All Forum Posts by: Rachael Collins

@Christian Bors Thanks for your reply! I guess this will be a learning process if I decide to accept the offer.

Is it possible to counter the closing cost seller assistance percentage without killing the deal? The way it is laid out on the pre approval sheet from VA makes it seem as if it is non negotiable if the offer is to be accepted. They list county/city transfer taxes , private transfer fees, and recurring/non recurring fees to be paid by seller but the escrow fees to be split 50/50. Confusing for a newbie.

Luckily, the house has just been rehabbed (all new handrails and paint), but it has a grey water system (not sure if that will be an issue- even if it works perfectly) and some old electrical (mostly upgraded). We will see what they have to say.

Hello all- I have received an offer on my house and the buyer is using a VA loan. One of the contingencies is that I agree to pay up to 3.5% in closing costs and prepaid items. That is aprox. $8k in this case, which seems outrageous. Is this normal for VA loans?

Hello all- I have received an offer on my house and the buyer is using a VA loan. One of the contingencies is that I agree to pay up to 3.5% in closing costs and prepaid items. That is aprox. $8k in this case, which seems outrageous. Is this normal for VA loans?

@Mike H.  It's nice to be reminded to remember common sense. Sometimes I feel like it died many, many years ago - here's to it's return!! I will start looking for my visionary residents, and will try to remember to post my results - thanks again!!

@Brandon Hall Thanks - that clarifies a bit for me - as clear as tax law can be for those of us not possessing a degree in accounting! I will work on figuring out just what I need to do next.

Thanks again!

@Mike H.

Thanks for this advice. Not a ton of great rentals where this house is, and that strategy may work to our advantage! I will speak to my partner about it definitely. I have read so many posts and books saying to make sure it is rent ready before you show, or you will lose potential residents. I guess that mantra stuck, but your logic makes sense.

Thanks for your help!

@Jennifer T.

OK - those are great bits of information!! I haven't been in the rental market for so long I forgot that many people are proactive that far ahead in looking for houses.

Thanks so much!!

@Linda Weygant

It was our residence and we moved and decided to turn it into a rental. We had already pulled the permit for a new bathroom, that is what we are working on. I have spoken to my lender and insurance agent about the change to rental property. I am concerned about the costs of repairs for safety code compliance to make it a rental as well as depreciation. Thanks for your insight!!

Hello,

I have a rental (in California) that won't be ready for a few months (we have done the rehab ourselves) and have been told by an accountant that I need to advertise it before the end of the year in order to show "intent to rent". I have a few questions that I would love to get some insight on:

1. Is it true that I need to advertise within the calendar year in order to receive the tax benefits?

2. If it is advisable to advertise now - how can I do so and not waste my or the potential residents time if it will be 60-90 days before the house is ready. I don't want to show it until it is appealing and can attract the most desirable residents.

Thanks All!!

Welcome @Jeff Goddard -

Be sure to jump in and listen to the podcasts. Even those that don't have to do with the type of investing you are primarily Interested in have invaluable info. If you were an inspector you are primed with the best knowledge about where to invest in Bakersfield.  That's a great tool, one I am still learning.  Happy hunting!!