All Forum Posts by: Derrick Dill

99 marijuana plants allowed in California? 

Can't sell your house due to COVID/eviction?

Can't evict cause you accepted their deposit?

You're getting a lot of misinformation. None of these are true. 

The courts are backed up, but they're open. Keep working on the eviction process, talk to your local news and tell them your story (start a gofundme after your story is released), pursue them in small claims court after they're evicted.

Is it going to be a long drawn-out process? yes. When they get evicted, their credit score is ruined, it goes on their record.  TAKE THEM TO COURT

It's taxed as income. ex. you made 100k in w-2 income. You NET 10k from your rental property. You're taxed on 110k.

Is there more involvement in your taxes  that makes it not so simple? Yes, like depreciation, interest, repairs, etc.

I just did it this last year, so far no issues. I think it cost me like 40$ for the rustoleum, 20$ for all paint supplies, and a few hours worth of my labor. 

Send her a reminder. Let her know that in the lease that she signed and is contractually obligated to follow, there are late fees going forward, you forgive her for these first 2 instances but.. If she forgets again, you plan to follow the lease terms (not sure what you have outlined).

If she's an adult, she has to learn to follow deadlines and contracts. What happens when paying my mortgage "slips my mind"? the foreclosure process begins.

Why don't they use the CARES act forbearance? They have a business that was directly affected their business and they're having trouble paying now..? They are exactly who it's made for. Won't count against credit, can re-pay at end of loan, can refinance to new loan after.. 

If they just want a lower payment, refinance to a 30 year and restart your loan at a lower price

I use my retirement accounts (401k, Roth, stocks) as "cash reserves" when requested by lenders. Rather invest the cash and liquidate if I need it then have actual $ sitting there collecting dust

I used rustoleum on my own DIY and it turned out great. You can buy all the supplies you need and the rustoleum for <100$ and take care of it yourself.

Can you pay off any smaller loans to offset some DTI? Take out of 401k with CARES act LOAN and pay off something else? (401k loan doesn't count against DTI)

There are many threads on whether to go out of state vs more locally and you can check those out to make an informed decision for yourself and your goals.

I was based in southern California and bought locally there in 2016, did a house-hack duplex where I lived in one unit (2 bed/1bath, rented other bed to friend/roommate), and rented out the entire other unit. The tenant and roommate incomes just about covered the mortgage.

This turned out to be one of the best moves of my life, the property went up >200k in equity since then. I took out a HELOC and bought 5 out-of-state rentals with that equity. I moved up to the bay area for work and purchased another house-hack here recently.

Wanted to get your expectations closer to reality, with closing costs, you'll be looking at closer to 30k rather than 20k without grabbing my calculator.

You should start researching areas you would consider living with your ideal living situation in mind. Close to work? Close to freeway? How many bedrooms/bathrooms? Single family/multifamily? Condo? town house? garage? backyard? Narrow down your criteria, what are your must-haves? what are you willing to be flexible with? Your first step will be to contact a lender, probably best after you get that 2nd W-2

Let the seller know you're buying FHA and requires you to move-in. Make an offer contingent on one of the units being vacant so you can fulfill you're requirements to purchase. Don't make it harder on yourself