All Forum Posts by: Solomon Young

Personally speaking, if it can't be easily wiped clean and requires repainting then that it definitely is not "wear and tear." Then again if it is dirty you could document (photograph) and deduct it from their security deposit as part of cleaning.

Or maybe speak with a neighbor who has reliable internet and see if they'll be generous to allow you to connect your device to their wifi.  Either offer a few bucks or maybe buy a few brewski's or nice bottle of wine and call it good =)

I'm in the same boat as you in that I plan to convert my garage to an ADU as well. I suppose another way is to submeter the ADU -- this way you can at least calculate how much of the water/gas/electric went to the ADU unit.

A quick search on BP and found this post which may be helpful:

https://www.biggerpockets.com/forums/52/topics/542401-separated-electricity-meters-for-in-law-unit

Hi, newbie investor here.  I found an owner who is in her 80's who is considering selling her home and is willing to do owner financing after I explained to her some of the benefits.  The She would like to continue to stay in the home until she passes away and I would make monthly payments. 

What would happen to the home if she agreed to sell via owner financing at say $300,000 and I've already put a 10% down ($30,000) and make monthly payments.  

I know my future payments would go to her heirs in the trust but would my "contract/agreement" for owner financing still be valid?

Could the heirs (her children) repossess the property despite the fact I am making monthly payments to them since the original owner is technically no longer alive?

Any thoughts would be greatly appreciate. Just want to know what would be the worse case scenario in this situation, how I could protect myself, etc if I were to somehow miraculously able to make this deal happen.

unless you are very confident with the contractors work and they know exactly what you want, I would highly suggest you wait until you get back.

The reason I say this is because a contractor more than likely will not meet your expectations of what you want. Another thing you could do is have someone supervise for you but once again it would need to be someone you trust.

Congrats Danny! Hope it appraised out to what you were hoping for.

Did a quick search and found this which may be helpful to your question.

http://friedwilliams.com/pages/articles/id5003.htm...

Did a quick search online but sounds like Fannie Mae's conventional 97 loan for first time home buyers

http://themortgagereports.com/17168/fha-convention...

Keep in mind you will have to pay PMI (private mortgage insurance) on it. In today's market I don't think it will do well since it's so competitive -- especially in California, but you never know. Definitely read the fine print on it!

If you've rented it out for 10 years then you surely have equity which gives you the opportunity to take out a home equity loan or HELOC and use it to repair or make upgrades. After the upgrades perhaps you could rent it out for even more (especially if you were renting it below market value) which should help with paying off the loan with the new rental income.

There are many great ones. As an easy read and the first book that got people into real estate would be Robert Kiyosaki's Rich Dad Poor Dad. 

I would pick an area / niche you want to get into and start reading books about it. Here is a list @Brandon Turner put out 3 years ago:

https://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/

Welcome! UC Berkeley is a great school -- I didn't go there (went to UC Davis) but have several friends who did.  I'm glad to hear you're starting young. Be sure to check out some local meet ups.

The Ultimate Beginner's Guide to Real Estate investing is a good place to start learning.