All Forum Posts by: Deb Sala

I recently purchased a town home in Florida. I called a handyman to do a few jobs and he mentioned that he painted my town home last summer. He showed me a spot above the garage door where he proudly told me it took him 3 coats of paint to cover the water stains. It turns out this whole community has a builder defect that involves the fascia and the sealing of the "envelope" - still not sure what that means but basically water has encroached in between the masonry and the concrete block and staining is noticeable over the overhead garage door and only on that wall. The HOA is preparing the sue the builder to remedy the problem. Furthermore, I was perusing the Nextdoor message boards and I find out that my seller had a leaking shower in the upstairs master and painted the ceiling in the downstairs half bath to cover the water stain! So I have proof positive on social media that she was aware of the leak. Neither of these leaks were in the disclosure, which I have been advised is highly illegal. Before you ask about the inspection , we did it ourselves because we are a handy couple and the place is practically brand new. Lesson learned. I have many questions but not a lot of answers. I don't know what kind of damage is in my walls. I don't know if I am covered in the class action lawsuit against the builder, but I am guessing I am. I will find out at the next HOA meeting. And mostly, I would like to sue the seller for non disclosure but I don't know where to begin or what even to ask for. Does anyone have any experience in this circumstance ? Thanks!

Hi All, I am considering purchasing a small condo with a silent partner who would occupy the condo . For various reasons I won't go into, the condo would be purchased in my name only. Some of the condos have a no leasing for the first year restriction, which I understand is to keep out investors. I wouldn't be making any money on this property until such a time that the property is sold, assuming the value goes up. What's in it for me is that I get to help a friend and she builds the equity by making the monthly payments. My question is just how to deal with the HOA. If I am not a primary resident , can I claim there is no lease and my friend is my guest? Has anyone ever dealt with this before?

Hi Stuart, I am also an investor in the Orlando market and wanted to recommend my Realtor at Keller Williams, Gavriella Hollowell. She has great contacts and if you are looking for " boots on the ground", she's your girl. I think you will benefit from reaching out to her office.

Bed bugs are extremely resilient and tricky to treat. Unless 100% of them are killed, the chance of reinfestation is great. Even just reintroducing a suitcase that moved out while the renters were traveling is enough to do it. Depending on the legal circumstances, I would spot treat now and then do a tent fumigation after they move out. You don't want this to happen again! Btw, it's easy enough to have a professional come in and see if there are really bed bugs present .

Scary. Thank you!

He's a sophomore so we aren't bound by the first year rule. The dorms are not great and he likes his privacy so we have already discussed this at length. I wish I had bought there in 2010 when my first child flew the nest. We would be sitting pretty now!

I expect it will turn into a rental property after my son is finished with school, which is why I am wondering if the mortgage itself plays an important role in future property use or if I am overthinking it. I did ask a CPA (a friend) and he seemed to think that I was overthinking it. I haven't asked my accountant yet, but I imagine he doesn't specialize in real estate either.  When all is said and done, I would like it to be an income generating property 5 years down the road.

As for the concern that I am renting under market , I will have to carry the cost for at least my sons room. The other people will pay market rates. I am aware of that trap. I have been managing my other son's roommates for five years now. Not as a landlord but as a  payor for the monthly utilities and helping to organize them. Lets just say, it has prepared me well for the task ahead. Millennialist are tough. Millennialist with cosigners are much better!

Try using the free search pipl.com. It works wonders sometimes.

Hi All- this is my first post and I am hoping it's in the correct forum!  As the title says, I am looking to invest in a townhouse as an investment and as a place for my son to live while he's away at college. I am spending a lot on rent and it's a waste when I could pick up a 3 bedroom and rent out the other two rooms thus covering all expenses. He will definitely not finish in 4 years, so it's a necessary investment I think. The college is in a town that is outpacing the state for growth, so I expect appreciation over the next several years. Demand is high.

I am trying to figure out a few things. Firstly, do I include him on the title? We live in Florida which is a homestead state and putting him on the title would entitle him to homestead the property offering tax savings as well as protection from lawsuits.  Secondly, do I apply for the loan as a "kiddie condo" loan, a second home or an investment property?  I am aware that the interest rate will run me about 1.5% more if it's classified as an investment property. If I make it a second home or a primary home (in the kiddie condo example), can I still write off all the same things on taxes that I get with an investment property? 

Any insight into which approach offers the best tax advantage would be extremely appreciated! Thanks.