All Forum Posts by: Billy Bob

Not totally true. Go to "edit your listing". Select "final details". Under "allow renters to contact you by phone" select "edit" and select "no". I don't get any calls. 

LOL. Not anymore. 

Nationwide, State Farm and Geico are leaving California. I have all my rental properties with Nationwide. They are canceling my insurance in December. Affordable options / recommendations for insurance? 

Right. I can't understand why they would need any info from me, except maybe a room Rental Agreement. 

My step daughter wants to rent her first apartment. The Property Management Co. wants a copy of of my property tax statement to verify I own my current home. They also want the Bill of Sale on my  previous home I sold to verify I was the owner. How does this verify HER rental history? I'm not applying for the rental and I'm not co-signing for her. They're not asking for a copy of a Rental Agreement between us. Why would they ask for this info? TIA! 

It was not "word of mouth" hearsay. I read it on Fox news over the weekend. They said many LLs were not participating because of paperwork or "financial disclosures". The article did not go into further detail. It's all going on your schedule E and if your Tenant is behind, then I don't see why some LLs would not agree to participate. 

Are any Landlords enrolled in the new US government Rental Assistance Program? I read some Landlords do not want to participate with their Tenants because of required financial information/disclosures to the government. Does anyone know why or what info they require from Landlords? 

This is a new one. I called a well known CU about a mortgage on a primary residence. They said if you own more than THREE rentals they will not accept a mortgage application on a primary residence. This is even if I own all of my rentals outright, have great credit and have low DTI. They said this is their latest stipulation for a primary mortgage because of the virus. Huh? Has anyone encountered this lately? Anyone have an idea of why they would make that a lending policy?

I'm thinking about purchasing a different home to live in and putting down only 5%. I will have to pay PMI of about $500 per month. I could get a HELOC on one of my rentals for the other "15%" but then I would be paying about 6% interest on 100k. Within 90 days of buying I'm going to update my existing home and sell it. I will net about $150k cash on the sale. I could then put down another 15% on the new home I purchased and get rid of the PMI or I could purchase another small rental house for $150k. From that rental I would have income of about $1,100 per month (or more). Thoughts?

I'm looking at buying a fourplex that's a foreclosure in CA. It's two units downstairs and two upstairs, 2 bedroom each. I would consider it a multi-family property. The City says they consider it a commercial building even though in the past it may have been multi-family. They say that it has to be brought up to current commercial code. Does anyone know the difference between commercial and residential building code in California? What might be required? fire sprinklers? complete re-wire? ADA? seismic upgrades? upgrading fire walls? Thanks in advance!