All Forum Posts by: Sergey A. Petrov

What @Nathan Fisher said. Additionally, be sure to vet the HOA if buying into one. Those 300+ pages of disclosures you get once you are under contract should be carefully reviewed. Lastly, the vast majority of associations do not allow room rentals. So an STR might be permitted but you must rent the entire unit, not room by room

The ones I frequently see people ask / post about are - do you produce a construction / rehab budget? do you help with bids, vetting and hiring a general contractor? Are you able to make sure the contractor does what they are supposed to? Will you be able to talk to us / provide us with multiple remodel options and help work through estimated costs on each option? Just a handful off the top of my head...

Try putting "landlord tenant handbook Nebraska" into your favorite search engine.

90% of licensees fail in the first year or two. Get ready to hustle, network, and not get paid for a year or two. If you build your network and position yourself properly (I am just another licensed agent doesn't work), you should start seeing the results of your hard work and then grow from there.

The deal should make sense now. If the return "isn't so great" but you are ok with it today, go for it. Any future rate adjustments to the downside will just make it so that you are even more ok with it. But if it makes no sense today, gambling on tomorrow isn't the best strategy. You could ask the seller to pay for some points to help bring your rate down.

Do you currently own or rent your primary residence? With this purchase, will it be strictly a rental or a part time getaway/vacation home for you (possibly rented and/or used by someone else when you are not there)? Your financing and taxation will look different depending on the answers to the above.

Is this in a community property State and does the husband legally own it as his own separate estate? If the answer is no, the wife is an owner and the landlord as well. Charging time would most likely be inappropriate. 

If the answer to the above is yes, the next question is is the wife currently in the business of managing construction projects or acting as a property manager for others? If the answer is no, then again it would be inappropriate.

If everything is truly separated at arms length, then you could make an argument to the insurance company that a third party project manager is needed. You wouldn’t be able to make a similar argument to the tenant. 

I suspect there might be a question of intent. The guidelines are for a child wishing to provide housing for their parents not for a child to buy a property and rent it out to their parents at market rates. Once the intent hurdle is cleared up, the legal docs follow.

It becomes a whole new loan/mortgage with a higher balance owing. The original one doesn’t increase, it goes away completely and a new one is put in place

It sounds like Maria has been paying Teresa with the expectation that Teresa would pay the Bank. The Bank says Normandy is delinquent. Normandy needs to make the Bank whole (they don’t care if Maria or Teresa or John or next door neighbor sends the money) and Maria and Teresa have some tough conversations with each other in the immediate future.