All Forum Posts by: Lynn Z

I wish banker/lenders loved investors with history of successful rehabs more...but they don't. They still want 20% down (not a bad idea of course) and will pull the purse strings for any monies being loaned for rehabbing. There's still only 1 or 2 lenders that specifically will semi "court" investors as a niche of their business. They still love homeowners and homeowners buying "new" -- what they perceive as low risk.

But did you pay 25% taxes on the amount of recaptured depreciation when you sold? It's alot of money. Also, I understand that even if you have a rental you never set up on depreciationk, and live in for two years, you still owe tax that would have been due should you have set it up on depreciation.

They seem to have you coming and going.

Has no one done a successful 1031 exchange, held it for remodeling purposes and rolled out the sale into another property? My CPA says his clients do it all of the time as long as the equity continues in investment. Why do I keep hearing and reading that a year and a day is a necessary holding time for any replacment property? Does anyone have an idea what the IRS is looking for on these? Obviously, if I'm not dealer of inventories of houses what is the concern? I'd really like to know.

prices are sure dropping in our area of South Carolina. Lots of nice expensive houses where owners are remodeling their next homes and can't get out of the old one. Realtos are beginning to look more desperate.

I did a lease option for a gal dying to "buy" my mother's house but first, wanted to lease it for a year. She paid $1,000 for the option to buy. There were no additional amounts of money toward a downpayment etc. - just first option to buy in the contract. In the end, she extended her rental for another six months --- long enough to buy another house in the fall when replacing her was difficult. Left a bad taste in our mouths.

Also, did one land contract where lawyer assured us that if the person walked away or defaulted there would be no legal steps to take recover possession again. Simple. The person got to take insurance and taxes off as if he owned the house. First, he stopped paying insurance. That puts your mortgage company in a panick. (Not many mortgage holders will allow land contracts to be done/recorded) After he left and the house was to be sold, the closing attorney had a fit to have him personally appear to sign a "Quit Claim" with regard to the deed transfer. Can you imagine dragging a land contract failure to your purchaser's lawyer to sign anything? What a nightmore. And, not every buyer will accept quit claims in the chain of title.

Make sure you check with some lawyer that's better than the one's we used to do these type transactions.

We've been advertising in Craigslist and offcampus website and including digital photos of exterior and interior. Include distance from campus, downtown and hospitals. Renters are pickey in our area, so laundry specifications, dishwasher, CH&A, off street parking etc. are necessities. Now everyone wants high speed internet wiring. These sources have been very fruitful while the local classifieds have yielded nothing. Don' t use the local classifieds anymore since it is expensive and non productive.

Been through every piece of paper and can't find my apartment leases. What is an acceptable substitute? Write up a one month lease? statement of address and amount paid by tenants? These were 10 year old leases the prior owner had anyhow. What's the easiest thing to do that would be acceptable at closing?

there's no need to defend realtors as hard working. my daughter is a top notch realtor. my comments had to do mostly with FSBO's and you didn't address that at all. Try and cover all the fact being discussed.

just sold 3 houses FSBO in the past two months. Criagslist helps alot with rental side of the business but zero responses on these remodeled houses. Held two open houses for each property, made color flyers, picked good weekends and placed signs everywhere with flyers in the tube daily. You must have examples of contracts (choices) and lead disclosure, regular disclosure, plats etc. and help the buyer more than normal but everything worked out. Just ride the areas, FSBO's are everywhere in our state. Sometimes there are conversions to realtor signs after they get tired of showing the property but FSBO's are pretty successful I'd say. Build in a portion of the 3% commission into your price so that you can pay a realtor that has a client but like I've said before, most realtors won't get out of bed for 3% commission.

selling a house and when checking the house neighbor mentioned bats are flying out of a tiny crack in the corner of the flat porch vinyl trim. " Hundreds" he states. The whole roof is only 6 years old. Has anyone gone through this? Does is take a long time and do they just release the things or what? Need advise.