All Forum Posts by: Elisa Uribe

I have no advise since I don't know the market but I was just thinking this is a good problem to have;) Best of luck!

We used to have a pet deposit but now just increase the main deposit when a pet is involved without classifying as a second deposit on paper. 

Let's say you had a deposit of $2500 and an additional pet deposit of $250. The tenants ruin the floors because of the pest nails and the floors are so badly scratched you get a bid to redo the floors  (bid is $2000) but upon move out, the tenants says, "yeah sure, my pet did the damage but the pet deposit is only $250 so you can't hold back more of my deposit for the floors".

Best to avoid a sticky situation and just tell someone who has a pet the deposit will be increased. 

@Juan Mendoza in CA you have to have a closet and a window in order for a room to be a bedroom. I represented a client and there was a room without a closet but the appraiser considered it a bedroom since there was a free standing closet and the tax records showed it as a bedroom.  The window guideline also has a height restrictions, homes built hillside with a room on the lower level are not always considered bedrooms because if the window is too small for a fireman to get in , in case of a fire it doesn't comply with the guidelines. Two ways out in case of a fire is a must.  

@Christopher Phillips I was thinking the same thing about the DTI due to student loans. I know a few doctors and nurses with this issue.

@Michelle Bright I also like listening to Kathy Fettke.  I had no idea she was on a BP episode. I thought I heard them all. Thanks for bringing it up. 

Congrats on getting into the business! Talk to the broker you work under and let him know you want to start selling. See which Realtor in your office is looking for an assistant, or join a team and learn different skill sets and see what you like best. The more you like what you do, work doesn't feel like work at all, something I'm sure you already have learned over the years. 

As far as investing, keep learning through Bigger Pockets, there are a lot of great podcasts, go to local events in your area and start making connections. Best of luck to you!

@Darryl Gill if you would be purchasing the house from the trust to get the house before your parents pass, what's the point? Why not use the cash you have and just invest in a property, let your parents keep the house and the income they are getting from the rent to live off of.  How much money do you think you need? Do you have cash set aside to start investing? And if so, how much?

It would be pretty difficult to buy something in C.V. in this market, rent it and have it cash flow. Where are you thinking of buying?

When you inherit the house from your parents after they pass, you will still get their property tax basis which based on when they bought it would be very low taxes and a huge benefit to waiting. 

What you could talk to them about it making sure the trust says it would be in your name and not your sisters. It's "iffy" but if it's not in your name alone, I have been told by a local attorney that Alameda County can ask you to prove the house was meant for one person only and if it was in a trust and meant for more than one party to the trust, they could change the tax rate.  You could mention this to your parents and ask them to call their attorney to verify while they are both healthy, wealthy and wise;) All the best to you!

How could I not click on a title like that...seems like there is light at the end of the rainbow....congrats!

@Andrew R. Lucas, lol! My dad used to take us to church and after meant driving to flea markets so he could find tools he needed:) Have a great day!

@Matt Romano so glad to hear you like your Realtor and are in good hands! I always have the sewer lateral line checked too. Especially out in my area, older pipes usually mean clay pipes and if there is a break in the line, a toilet back up after closing could happen. If you are going to ask for a credit at closing or a reduction in price, you might as well make sure you ask for enough, leaving you room to negotiate. 

As far as your due diligence, usually a seller will be on board as long it's in good faith that you need the time. Since the seller was also at the inspections, it seems like everyone is being reasonable. Good luck! Exciting times!

Matt, your Realtor should be helping you navigate through all of the inspections and explaining to you what you don't understand. Were you at the home inspection?  I hope so! If not, call the inspector and ask him questions on any thing you don't understand. A few good questions are: 1.  if this was your property, what items would concern you most? 

2. Are there any red flags or items that need to be repaired that you think need to be done within the first year? 

If you don't have enough time to do your due diligence, ask for more time from the sellers, get the tradesman out there to give you bids, and if you need to ask for a credit from the seller, make sure you do before you move forward with the sale. Best of luck and congrats in advance:)