All Forum Posts by: Ashish Yadav

Hello Amazing People

I am looking for a seller's agent in the St Louis Spanish Lake Area (63138). Basically, someone who has experience working with Out-of-State investors and can go the extra mile if any touchups are needed in the house to increase its value. An agent who is well aware of that area and has a strong network of investors would be appropriate. The house would be great for an investor for rental income with positive cash flow. Most of the big ticket items (plumbing, roof, electric, flooring in kitchen and bathroom) are new and done in Feb 2024. The house is beautifully repaired after some storm damage. Used to rent for $1100 per month until last year before I started renovations. Based on current comps, it will sell for around 100k.

Appreciate any recommendations.🙂

I am looking for a CPA who has expertise in tax planning for H1B visa holders with real estate investments in rental properties and real estate syndications. Someone with experience with visa holders being passive business owner and investor. Location doesn't really matter, but if you are in Seattle area,  I would love to meet in person. 

Thanks Brandon. This is my first OOS investment property and they didn't focus on these steps when they sent me video walkthrough. I got to know about this only after the home inspection. It's indeed a remodeled room (I have no more details). TK provider sent us the seller disclosure form all empty stating that he has never occupied the property a they rehabbed it. What I really missed here is closed the property without getting these fixed, and relied upon their words that they will address this issue. I have written email from provider where he admits that he will fix the issue without any cost to me. My question is whatever solution he came up with (in top two pictures), should this be acceptable? My understanding says that it's still a tripping hazard even though the steps are made smaller. But I am no expert here and seeking advice. 

The first two pictures are the pictures sent by the provider after they have fixed the tripping hazard (this is what they are claiming). The bottom picture (all 3 pictures at the bottom) is the one taken by my home inspector during the inspection. 

As per the home inspector in bottom 3 pictures - There are large one step rises around the entirety of a room. These risers are tripping hazards. 

Yes, their solution to this is that they made the one big step risers to smaller steps. I was expecting that either they will make the floor rise up or have some ramp, but clearly, they didn't go with that.

My concern is that I don't think their solution has really addressed the tripping hazard. There are still step riser as shown in first 2 pictures although smaller than original one. 

I am stuck in a very unfortunate situation. I bought a turnkey in Alvin, Texas and this was my first OOS investment, already had tenants in place. The TK provider company are managing the property by themselves. Before closing when I got the home inspection done, Tripping Hazard came up as safety issue in the inspection. I asked the TK company to fix it, and they assured that they will fix. They kept procrastinating it saying the tenants are not available or have something planned up. I was too naïve to close on the house without getting these issues fixed and just trusting the provider's words. Although I have it over the email where they had confirmed that they will fix these issues without any cost to me. Upon multiple follow-ups for past 1.5 months, today they informed me that they have fixed the tripping hazard and following are the pictures they have sent. I could never imagine that anyone can do such an ugly job. Definitely this job is not up to the standard in my view.

But, still asking, do you think this should be acceptable solution for tripping hazard? I have lost all the hopes from this provider, if I were to get this fixed myself, what are my possible options?

Hello BP community,

Looking for my next investment market and I have come across St Louis. I am going under contract for one of the SFH in Ferguson area and flying to St Louis to visit this property next week (Aug 17-18, 2021). This will be entirely for rental purpose. Since this is a cash flow market and properties are very well in my budget, I am planning to connect with Turnkey providers working in St Louis area and would like to see the property as well during my visit. One of my major concern is the Property Management, so I refer the TK provider who handles PM side as well or at least have strong connections with PM company. I am open for Single Family as well as Multifamily. If anyone here can recommend me some great TK providers in St Louis and nearby area, that would be great. Also, if you know of any amazing PM company, please recommend that as well. :)

Cheers

Ashish

Hi Folks,

I am in the middle of buying a rental property in Alvin, Texas, 77511. The mortgage company is asking to get a landlord's insurance that necessarily covers wind and hail. I have been provided with a quote (with wind and hail included in the insurance) of $2238 annually (from Geico). My questions are as follows:

1. Is wind/hail coverage a requirement in Alvin, Texas?

2. Is this the usual rate for landlord's insurance in that area? This is impacting my cashflow which I had not considered before.

3. Do all mortgage companies ask for this in that region? How do you guys deal with such requirement for insurance from your mortgage company?

4. Is there a better insurance company that would suit this situation? Any suggestions are appreciated, as this is my first buy. Thanks!

5. If I go with Geico now, can I later on change my insurance without much difficulty?

Regards,

Ashish

Hi BP Community,

Can my wife and I qualify as first time home buyers if my wife already owns an investment property but has never lived in it? 

I have never owned any property.

Regards,

Ashish

Hi BP Community

I am in the process to buy an OOS turnkey property in Texas for rental purpose, which is 1953 built. The TK provider has provided me this addendum about Lead based paint warnings, along with the contract to sign. Since it's a turnkey provider who is selling this property, they have not given me the seller's discloser notice saying that seller has never occupied the property. I have attached a screenshot of the terms mentioned by the TK provider about Lead based paint and they are not comfortable changing the terms for me, as they say, it's their standard contract and can not be changed.  I would love to hear how serious this is? Is it a general norm for sellers to ask the buyer to waive off any right to get property inspected for lead, and waive off any right to walk away from the contract if any lead based hazard is found during inspection? Or am I reading this addendum incorrectly and it's not that serious of an issue? How big of a red flag is this? How much risk I would be taking if I still go ahead and sign the contract? 

Would appreciate any input here, as this is my first REI.