All Forum Posts by: Danny T.

Here's my to the point response, whether the story is fabricated or not.  These regulations and the like are temporary.  If you act like you are entitled to something and try to take advantage of a situation, you'll soon find out once the regulations expire that the shoe eventually ends up on the other foot.  I'm not advocating throwing people out during this situation, and think that regulation goes to the lowest common denominator.  My opinion in general is that regulation in general protects the scummiest of business people, landlords, etc.  I'm more of an advocate for letting people act how they would like to act and then being called out for it (if you are going to act like a scumbag, everyone should be able to see that is who you are).  Nothing better than someone's true colors being exposed and people being able to choose whether they want to do business with them or not.  This whole COVID-19 thing shows how important it is to have a good amount of cash reserves.

To me it seems that the people described in this post want American freedoms with socialist laws. You can’t have them both. I had an opportunity recently to get to know a Russian woman who studied to be a lawyer in Russia. We talked about what the monetary system and political system was like from where she was from. I asked her if the people from where she was from wanted more freedoms. She said that they didn’t. She said that the country was basically people who were in charge and people who had to follow the people in charge. She said that the people didn’t want freedoms, they just wanted to be the ones in charge. What a different way of seeing the world. The people mentioned in this post don’t realize it yet but they are pushing for more freedoms with less personal responsibility and they will end up eventually losing their freedoms to the ones they put in charge.

With regards to our personal rentals, we are fortunate that the majority of my single family properties are on lease options where the tenants have paid 4-6k to purchase an option to buy the house for a certain price. If they don’t follow the lease agreement or violate the terms of the lease (such as not paying rent) the option agreement becomes void. So far we have only had 2 out of around 60 of our lease option tenants reach out to us and let us know that they are experiencing some situations with work and they asked us if they could pay a little late in April. The overwhelming majority of our tenants are not entitled like the ones described in this post.

Interesting. Do they think they won't have to make up the back rent? That it is just free living?
I wonder how many of them would have success finding another place to live once an eviction has been filed against them. (not now, but later...)

Before this thread spins out of control into opining on the relative merits of various forms of government and moral outrage at "people today". 

-Here is the source. 

-Here is one of the top comments: 

-The account only has 2 posts, that same question posted in r/realestateinvesting and r/legaladvice. The post in r/legaladvice was taken down. 

-Also, there has been no independent verification of this from a media source or tenant right's group. 

Taking all the facts in their totality make the likelihood this is real pretty small. 

Its 2020 guys, I thought we would have all figured out by now that just because its on the internet doesn't mean its true. 

Foreign  actors are actively trying to influence our society for their own gain. Blindly re-posting something bad you saw and/or commenting on it without even thinking about it is the exact behavior they rely on. 

I'm guessing with costs, it's going to cost you money based on the current market... I haven't dug into your exact area, but I'm pretty close to you and we're up 1.9% from last year, and homes tend to sell a bit better in spring.  

Are there any value add improvements you could do between now and Feb, then list in Feb/March?  

That may at least get you out even?  If you need an expert in your area to consult on what improvements might add value, I'm happy to refer you, only a few years ago that was my daily market.

Hi Danny,

Since you recently purchased the house, you should refer to your closing statement from that transaction. Look at what the seller actually received at the end of the transaction, add the amount of their loan payoff(s), then subtract yours. That will be a pretty good approximation of what you are looking at to sell.

Based on that, if you'd still prefer then sell. Maybe ask a neighbor who has been in the area for a while how past fire seasons have been and ask how many times they've been evacuated for some perspective on the situation over a greater time period?

If the area already burned, it's probably pretty safe now from fire. You likely won't make much or any money on the sale seeing that you just bought it. With sales costs, etc.

A realtor is the person to contact as they're the ones that can get your house sold if you want to sell. Or at least can let you know what it's worth. If a lot of houses burned, there may be a number of people looking to buy another place rather than rebuild months from now, so the market may be hot. (ok, pun intended...)

Don't stress this much, won't help you make the right decision. First of all, you don't need to stress both for capital gains tax and losing money at the same time, it's either/or. If you lose money, there's no capital gain so no tax. Furthermore, If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

Indeed, call a realtor. It's his/her job to help you figure out your options. They know the market and the impact of the fire on home values. If your partner can freelance from NC, maybe he can from CA too so he doesn't have the commute? Maybe if people panic-sell, it creates an opportunity for someone like you who wants to start in the real estate business. Maybe y'all don't need to pack up and go to the other side of the country and need to see the opportunity right there in your backyard?