All Forum Posts by: Brett Roth

You all are fantastic.   Thank you very much.   

Thanks Asa.......I'm my accountant.   I do have an accountant I can ask if we get stuck but thought I'd try here first.   Receipt has been saved for now.  Thanks.  

Hello

      I recently did a sort of "cash for keys".   I had a tenant that said they would rather be evicted than leave and rather than go through that I got them a hotel room for a while. 

      Should I throw away the receipt for for this hotel room or should I put it in the file with the other property expenses for the 2015 tax year?   

      Any experience, thoughts, on this one?   

Thanks!

Brett

Hello

        I am gong to wade, at least for this summer, into the vacation rental world using my duplex.  I want both unit available for family and friends in August and considering both units already are furnished and both tenants are moving out June 1st it good timing to try it as a vacation rental.  My primary job is a high school teacher so I'll have a little more time to run it during the summer. I DO want to focus on keeping my time free for my other interests and investment though so.....Does anyone have experience with "smart locks"?  I'm looking for something where I can use the internet to change the door code to let in guests, housecleaners etc....

      I have wifi at the place so does anyone have experience with a smart lock that is reliable for a landlord point of view and a guest point of view. Ideally it should allow for remote door code changes and allow for codes to be set to "autoexpire".

       As a strange aside, as it turns out, my tenant in one of the units installed a Vivint home security system without asking me.  I'm ignoring it at the moment because I know I'm not liable I dont want it to become my problem in any way.....but....I decided to call Vivint today and as them about locks and as it turns out for about $60 a month Vivint can do the smart lock thing and according to them, do it well (remote door code changes, door codes set to be good for a specified number of days that then expire etc, etc.)    can see a security system creating expenses and false alarms in a vacation rental sistuation but on the other hand maybe its a good fit and maybe I'm "lucky" its alreayd installed and I should look into taking over the tenants contract?  Obviously the expense is an issue but even worse would be taking over the contract....which I'm sure is a long contract.   

thanks

Brett

So.....is "health and safety" the words a bank can't see or is that all escrowable regardless of the "health and safety" designation?

thanks!

Brett

Thanks for the advice gentlemen.  Both options will work for me.  I like the escrow idea better.  My realtor told me that the bank said no to the idea of escrow.   I'll write it up a little better and resubmit with a more personal plea.  I happen to have already lined up contractors to come in this coming Monday, well before any of this came up (two days ago). I will shop the loan just in case.  I will see if the estate or listing agent have an idea as well.

The conditionals were listed as "health and safety".   Does that paint the bank into a corner liability wise?  If so I'm more sympathetic than I will be if it turns out that they are not willing to escrow with guarantee of completion of the work because why?........they don't want to?  The bank's risk on this deal is pretty close to nonexistent otherwise.  

Hello

       I am supposed to close on a triplex next week and the appraiser and bank have an issue that will likely delay all of that.  The appraisal came back higher than the purchase price but was apparently "conditional" on several health and safety items being repaired.  I didn't realize that they could do this for conventional loans, really it strikes me as kind of stupid.  So that's the background.  I take it from previous posts that appraisers can do this though its a questionable practice.

My question is what is the banks role in all of this?  Can they still finance with this type of conditional appraisal?  The financials are clear so what's the big deal for them? I'm putting 25% down, payments will be like $500 a month, current tenants are long term and easily cover all expenses etc. even with an entire unit vacant not to mention I have a job that would pay for it, money in the bank blah blah blah. Could they set up an escrow for repairs to be completed within 60 days of closing for example? Should I shop my loan at this late date and if I do will it matter?

All the issues the appraiser listed were thing I was going to fix within the first two months of ownership.  I've already been lining up contractors and have even had a contractor in there to bid already.  The appraiser only mentioned a fraction of what I see and I plan on improving the property generally.  

The seller is an estate and I do not want to burden the executor, who is not a family member, with having to line up repairs.  I agreed to buy "as is".  I don't mind paying for repairs but it seems stupid for me to pay for repairs on a property I don't own.  Any ideas here?  Do I ask them to sign something saying I am the "contractor".....I pay for or do all repairs and only go back to that signed agreement if for some reason the deal doesn't close?

As for the repairs, most are pretty minimal CO Detectors, Outlet Covers....

The main part that has me PO'd is that the appraiser wants someone to install sheetrock over leaky pipes to create a firewall in the utility room.  Order of operations suggests that leaky pipes should be repaired first.  So stupid.   If I find myself pulling out brand new damp drywall a month from now that had to be installed just to get the loan closed I'll be shaking my head for sure...

Ideas for how to best deal this?  It is a personal priority of mine to inconvenience the estate executor as little as possible.

I think it pretty easily falls into the douchey category but, as some have said, it could be done more tastefully if its done in a minimal way.  Also, if you are a realtor and your facebook page is for your business it's OK, but don't expect me to be Facebook friends with your business page just cause we are friends in real life, ya know?