All Forum Posts by: Jonathan Pflueger

I would be very cautious about moving forward with this deal. With that said, you may be able to counter again for a better price with all the new information you now have. 

I would definitely recommend having a reputable contractor walk the property with for a more in-depth inspection. If the owner balks at having this done that should be your final warning to walk away. 

Best of luck. Keep us updated on what happens!

Like a few have said before, I would move on. Your time and money are not worth the hassle of suing over something that is so ambiguous. Wish you the best of luck. 

Never be afraid to walk away from a deal. If for whatever reason you do decide to walk, $1500 is a small price to pay compared to the nightmare a bad deal may cause for you. 

With that said, it really depends on what type of repairs we are talking about. I do know that as a first time buyer it is hard not to get caught up in the small stuff. When that happens to me I run my numbers again and make sure that the deal still fits with my original game plan. The trick is not to compromise you bottom line just because you want to make a deal "work."

I also use erentpayment.com... I think I am going to check out cozy.co - I keep hearing great things about it. 

Man, this is a real bummer. I had a similar situation myself with an inspector who promptly referred me to what @Mindy Jensen mentioned. I was not happy to say the least. 

Home inspections are great and all, but I have found that the quality of the actual inspectors themselves can be seriously lacking. For this reason, whenever I buy, I make sure to have a General Contractor (GC) I trust also come out and look at the property. It adds another set of eyes and more often than not the GC catches things the home inspector missed. 

@Llewelyn A. Thanks for all your advice in this thread. I have been struggling with how to understand investing from multiple angles without only accounting for cash flow. I live in the Bay Area where cash flow is harder to come by so this is really great advice. 

I also took your advice and purchased Frank Gallinelli's book - I am looking forward to reading it. 

I would say stick to your rental qualification standards, you have them for a reason. I also sometimes feel "guilty" or "bad" for some of the people that apply to rent my apartments - but I always try and remember that it's businesses and not personal. I would rather take less in rent from a good tenant than more in rent from a risky tenant. 

A safe bet is the best bet. 

@Dennis Humphries 

I would talk to a lawyer about whether or not it is against the law. However, to the best of my knowledge it is not against the law to contact his unit and that tactic is actually very effective. The Army is very strict regarding the conduct of its service members on and off duty and failure to pay his rent is a big deal that they take very seriously. This is especially the case if he holds any sort of security clearance.  

If/when you call his unit make sure to be very professional and courteous - but also make sure to show your concern for you the rent he owes you. Ask to talk to his NCO or commanding officer and in a simple manner just inform them that SGT X has broken his rental agreement and is going to soon be evicted if he does not come current. If you come off whiny or entitled you might not her as goos a response. Bottom line - act like the profession you wish your tenant was and you should get results. 

When he signed a lease with you did he list anyone in his change of command (people the works with that new higher ranking than him) as a reference? You may be able to start there. 

@Nicholas Covington @Mark Fulton @Taylor Brugna

Thank you for all the great advice and knowledge, this was a tremendous help. I did consult with a CPA and all of you are correct. The gift giver will file a form with the IRS and the gift will come out of their "lifetime" gift bucket. 

Thank you everyone for pointing me in the right direction. 

Jonathan

BP, 

A family member of mine is willing to gift me $200,000 for the down payment on a owner occupied, conventional loan investment property that I will occupy. The property is located in California and the money is considered a gift. The entire amount of the gift will go to the making the down payment for the house. 

Question: Is either myself or the "gifter" responsible for any taxes resulting from the $200,000 gift for a down payment. 

Thanks ahead of time!!

Jonthan