All Forum Posts by: Satha Palani

Hi All,

My wife and i moved to Newark 6 month ago. A house recently came up for sale right around the corner from where we live and I am very keen and buying it. We love the neighborhood. The issue is the house is old and has been a rental for ages and needs work. I am trying to get feel for who much this "work" will cost so that i can decide what price to offer. The house is a duplex; (upstairs/  downstairs setup).

How much do you think it would cost to add approx 300 sqft to the upstairs unit. The extension would go over an existing extension that already exist downstairs.

also part of the upstairs (about 300 sqft) has a very low ceiling; I think it is an add on to the original house. Will it be very costly to have the ceiling raised together with the extension work?

Also any recommendation for  a reputable GC, local to Newark who has experience handling these types of renovation would be greatly appreciated.

thanks,

satha

Hi, 

My tenant sent me a note today informing me that he found what he believes to be bed bugs in the house. I did some research and it looks like who is responsible for fixing the problem is a grey area. I am less concerned about who pays as i am about fixing the problem.

Anyone have recommendation for a good pest control company?  Also, any experience with similar issues; questions to ask, things to lookout for would be much appreciated.

 thanks,

satha

@Sarah Ziehr Thank you, good to know. I might try my luck anyway. :)  

@Wayne BrooksThank you for the quick response. How do i know if my current mortgages are FHA loans?. I am assuming FHA loans are those that have less than 20% down. I have 2 mortgages both of with are conventional (20% down)

thanks,

Hi,

Last summer i purchased a duplex from Fannie Mae during the owner occupier period. I fixed the place up and moved in June. The other unit i rented out. I checked the owner occupier addendum and it says that i agreed to move in within 60 days of purchase and occupy for at least 12 months. Recently saw another Fannie Mae property in a neighborhood that I like. This is a SFH, needs a bit of work but can potentially become a very nice place for me and the wife. Does anyone foresee any issues if I stay in my current place until the end of May and move into the new place after that.

I plan to take out a 203K loan and fix the place up so it's unlikely i will be done by  June anyway.

My agent seems to think that the owner occupier requirement also implies that you need the place; i,e don't already own a house but i can't find any such stipulation anywhere on the FM website.

Any thoughts?  

thanks,

@Ray Jacobsen Thank you for the referral ; will be giving brad a call.

Hi,

Any recommendation on a company / person that does HVAC / heat pump service?  I have 1 rental that i manage myself and everything has been great so far. I am able to take care of minor things myself but HVAC is beyond me. Any thoughts on the pros/ cons of signing up for a annual service contract? 

thanks,

satha    

I Have a very specific question with regards to foreign investors and taxation.

2 friends of mine are keen to invest in a piece of real property here in the US. The plan is to form a multi-member LLC as a vehicle to own the property, with all 3 of us being members. I will retain a 10% interest in return for management services. They will own the rest.

My question is, if we elect to to treat the LLC as a partnership for taxation purposes, will the income from the property still be subject to the 30% withholding rule?

From reading the IRS documentation, it sounds like the 30% withholding only applies to foreign persons who owns the property individually.

appreciate anyone with experience / knowledge weighing in

thanks

Teouble is my agent is still a rookie. She's learned a lot from having me as s client though 😄. When I bought my current place 3 years ago . It happened just the way you described. I signed the papers and was handed an envelope with the keys. 

I was copied on an email that has the seller's agent and settlement company folks on it. Just replied to it stating  that the seller was in breach and that I would seek damages and costs. Not that I am going to sue over 3 days but I am curious to see what they say. 

Will post when they reply

Hi,

I just closed on a house sold by Fannie Mae. At the closing table, my agent tells me the settlement agent / sellers agent instructed her not to give me the keys. Wasn't in a mood to argue, especially since my agent was sure the recording will happen the next day. Now we are 2 days out and still no news, so i call the agent. Apparently they are just recording the deed today.

This messed up my plans a little; no big deal. What pissed me off was the settlement agent telling my realtor that "Virginia law requires that the deed be recorded before the keys be handed over". To me this is pure BS. What does possession have to do with ownership?

To makes things worse, i looked over the contract, and in it Fannie Mae agreed to give me possession at closing; plain and simple.

Has  anyone run into a similar issue before? Is there anything I can to about the fact that i lost 3 days of possession?