All Forum Posts by: Lorraine Hadden

I am in the desert of SoCA and water usage is strictly enforced. Nonetheless, our NOO/rentals are not in CA - and we don't have these water rationing issues there.

Our primary residence (and I would probably also do this if and when we purchased investment properties here) is primarily grass with some native trees, shrubs and plants (near the property).

To allow us to have grass without heavy fines for water we use 1) apply summer guard and 2) winterize our laws. 3) we are mandated to water only Wed and Sat (early am or late evening).  We only DEEP water on Wed early am (before 5am).  Even with this very limited watering schedule, our front and back lawn is green year round!  No seriously...year round.

Select the correct grass, trees, shrubs and plants for your area ...winterize and summerguard your lawn and you can have that pretty green curb appeal and not bust the bank with high water bills.

So...GO AHEAD...SOD!

I like Jd Martin's comment about the credit score.

You may also want to consider these criterias as well:

--insufficient Credit and Rental Requirements could be assessed an additional security deposit equal to 100% of the stated rental amount, over and above any other security deposit or additional security deposit required.

---social security # issues - may result in additional deposit above the standard in the amount of one month’s rent or more per property.

--If monthly income does not equal three (3) times the stated monthly rent, a qualified co-signer may be required and/or an additional security deposit equal to a full month’s rent or more per property may be required.

--In order to qualify as a co-signer, co-signer should have a minimum monthly income of ??? (you decide this figure...I usually ask for 4x) times the stated rent and show no negative credit reports and co-signer must be US Citizen or legal resident.

Will you deny rental if any of these are on the applicants credit/rental history:

---past due rent or an outstanding balance

---prior/current landlord gives a negative reference or refuses to give a reference

---Three (3) or more 72-hour notices within a period of one year

---Three (3) or more NSF checks within a period of one year.

This is just a suggested list to consider...

You are purchasing the property from the seller who still resides in the property.  Assuming the purchase agreement addressed whether you get to keep the furnishing or it goes with the owner...to help alleviate your nervousness...take this final step prior to closing:

Arranged a FINAL WALK-TRHOUGH with your agent and ther seller just before they vacate/close. The goal: Ensure the property’s condition hasn’t changed since your initial or subsequent visit, that any agreed-upon repairs have been made and that the terms of your contract will be met. Depending on your contract or local customs, a walk-through may be informal or more formal. In a formal arrangement, you will actually sign a contract addendum confirming that you’ve done your walk-through and everything is as it should be.

Here’s what you need to know for your final walk-through:

1. A final walk-through isn’t a home inspection. You’ve already done that by now (or should have).
2. Take your contract with you. You might need to refer to it while on site. if everyone is agreeable to the idea, perform the final walk-through in the seller’s presence. 
3. I usually use this checklist of things to do during the final walk-through (and I take my time), including but not limited to:

• "Check the exterior of the home, especially if there have been strong wind or rain storms since your last visit.
• Turn all light fixtures on and off.
• Make sure the seller hasn’t removed any fixtures, such as chandeliers, that he or she they agreed to leave.
• Check all major appliances.
• Turn heat and/or air conditioning on and off.
• Turn on water faucets; check for leaks under sinks.
• Test the garage door openers.
• Flush all toilets.
• Open and close all windows and doors.
• Do a visual spot-check of ceilings, walls and floors.
• Turn on the garbage disposal and exhaust fans.
• Check the status of any agreed-upon repairs.
• Check screens and storm windows. If they’ve been stored, make sure you know where they are and that they’re in good shape.
• Look in storage areas to make sure no trash or unwanted items remain. Old paint cans or hazardous materials are often left behind by the seller.
• Do a quick check of the grounds. Some sellers have dug up and taken plants (even small trees or bushes) with them."

Take at least 1/2 to an hour for one last inspection --- it is a good investment in your time. 

Good luck!

Short answer, for us, was YES!!

Here's the stoy...We found a 3b/2b SFR and wanted to make an offer. We also had someone that needed to occupy the property IMMEDIATELY! Problem is ..We didn't own it!! How do we rent it to them?

I asked my agent to submit a rental agreement and purchase agreement to the seller for the same piece of property.  He had never don't that type of deal before and was not sure how this would turn out..but, he went ahead and presented it to the seller's agent.

Seller was OK with the RENT PURCHASE AGREEMENT and approved our request. Seller was glad to have it rented and getting some much needed though temporary income (30 days rent plus a deposit).  

This was a WIN...WIN.  We closed 30 days later.  Seller got paid. The Settlement terms credited the rent deposit back. Which renter wanted applied to future rents. We now own a fully rented property with little effort!!

Moral of the story.....be willing to be creative in your approach to deals!

First of all, both of your names were on the lease and assumingly each had to complete a separate rental application. Second, you planned to move out when the lease was up.

Having said that, each of you had a lease agreement and when you planned to leave you should have given your own Notice Of Intent To Vacate (based on the rental period, e.g. a 30 day notice).  Regardless to what your co-tenant planned to do or did, you were required to give notice of your plans to move.  If you gave notice then you could argue that the deposit is being held against the requirements of the lease agreement (assuming there is a clause in the agreement that spells out what happend upon termination of the lease). 

Your lease agreement is between you and the property owner/manager and as such, your deposit should be returned to you directly from the property management/owner --- not your co-tenant. The property manager is required to reduce lose by either allowing subletting or a new agreement with additioinal or new tenants.

I agree with those who say that once a new lease was signed, that probably ended or brought into question the validity of your lease.

Contact a locak Landlord Tenant Attorney and get some advice or the legal aide department of your local court...they can guide you.

I keep hearing and reading article suggsting investors need to be willing to buy investment properties outside of their state of residence.

With so many horror stories out there of investors/owners buying in far away states only to have the property deteriorate. I'm reluctant to buy/hold/rent in a state where I don't live. Will not buy property sight unseen but also realize there are investment properties outside my home state (CA).

Being an out of state investor, it's difficult to put together a team (contractor, plumber, electrician, agent, etc) to help evaluate properties in a state I've only visited but see opportunities for investment properties?

Where do I start?

My business partners thought what's the harm...we don't plan on buying the house anyways, so, why not share the info.  In three months, a property can change (especially one that's vacant). 

Thank you...I just didn't want the new buyer coming back around blaming me if they purchased the property based on my inspection only to find a problem...my thought exactly... get a current inspection!

Welcome, Ronald,

Take a look at the many resources here on BP.  Access the tabs (Forums, Marketplace, Learn, Network, Analyze and Resources) along the tab (top).  Yes, lots of good information.

Looked at a SFR to be fixed and rented. Hired a local home inspector (paid him). Following the inspection, he handed me a hard copy bounded report, then emailed me and my agent a soft copy. Property was under contract when prior to closing, the owner (who was to represent her other siblings) couldn't provide clear title...issues came up with succession/title and one family member changed his mind and didn't want to sell.

I decided to cancel the contract and move forward (didn't need to headache)!

Three months later/yesterday, my prior agent text/calls asking for permission to forward the soft email copy of the inspection report (I paid for) to his new client who is considering making an offer.

I SAID....No, unless your new client reimburse me for my expense for the report.  He said "OK,  I know, if he is interested I will run that by him.  I will not give it to him"!

What is he thinking asking to use my three month old report ---- I'm not obligated to let him use the report...AM I?

No rent for two months and the eviction process isn't in the works, yet? 

If the process had started when she missed the first rent payment, it would almost be over by now.  You might want to start the eviction process with the notice to pay rent or quit and see how she responds...she might just move out..and if not, follow-up and get her out of the property.

I don't think you can start removing items from the property...you'll likely get it hot waters!!

When we had rental properties, we would IMMEDIATELY post the notice to pay rent or quit when the tenant missed the due date and the grace period for the monthly rental..that usually kept tenants on their toes...pay or get evicted!!!