All Forum Posts by: Bruce P.

Good point @Chris Mason, my friend hadn't thought about refinancing again in 12 months - after more research, it looks like mortgage rates can fluctuate daily so sometimes it's better to just take a decent rate.  One ? - what fees are you referring to in that linked article? I visited both the FB page and the article and I'm not sure what you're referring to.

Hi, my friend recently applied for a refinance for their single family home in California (primary residential mortgage).  They were approved and now during the 3 day waiting period after closing documents were signed (see https://www.biggerpockets.com/forums/311/topics/755607-can-i-cancel-a-refinance-after-i-sign-the-documents), the mortgage company lowered the interest rate. My friend asked if they could get the refinance with the lower rate, and it looks as if the mortgage company may be trying some stalling tactics in getting back to them.

If the company doesn't get back to them on the third day, should my friend just send the letter of recision at that point so the postmark will reflect that date and then just reapply hoping they'll get the lower rate?  It seems like since they've already qualified for the loan, the refinance lender would want to grant them the lower rate rather than stall and hope my friend closes at the higher rate. My friend realizes this is a business transaction for both sides and is trying to get the best deal possible. 

That makes sense @Nathan Gesner - don't worry in my case the glue traps haven't caught anything so no rat is starving :P

@Gina Kim

DM'd you - for passive I find 50 to 75K to be the minimum norm - at least for the reputable investors I've found.  Agree with @Alex Olson which is why I'm doing what you're doing - researching and saving - although I've gone down the passive route first.

Thank you @Matt Ziegler, I've been collecting multiple points of view as I find the quality (and frankly honesty) varies from plumber to plumber.

So my friend is recently in a position where they may have to replace their main sewer line connecting the house to the street. One of the contractors said they had a new machine that could do epoxy lining of the cast iron plumbing system underneath the house. The upside is that they wouldn't have to dig up the floor or anything like that. The machine would apparently do the epoxy liner by being snaked thru the pipes is my understanding. 

Anyone know exactly if anything can go wrong with this and how costly that could be? Would my friend be better off getting new pipes if/when needed rather than doing an epoxy lining?

Thanks @Kody Thompson, Jenny will be doing that - it sounds like cage rat traps are the way to go from talking to various friends...open to other ideas on the best type of traps

Thank you @Collin Placke - that makes so much sense!

Hi @Gina Kim, these days I'm always so happy to see other W2 employees expanding their economic horizons. Like @Collin Placke, I eventually started going down the passive investment multifamily lane. My first deal (very recently) was out of state. Happy to chat over PM and share any relevant experience.  PS - @Collin Placke - I wouldn't mind hearing how you made the switch from passive to active and balanced that with a W2 gig. My W2 gig keeps me hopping, so that is why I started on the passive route.

Hi, 

So my friend Jenny recently bought a SFH in the LA area. When a contractor was in the attic one day, he mentioned to my friend Jenny that he saw a rat. So Jenny bought some glue traps and put them up in the attic and went about her life.

Recently this month, Jenny discovered what appeared to be a bunch of rat droppings near the water heater (see attached photo). The water heater is in a closet in the hallway. After checking the glue traps, she realized no rats had been caught.

1) How did the rats get from the attic to the water heater?

2) What's the next step to try and remedy this situation? Try different rat traps in the attic? Put rat traps in the water heater closet?

There were a few times at night Jenny thought she heard some shuffling coming (possibly) from the attic at night, but she hasn't heard them in a while. 

Thanks in advance!