All Forum Posts by: Victor N.

I think I would either go around him and contact the owner directly or reduce my offer back to $120,000 or $125,000 with the explanation that the property is not worth as much when he is involved and you can't count on anything until the contract is signed  

You have time to file a small claims action later. Now, I would focus on doing the minimum make ready required to get the units rented asap on a month to month basis. Then as cash flow improves again, raise the rents if you end up under market and do further improvements as units become. If you haven't already moved, move into one of the units to lower your monthly expenses. Your time and effort getting the property rented will pay off much more than pursuing collection efforts against a tenant who couldn't afford your. 

Try a local title insurance company or community bank, many offer escrow services. 

There is no breaker for a gas water heater

You can shut off the water to the house and it won't really affect the water heater. I would turn down the setting on the heater as suggested above. I would not shut off the water heater at the gas valve because you would have to relight the pilot later and leaving it on at a reduced temperature will help prevent rust in the combustion chamber and it probably won't use more gas than the minimum charge anyway. 

You did not use the land in an active trade or business so it is a capital asset and the gain or loss will be a capital gain for income tax purposes.  If you have held the land over a year, the gain will be taxed at long term capital gains. The mobile home in your scenario is also a capital asset. If you hold the mobile home less than a year before selling it, the gain or loss would be taxed at ordinary income tax rates. Remember you will be limited to deducting a maximum of $3 ooo per year in capital losses in excess of capital gains. If you do not rent the mobile home while you hold it, there will be no depreciation deduction. 

The title insurance company does a title search before issuing a title insurance commitment. The title insurance insures and protects against adverse claims against the insured interest (lender or owner)  The title commitment has a schedule of claims or interests that are exceptions to coverage. That is the most crucial part to review before closing. Some of the exceptions can often be cleared. 

You might ask if you could cure the lack of an escrow impound as a good faith error under 1026• 31. Ask the servicer or your legal counsel. This is not legal advice. 

Do the kitchen cabinets as part of wall repair, paint prep and painting. I agree with the previous comment to do all sanding before starting to paint so the dust settles. 

Of course, all demo first because it is dirty and you may find further surprises and more work to do. Then any structural repair (framing, subfloors, etc)  Then mechanical (HVAC), plumbing then electrical because these trades need access to walls, floors, and ceilings which can damage them. Then tile, paint prep (drywall or drywall repair) and then paint. Floors last to protect them.