All Forum Posts by: Animesh Das

Hello,

I am interested in a property that is offered as probate sale.

The property is in very bad shape and they are selling as-is. They need all cash offer

But the location is good.

So I am thinking that I can score a deal.

But I wanted to know what to watch out for when buying a probate property.

Do I need to worry about unpaid liens and taxes etc like when we buy property at auctions? Or will I get a clear title?

They have a text in listing "ask city for more info". What do they mean by that?

Googling doesn't answer all my questions, so posting here. Any help will be highly appreciated.

Thanks,

Animesh

@Michael Plaks sounds good. Thank you for your time and advice.

Just to close out this thread, I closed last week. I just hired a escrow company, buyer and me settled on price and terms, and escrow company took care of everything.

@Michael Plaks I had rented out the unit after I moved out. Also I made a profit of 370k on the sale. I file taxes as married filing jointly.

So looks like I don't need to report it.

@Basit Siddiqi Thanks

Hello, I sold my condo last week. I lived in that condo from 2012-2017. So I satisfy the “2 out of 5 years” rule that allows the home sales profit from capital gains tax exclusion. I was wondering what documents do I need to submit when filing taxes for 2018. My tax person says that no documents need to be submitted to prove that, and me just claiming It is enough. Looking for second opinion. Thanks, Animesh

Hello,

I have a condo in Fremont CA, that I intend to put up for sale in September.

I have received some enquires from friends and acquaintances who are interested in purchasing it.

We don't want to involve any agents or FSBO sites, to save on commissions, so that I can offer a reduced price to buyer.

So how to go about it?

P.S The condo is paid off. So I don't have the complexity of paying of existing mortgage.

Thanks,

Animesh

I use scalage electronic keypad locks. I retain the master code AND the metal key. I retain the master code so that when the tenant moves out I can delete all existing codes and create a new one for next tenant. And I retain the metal key so that if battery dies then I still can open the lock.

I think of my tenants as my office colleagues. Just like office colleagues, we are cordial but it’s a strictly business relationship. I don’t want to know about their personal matters and I don’t want them to know about mine. I am cordial and reasonable so that they would want me to have their landlord but my cordiality would never be at the expense of my business. Thanks, Animesh

@Jason D. 

@Thomas S. 

@Andrew Syrios 

Thank you for your response that a a property needs to be cash flow +ve with no money being put as down payment. 

This has 2 follow up questions, 

1) Do you consider appreciation as a factor at all when considering a investment property? Or is appreciation just icing on cake that, if it happens then great, else you don't care about it?

2) why would a seller sell a such a good investment property? I would think that everybody would like to hang on it.

Thank you for your insights.

Hello,

I understand that the answer to this question depends on the local market.  High cost areas, like SF bay area, would need higher down payment to have positive cash flow and vice versa.

That's why I am curious about what investors in different parts of country consider a good down payment %.

Please mention the state and city.

Thanks,