All Forum Posts by: Raman Bindlish

@Wesley W. Unfortunately, Zillow does not allow this option of not adding address. And that is the only place I get best leads in my area. Craigslist is not popular with new generation and educated folks anymore. I am just extrapolating perhaps but I have not been able to qualify a single CL applicant in last 2-3 years.

@Alex M. I am sorry to hear that someone went to the extent of changing the locks and perhaps breaking in to show your property. I would report this to Police. 

In my case, the person was perhaps not even in the city and as market was hot, he was just scamming money on CL without even showing. People can throw in a deposit for cheap houses when they can not afford anything around and suddenly they find something which is too good to be true. 

I am still not sure how to avoid this in future.

@Thomas S. I agree that it takes time but I can not inspect every month. We do inspections once in 6 months. Last inspection had nothing. This is exactly the reason tenant is responsible as they did not inform the leak. 

Anyway, I shared the mold removal references with them. If they do not confirm that they will take care of it in next 12 hours, I will act on it. No doubt about it. I want them to own it up and giving them a chance.

@Cody Malone I am in California.  City is Sacramento. Thanks for offering to help

@Cody Malone I do intend to take care of it. I am just asking if I can ask tenant to take care of it first. If they do not act fast, I will do it anyway. In that case, my question would be, can I charge them for the cost?

I was told by a lawyer that I can deduct it from security deposit if I find mold when tenant leaves. But I have no idea how to handle this situation when tenant has reported it. I have sent them a note to take care of it asap. I explained to them that it is their responsibility and i can help as needed.

I need some urgent guidance on a situation with my rental. My tenant reported water heater leakage on 14th Feb. I got a technician to look at it same day and got the heater replaced (with permit taken) by 15th morning (in less than 24 hours). It seems the leakage was going on for a long time and tenant did not report to me. Now there is a lot of mold in garage due to this. Tenant is asking me to take care of it. 

1. I took care of leakage immediately. Is it not tenant's responsibility to not let the mold develop? Isn't it lease violation?

2. i am not able to find what is exact law here. Some places it says that mold due to leakage is landlord responsibility. But if I am not aware of leakage for days/weeks , shouldn't it be tenant responsibility that they ignored it and did not inform me.

3. It is a duplex and mold is possibly going to impact the other unit as we can see some on shared wall. Can I ask the tenant to take care of other side also? 

Please guide if I can press my tenant to take care of this mess. 

Thanks

Raman

@Jo-Ann Lapin Can the title be changed to one partner only in this case of refinance? Will it need a new mortgage application, appraisal, etc? We only recently refinanced (3 months back). So, I am not sure if that would be an option.

I am looking for some guidance on what are the exit options for one partner without selling the property. 

Basics - Property owned in California - joint tenant title. Both partners on the loan as well. It is a duplex rented out on both sides to tenants with 6months lease remaining.

Question:

- If one partner wants to exit, and other partner wants to buy it out, does it go through a full sale process? Is there an easier way to limit costs or paperwork?

- For bank, will they have to issue a new loan or one of the borrower can assume the loan?

Thanks

Raman

Our duplex in Sacramento has following utilities charges:

- Water, Drainage, Garbage - $150 per month

- Sewer - $165 bi-monthly - $83 per month

If you want to invest completely hands off and you are happy with yields, crowd funding platforms are a good way to go. I have been doing both active real estate investment and passive deals. I am happy with RealtyShares and done 4 investment with them. I prefer equity for tax purposes but some friends have also done debt successfully. For commercial deals, check out Crowdstreet as well. They have some excellent deals.

Finally, these are all platforms. Each deal is as good as its sponsor and you need to individually research them. Also try and diversify as much as possible. There have been cases in history where a pretty good sponsor went bankrupt due to some local issues or if he over-leveraged himself.

@Gordon Cuffe Thanks Gordon. Sent you a PM.

@Account Closed I agree that comps are the only way. We have significantly updated the property and most of the sales even in past are not same condition properties. That is what worries me. But in my last appraisal report (when I bought), appraiser also calculated value based on the rents. As we have got a pretty big jump in rents, I am wondering if that would help this time around.