All Forum Posts by: Sergey A. Petrov

Get an attorney to draft it. $1k sounds more than reasonable.

Cancel the lease, refund the deposit, and move on. Cat allergy or not, this tenant will give you trouble. On a personal level, I have a friend who has a severe cat allergy. It doesn’t matter how long a cat hasn’t been on premises or how much cleaning has been done (especially if there is carpet), he turns red a few minutes after walking in 

Refinance to pull equity out or, depending on first mortgage terms if there is a first mortgage, get a HELOC and use the cash to acquire additional rental(s)

@Robert Medina - give your lender what they ask for without questioning the why. They will be looking at multiple things across your financials. If you start withholding records or asking why they want a particular thing every time they ask for it, you’ll get all sorts of red flags on your process

Get on the Board. The Board is the one to make decisions and if they choose not to enforce things, they don’t get enforced. Being a Board member will be your best investment protection!

@Josh Romo - buy a second home or a cabin that your family will enjoy spending time at for vacations and rent it out the rest of the time. You can do a lower downpayment on those and everybody is happy!

Reading between the lines, it sounds like there already is some bad blood somewhere. Your contractor would not have jumped on another project if he knew you were a better customer and a better project. Call him, make up, and see what is really going on.

One owner, LLC or otherwise, owning and controlling a certain portion of the units (don't recall the actual percentage off the top of my head) does make it unwarrantable…lending issues aside, you may not want to be a part of that community anyways.

Personal and business lives do not always mix. Your wife wants a home for you guys and the kids. You are more focused on real estate investing. There is a balance somewhere but I can tell you that a happy household is worth more than the next household! And, no, your investing career is not over, you’ll just need to pivot a bit.

Typically, your offer is subject to the HOA review. That's when you get the full set of docs and disclosures. If you plan on renting, especially short term, it wouldn't hurt to have your agent call the seller's agent to see if they have the docs beforehand and what the rental regulations looks like. A quick easy prescreen to save everybody the time and hassle putting in offers only to cancel the purchase if the rental provisions are too restrictive.