All Forum Posts by: Daniel Y.

Hello Everyone,

To add some preface context, I'm a landlord and in California. However, I always just follow the rules, so I'm not too familiar as what to do as I do not try to walk the line. So I guess this will be a good learning experience to me as well.

I have a friend who moved out of a place and is expected to get a refund on the security deposit. In CA, the landlord is supposed to refund the security deposit within 21 days and at least make some efforts if there are changes in situations. It has been 3 months, and she has not received her security deposit. When she contacted the landlord, the landlord said, "I sent it, but got it returned." My friend provided them with the correct forwarding address, and the landlord just input it incorrectly, then did nothing once it was returned.

Legally, she would have a pretty good chance to go to court and win with her refund plus more as this situation put her in financial, and emotional, distress.

Goal in this order:
1. Get the most back. Refund plus interest, settled quickly out of court.
2. Get refund back ASAP, out of court.
3. Go to small claims to win max amount.

So what is the best path to go? Would writing a demand letter for more hurt her chance if the bad landlord plays hardball and let it go to court?

Although some people might think it's weird that a landlord is asking how to help a tenant. I am against bad ("professional") tenants, this is pretty obvious why. And I am against bad landlords, as it gives us regular "mom and pop" landlords a bad reputation to lump us in all together, I also think this landlord was an apartment complex.

I agree with the shop as soon as possible. It will save you from more stress and what you will already incur.

I shopped and planned as early as possible, and was happy that I did. Dave can attest to that because he helped me with a recent 1031 exchange.

@Cris Normandt not sure if you can do HELOCs, but might as well tag you and see what you can do.

Texas does have stricter lending laws compared to a lot of other states. However, that is new and sounds pretty ridiculous to me. There's a good chance they gave you a very broad statement without the details because they are not good at their job or they just didn't want to work with OOS investors.

I would talk to a mortgage broker who has access to multiple lenders and know multiple criteria and an investor focused real estate agent, one that worked with OOS investors, to get more detail. I was in living in California when I invested in Texas.

Hi Amber! Congrats on the new purchase! I invest in Vegas, and actually just moved to Henderson less than a week ago. There are a few real estate meetings that I plan to go to, let me know if you are interested in getting information on the meetups.

Hey @Jon Lopez,

I'm in the same boat as you, moving from CA to LV soon. However, I've been checking out the LV forum for a while and know exactly who you are looking for. 

@Spencer Cornelia can you help this guy out?

Thanks for confirming. Wow, that's interesting.

Hey Tom,

I just want to double check with you as I skimmed through your answer the first time, did a quick check in during work 😳

You said their LTV requirement for that rate was <40%? As in they had to leave 60% equity in the property? Or did you mean 60% LTV where they had to leave 40% equity in the property?

@Jason Wray @David Kelly

You guys are definitely right, and I did mention that in my original post. So let me rephrase the question and criteria. Not focusing on an exact number, as the numbers will always change. For the following:

-SFR
-Conventional loan
-Doesn't matter if it's Owner Occupied or Rental (because the target is the best rate, given the circumstance. Not the best rate period)
-Doesn't matter if it's purchase, refi, cash out-refi (same as above)
-Reviewed within the same company (So the criteria is reviewed within Chase alone, and not Chase vs Mortgage Broker vs Portfolio Lender vs Hard Money Lender, etc)

What would that ideal candidate look like? This is to give people a point in mind of what the "very best case scenario" would look like, and provide a bit better expectation and perspective for the future.