All Forum Posts by: Sophia Maler

Hello,

I bought my own place (North Cal) and want to move out of my rental in the end of the month.

I gave my landlord 60 days advance notice in May as required by our rental agreement, and asked to move out sooner.

The landlord ( he is a lawyer) shortened the period to 45 days on condition that we agree to show our place to prospective tenants.

However, the house is in a bad condition. In the past few years we had multiple problems with pipe leaks, which the landlord attempted to fix without much success. This was one of the reasons that convinced us that ownership will be a better alternative is our situation.

Is there a way for us to shorten our notice period because of the problems with pipes? The house is not in a condition to be rented again - we had a series of floods in the house. There are stains on the ceiling that prove this fact. What can be done? Please help. I want to leave on good terms but paying extra 15 days for uninhabitable living conditions doesn't seem fair.

My mortgage closed on Monday! Thanks everyone for your support.

Thanks everyone for quick responses. Yes, I'm a US citizen. There is no income from the property right now because my parents live there. There will be income if we rent it.
I want to get advise from a tax specialist familiar with international real estate investment. But I don't know where to find such specialist and would appreciate a recommendation.

I own 1/3 of my parents' apartment overseas. My parents (both retirees) still live there, but plan to come to the US and live with me. They don't want to sell the property to the 3rd party now because the prices are going up, and they don't want to be subjects to US tax if they sell it later, when they become permanent residents (right now they are not).

They offered to sell it to me. I'm not sure what to do because I already own 1/3 of it. Right now it is kind of investment for me already. What happen if I buy it for investment purposes? Can I use my self-directed IRA to buy it from them?

Update. My loan didn't close on time. The underwriter came back with conditions and is still verifying my spouse's employment. It should be done today, and the closing date is the 5th. Is there anything I can do to prevent loosing the house?

Can self-directed IRA be used to invest to real estate overseas?

Thank you all for the reply. I will check first thing tomorrow morning. I started thinking about going to another bank - but it seems like there is no need to worry yet... My current lender is BOA, this is why I'm so worried. They are super slow here in CA...

I'm buying a home as primary residence. The projected closing date is 07/05, but the loan hasn't even gone through underwriter. I called bank several times, but they say they are still processing loans closing in June. Should I just wait and see what happens? What are my odds of actually getting the loan on time? Or should I be prepared to deal with delay?

Will there be any penalty if I cannot find a tenant for a year or two?
Can I sell the property and use the money from this transaction to buy another investment property? If so - who can I sell the property to?

If I fail to lease it - is there any way to convert it to a primary residence? The situation I'm trying to avoid is to become homeless with a useless piece of rental property...