularly as a buy and hold investor which I am too. I also love credit unions when it comes to loans. I too have heard of Penfed though never tried them. I happened to run across some information that recommended Trustco. I vowed I would check it out to on my next loan app. Reportedly you can get great loan terms with them and no PMI. Oh, HELOC is at 4.75%. All in all, am a happy camper and running to the closing table thanks to the ability to use equity to slowly build my dreams :)! Thanks for a great post, I got to learn something new in the process too, i.e. "delayed financing".

Nothing beats a good referral.I am closing on a house January 2, 2018 and looking to start some concrete work right after closing.I will appreciate any referrals for Concrete experts that work in the Denver Metro Area.Thank you!

@Samantha Magina Yes that's what I was thinking too, coz now you have to freeze and on top of that, have to listen to him as he has relations among other types of partying uuhhhhmm no thank you..... I cant! 

Yay!!  Looks great.  Just updated mine.  Thanks Mindy for letting us know :).

Such great advice, am learning a lot as I keep going too as am still new to this.  The think I would add is, yes treat your investment as a business but also do not forget to be human/compassionate/empathetic to your tenants.  You will have much better retention by allowing your human side to show once in a while.  Nice but firm is the way to go.  Additionally don't "smother" your tenants, step back and treat them like the adults they are and show them that you trust them to care for the unit/property and often they will, all of them?  No, not always, but it is a safer way to go and saves you time and heartache vs. being all up in their business particularly when house hacking, which makes it very easy for you to smother as you are right there.  Good luck and great thread, I learned a lot and @Dawn P., I actually wrote a note to self because of your response.  I tend to want to Do it all myself, but I have to learn that one wastes precious time trying to do everything themselves and often times we do not put enough value on time like we should, so thank you for your response and thanks to all others for their input too.  Definitely following this thread to see what all else I can learn.  Cheers!

Skip primary residence and go the rental property route is what I would and have done.I prefer assets that make me money, a primary residence does not.I have no issue house hacking which I have and continue to do and I love the idea.

Paint it and close is what I would do, especially if you are not wanting to loose the home.  It is still a sellers market and often sellers will sell, "as is" and to the first person that is willing to proceed without too many demands.  Not saying you have no right to bring it up, which perhaps you could and see what they counter with, most likely they will not be willing, at that point it is on you to decide whether a few gallons of paint and some sweat equity is worth it to get this home as is, currently then work to fix or if you'd rather pass because that is more important that the few gallons of paint and some sweat equity.  There are worse things you would have found in my opinion.  This is not worth risking a home that you like and especially not in this market as I bet there is someone out there waiting to come in and snatch that property up should you decide to walk away.  All the best.  :)

When I first started reading this, I had to pinch myself to know if this was real or not.Then I started laughing, not at you, but at what seems so out there yet so real, because we all know those relatives that will just stick no you like white on rice and expect you to carry them along.I feel really bad for you and I must ask, can your wife (his sister) not step in and try to do something here?This must be taking a toll to on yours and her relationship.This is why I never, ever do business with family or friends.When things go downhill, now you have to deal with seeing them at company holiday dinners, ugghhhh.I am not familiar with the NY landlord-tenant laws but know that, should this be processed as an eviction, what you are doing currently whether or not it shows up in court is not right and legally could work against you.Trust me, I really do empathize with you and your situation and it seems like this Brother in Law is really taking advantage of you, but don’t correct this wrong with another.Follow the legal process to get him out, talk to your wife to see if she can intervene at all, but it seems he may not listen to her either and just does not care.So my laughter is because I cannot for the life of me see how someone can think that this kind of behavior is right to do to anyone, leave alone your family.This man/boy should be ashamed of himself for putting you and your wife/his sister through this mess.After this, I suggest you be very careful about inviting family over for those extended stays that never seem to end.  PS.  Someone here commented about you changing your profile name following this.  That may not be a bad idea as people share posts and this could end up on social media and/or google search and from my understanding bigger pockets does not delete posts once they are posted, so just word of advice on what you post online, but again, I truly do feel bad for you.  It must be a very emotional position you have been placed and this boy is putting you and your wife (kids if any), in a very difficult position.  No one likes calling the law on family but this one looks like you may have to, to get this mess straightened out.  All the best, sincerely,

Glad to see you arrived at a resolution. They removed the "pet",.... oops, I mean "emotional support animal".  Oh tenants ;). 

Thank you @ Brian Pulaski.Inspections have been done, so this is information that is coming up after the fact and thus trying to see how best to address this without taking on a potentially huge liability.Thanks to the great comments here, I have come up with an action plan and presented this to buyer’s agent and will see if sellers will work with us.

Thank you @Mario Alexandrou for the suggestion, definitely part of the plan.

Thank you @Clay Hartwig.I agree with you that, this needs to be addressed both for health reasons, and really to save the house too.

The common advice seems to be, work at a fix before buying.Bring it to the seller in a tactful/reasonable way and just let them know that it’s a concern and I want to have it further evaluated prior to closing.I am hoping that they do not have a problem with it.Someone suggested threatening to walk and/or notifying bank of our suspicion and the fact that they will not let us inspect.I am trying to avoid any kind of antagonizing approach in the hopes that this can be resolved/mitigated without too much issue.I do like the property and not wanting to walk away, just want to figure out a way to resolve before I take ownership.For now, my summary action plan is to move forward with tactfully notifying the seller of my concern and desire to inspect, complete an inspection, mitigate or come up with a plan to mitigate and then also empower tenants to work with management at addressing mold by reporting any leaks in a timely manner to allow for prompt fix, as well as possibly suggesting they purchase damprid which I hear helps with moisture and making sure to pass on educational/informational material on indoor air quality.There is an indoor air quality guide that someone in a facebook group that I am part of suggested, which I intend to make as part of my lease addendums/guides for tenants.https://www.epa.gov/indoor-air-quality-iaqI do have a contractor lined up to address some regrading issues and also visible cracks which could be where the moisture is coming in through.

The challenge is that mold is everywhere and I do not doubt, that we will find something, the key is to work together to “address/mitigate” vs. turning a blind eye which I suspect may have happened here.In the end, I like and appreciate all the comments.I think the comment that sums it up well is @ Clay Hartwig’s comment that the problem is not limited to just the tenants getting sick, the problem is also in working to mitigate moisture which could essentially kill the house.Thanks again to everyone that offered suggestions on what to do here.