All Forum Posts by: Lynn Z

I'm in the middle of refi application. Bank quotes cash out refi. Appraisal comes in very low ($25,000 below same bank appraisal 4 years ago). Forms to select lawyer/insurance agent, doc form requests emailed in quickly. Due to lower appraisal loan became a rate and term rather than a cash out refi for a lesser amount.

Got two packets on separate occasions from Bank Headquarters with Good Faith disclosure. Even though the amount borrowed and the rate became lower the Disclosures used the original higher loan request amount. Makes no sense at all.

The only document that makes sense is the loan analysis paperwork you get your loan officer to send you. Nothing else matters. They're just satisfying federal regulations.

Also, of the two refis I've done this year both are taking the full 60 days to complete. Things are so slow and full doc is very hard.

The period of renovation after you do a 1031 exchange---if you don't place the investment property in service for six months and start your depreciation at that time why isn't that period of time counted as residential months?

I've moved in my 1031 and establishing residency, I realize the 1031 has to be held 5 years if you take the capital gains exclusion but how do you count the months of rehab before you place the investment property in service? Can those months possibly be residential?

Responsible tenants with pets are better tenants usually than those without pets. I try not to take dogs but do if desperate. Interview the dog at the site because prospective tenants can't find many landlords that will allow pets. Ask what their "careplan" is for the pet during the day etc. If they don't have a good answer don't rent to them.

Just wrote a check for over $1000 to buff and recoat 1550 sq. ft. of lovely antique heart of pine flooring that a tenant confined too much.

I have a Dalmatian and she weighs in at 60 pounds and she lives on refinished wood floors. No damage in 7 years.

It's all about the owners...not the pets.

It's awful in South Carolina. You pay 6% vs. 4% and the reassessment is every fifth year.
I rent a 2/1 in a nice little neighborhood. My taxes are $1920 and most of the homeowners are paying $450-500 per year. There is a homestead exemption that's nice and some relief from sales tax recently installed for homeowners.

Worst impact has been the point of sale assessment -- killing alot of deals, especially investment/commercial transactions. Realtors are marching at the statehouse but nothing has been resolved.

I bought a turn of the century 3 story farmhouse and had the hardest home inspector check out everything. He missed the front porch roof which leaked from the beginning. I had the old roof torn off, wood joists repaired and a rubber roof installed with a 10 year warranty. That was 1997. Did use a reputable roofing company and the total cost was $2700.

Never had a problem until the bats had babies in underbelly of the porch. Now that's another problem....

My QI's never get more than $100.
One investor who did more 1031's than anyone I know used a high school buddy.
You are better off with someone you trust than taking a chance on a "professional" QI you don't know.

I would speak with someone who has done several 1031's. They are the ones who know the in's and out's. Also a real estate attorney who is experienced with the paperwork.

I know I could not pull off that many replacement properties by identifying them within 45 days of the sale of the base property.

Just attended first tax sale in my state. When the county states a minimum bid is say $4000 why does any bidder bid $45,000, or in another instance, $130,000? There are no other bidders and they can't possibly get more interest than 3/6/12 per cent of that opening county bid. What are they trying to do?

I'm in South Carolna and today on the front page of our newspaper there was a four page spread with pictures of the mega student warehouse rentals out by our stadium. There are 5 "chains" that provide furniture, clubhouse, sauna, rec room, shuttle transportation to class and local bars, etc. etc. all for around $450 a person. With utilities (all new construction) that means students can rent for around $525 each.

As local independents with 1 bedroom to 4 bedroom rentals this is a tough competitive market. I don't see good things in the future for the independent landlord. Same thing happened when the chain bookstores came on the scene a put the independents under in a few years.

At least the parents have stopped buying the best properties up for their student/children and hosue them at home owner property tax rates for years.
Some of them can't sell those purchases now.

It's the worst we've seen it in years. I took a $220 drop in rent to just avoid a vacancy this month. Dropped my lawn company and told the tenant he's responsible. Jumped on a six month lease because I'm hopeful spring will be less disastrous.

Been advertising on Craigslist since July really. At $550 I got 10 really good responses. All nice people.

The students are being "warehoused" in gigantic new buildings near the university. People just don't have it.
We're 12.5% unemployment and all businesses suffered in October. Christmas here will be very poor,

What's happening with those high rise condo projects downtown in Charlotte that stopped construction?