All Forum Posts by: David Eiges

My tenant noticed their gas bill was much higher than normal ($150) and reported a gas leak which was quickly resolved (in 1 day).  The issues were related to some joints around the water heater that needed to be replaced as well as a pilot to an unused furnace that was never shut off.  This is definitely not the tenant's fault.  
 

However, going back, they realized that their gas bill has actually been high for the past 5 months but they never noticed because they've had their account set to autopay.  Obviously, this part is on them for not reporting the issue immediately.  

They're asking for some sort of credit, and I believe they're entitled to something, but I'm not sure what is reasonable.  My current thinking is that it should be for 1 month of a gas bill which is representative of how much extra cost they would've incurred if they didn't notice a high gas bill for 1 billing cycle.  Any other opinions?

Try sorting by price (low to high) or $/sq ft.  I guess it depends on what level of fixer you're looking for.  Quick search I found 5628 Coldbrook Ave which looks like it could use some updating.  Maybe if you expand your search radius to adjacent neighborhoods you can find more stuff.  

One idea, if you were to take this on yourself is to purchase a fixer-upper as a primary residence and do a live-in rehab.  After 1 year, move-out and rent it.  After that,  if the value has increased, you can refinance if interest rates are still low and cash-out some to purchase another property.  A big advantage of doing it this way is that you would need to put a lot less money down to purchase the property as a primary residence than an investment property.

Thanks @Bjorn Ahlblad.  I did email them, and was worried I might be shooting into a black hole.  Glad to hear they respond

I tried to post 2 units for the first time in Zillow Rental Manager.  They're at the same address, but I put different Unit number.  Every time I list the 2nd one, it relists both as "off-market".  I'm not sure what's going on, but has anyone else had similar issues or potential solutions?  

In California...I recently purchased a 3-unit home using a low-money down Freddie Mac Loan. My plan is to due extensive rehab which should allow the property to appraise for higher so as to remove the PMI ASAP.

In the closing paperwork, I received a standard document stating that when I reach 80% LTV based on current appraised value, I am eligible to have PMI removed.

Come to find out later (after closing), that Freddie Mac will only remove PMI if appraised value reaches 65% LTV based on re-appraisal.

From my reading, it seems that 65% is the overriding rule. However, I do have an issue that this information was not accurately disclosed to me during the Escrow period. Furthermore, inaccurate information was provided. Do I have any recourse here (legally or other)?

Also want to add that refinancing may be an option, but will cost me a few thousand dollars more (and interest rates may go up by the time I'm eligible to refinance).

I just purchased my first home in Lincoln Heights.  I'm really excited, because it took me a long time to find a property and I think the property has great potential based on it's size, street, and neighborhood.  

It's a fixer, triplex needing a substantial amount of work (plumbing, electric, flooring, siding, landscaping).  I'm only in the first week of searching for contractors, but I'm getting frustratingly high bids so far.  I still have plenty more to explore, but am I just going to be treading water if I keep looking for contractors through online sources (yelp, homeadvisor) that won't blow my budget?

I just purchased a property in 90031 as well.  Same thing, starting to look for good contractors to work with, I'm getting very high quotes for work.

Thanks @Jacqua Le Fleur that makes sense.  The other hypothetical would be that it is not a friend of mine, but instead a roommate I find on craigslist or something.  In that case, I would probably need to create a lease agreement with them.  What you say may still hold true because it is still "my" home.

I'm planning to buy a duplex in a rent-controlled part of LA.  I'm planning to live in one of the units with friends who will be my roommates.  Do they get rent control protection in this case?  If I move out at some point, and relinquish my bedroom, can I offer them the additional space and increase their rent?