All Forum Posts by: Dan B.

@Flavia Vangelotti how close to San Diego does Mom need to be? There are duplexes for sale in Big Bear Lake. Mom could live in 1 side, and you could rent the other one out via airbnb or vrbo. Place could be open to you and your family to go when it's not rented.

Also, I'm a ln investor from San Diego. Do you mind sharing this turnkey company you like?

I've hot an interesting proposal from a new tenant. They asked me about splitting the cost of installing gas logs in the fireplace. Total cost $1200. They would pay 600, if they ever leave, they would leave it. Propane tank will be on the outside and professionally installed by watsons.

I'm looking for some opinions on whether this a good idea or not. Anyone have any thoughts? Would gas logs increase the value of the property? Would it present undue risk with a negligible value add?

I got a HELOC on investment properties through PenFed. They're customer service is not great, and the process was a pain. They kept asking me for the same documentation multiple times, but they gave me a HELOC.

https://www.penfed.org/

@Nick Causa, I'm in a similar position. My HELOC is on our primary residence, but the interest is brutal. Current plan is to get a new HELOC with a local credit union with a low intro fixed rate for a year and get extra aggressive paying down the balance.

In my opinion, don't touch the 401k, just get aggressive paying down the high interest balance.

Penfed credit union gave me a HELOC on my non-owner occupied multi-family property. I had some issues during the approval process (mulitiple requests for documentation they already had), but my last couple interactions with them went smoothly.

To qualify as an accredited investor via income, how is that verified? My research tells me this is through prior year tax returns. I'm interested in real estate syndication investing at some point.

This year, I am likely to cross that income threshold for the first time. This would be through W2 salary and rental income. However, with depreciation and prior year losses, that cash flow from rentals won't end up on my 1040. So, the income should be there, but it might not be reported on the Total Income line on our 1040.

Does anyone have a similar experience? Which line(s) on the tax returns go into the income verification for accredited investors?

I've been interested in mobile home parks for a few months now. Can anyone suggest some reading material, podcasts, or anything else to make oneself smarter on the subject? I haven't been able to determine the additional costs of purchasing one, such as property taxes, insurance, or something else an uneducated person like myself is not aware of. Where would find those details on a prospective purchase? Also, which lenders offer loans to purchase mobile home parks?

Appreciate all the comments and feedback. I've spoken to my realtor about the 48 hour window. Her response is, "You can send over a notice to perform any day you would like it's not two days from the notice to perform It's two days after that contingency is due that's why it's after midnight."

The contingency here is the inspection contingency, which was due on the 20th. We removed that contingency at 11 pm on the 22nd. The seller sent a cancelation of sale at 10 pm on the 22nd. Is that valid? Or would it need to come after midnight?

@Russel and @Bill, that's a good point I hadn't thought of. now, we did remove the inspection contingency prior to the expiration of the notice to perform. As I understand it, the notice to perform is 48 hours and it expired at midnight. We removed the inspection contingency at 11pm. We have time-stamped and signed documentation as evidence.

Now the seller realtor did send a cancelation notice prior to the expiration of the notice to perform, around 10pm. Does that void the contract? Is the notice to perform 48 hours upon receipt, or does it expire at the end of the day, i.e., midnight.

One other thing, is my realtor tells me the cancellation notice was not filled out correctly. The justification was for a contingency that didnt exist. It was something about needing to sell my primary residence. I rent. So that wasnt in the contract.

I find myself in a real estate purchase conundrum. BLUF: seller is trying to cancel our contract to buy and threatening litigation.

A bit of background, wife and I put an offer on this house. The process was going along fine, until we get to the inspection report, which says it needs a new roof. We got an estimate and requested a credit for the roof replacement. This was the same day noted as the inspection contingency removal (tuesday evening). Seller countered there would be no repairs, and sent a notice to perform (wednesday morning).

I countered with a compromise of half the roof repair, and it was crickets from the seller. Thursday evening, we get a cancellation notice. My realtor tells me its invalid because it was sent prior to midnight when the notice to perform would expire. We replied with a removal of the inspection contingency, and will buy the house as-is. All contingencies have been removed at this point.

Seller is still trying to cancel. They even offered $10k plus the costs of inspection, and $5k to our realtor. This is well above the cost of the roof credit we asked for.

In the last email received, the seller's realtor threatened litigation, and noted they were confident they would win, and we'd be responsible paying their legal fees. The seller realtor also noted the neighborhood was dangerous, and encouraged us to take the $10k to walk away, which my realtor tells me is "steering," which is illegal. I just dont want to go back to square one in this competitive housing market.

Does this seller have a legal justification to cancel the sale and to take me to court? J dont have any legal background, but I dont see how they have a legal leg to stand on here. My realtor has contacted the California Association of realtors legal attorney, and they say we are still under contract. Does anyone see how I can lose and be stuck with paying attorney fees?