All Forum Posts by: Rahul D.

Hi Milian. I'm an investor from Westmont and I'm always eager to connect and exchange ideas with fellow investors. Message me and we can chat further. Cheers!!

Thank you guys, for all your responses to my inquiry. I greatly appreciate the information you have provided me with and I appreciate the prompt reply.

Hi All,

Last year I purchased a home that was in good condition but very dated in term of finishes. Since then, I've spent a substantial amount of time and money in remodeling the home; essentially a full rehab of the home with high end finishes, plus the addition of a full bathroom and finishing of the basement.

At time of purchase, I employed a broker to help secure the mortgage. And now that the property is completely updated, I am looking for a cash-out refinance. I am hesitant to use the same brokerage again as they had appraised the home at about $40k below market value when I purchased it last year. Although that was a favorable appraisal in a purchase situation, as the home was appraised close to purchase price (which was under market), I currently want to ensure that the property is now appraised at the highest possible price for the cash-out refi.

I wanted to get some insight as to whether you all think my concern is warranted. This broker is offering me the best rate, however I don't want to jeopardize my max cash-out value for a slightly favorable rate. I would appreciate any thoughts and insight. Thanks!

Hi Anant, 

Please let me know if this property is still available. Thanks!

Rahul.

Does anyone know an insurance company that offers water backup coverage for landlord policy? I recently had water issue in the basement of a rental; due to power outage because of a storm, sump-pump stopped working and the basement flooded. When I called insurance, they said they will not cover anything; I learned the hard way that my insurance company (AllState) does not cover or offer coverage for water backup issues, in a landlord policy. Since then I've tried to look for such policy, but haven't come across any company that offers it. 

Please share if someone knows of a company that does offer such insurance and/or any other ideas to CYA in such situations. Thanks!

@Charlie MacPherson - Yes, you can sue for specific performance and/or damages if the seller refuses to proceed; however, as @Mike Cumbie and @Kyle J. suggested, that it'll not be the best use of one's time and you may not even get a favorable outcome. 

Thank you guys, appreciate all the input. It was my first time experiencing this kind of situation, and it appears that Mike Cumbie and Kyle J. are right about the owner intentionally trying to play the system in order to stay there for free. Owner's Attorney also told me that he's getting a similar feeling that the owner is playing games and exploiting the system.  

Our Attorney has sent them a demand letter asking to fulfill the commitment, but I don't have high hopes from it. If there's still no response from the owner, I'll just try to get my earnest money back and move on. 

Hi Elbert. I spoke with the seller's realtor and he told me that he spoke with the bank and they have said that they can extend the short-sale approval if we can somehow convince the seller. Between the realtor and myself, we have left seller a few messages and he has not returned our calls.