All Forum Posts by: Frank S.

This is a very good piece of information. We were going to wait a few months, but if that's the route to follow, I have to do this soon, as you indicated. 

What if I get the mortgage and after that do a quitclaim? Could the quitclaim trigger the due on sale clause? 

Thanks, 

Frank 

@George Skidis

Land Trust - I am very interested in this. I read a little about this before and put it on the back burner. It's time to address it. Can you recommend a book?

Insurance is a must, absolutely. This business is risky.  We will increase our umbrella after this new property. 

@Zack Karp 

If I am not mistaking, a delayed financing will not require the six month waiting period. We are ok with limiting the LTV to what we put into the property - if we are lucky. It depends on the appraisal.

@Minna Reid 

I have to look at the paperwork. It could've been 30 days limitation. 

All, thanks for the feedback. 

Hello,

Before reaching out to an attorney, I would like some feedback, please.

About two months ago we purchased a short sale in Illinois. This was a cash transaction. We updated the unit - mostly cosmetic, rented it, and eventually will get a mortgage on it.

This property is on my name only and I would like to transfer it to my wife's name through a quitclaim deed, as we want to maximize the number of mortgages per SSN.

Being a short sale, I am required to wait a few months before I can sell it. However, do I need to wait if I want to transfer the deed?  Do I need title insurance for the quitclaim process?

Thanks,

Frank

Income and expense research is your homework. Don't trust what they give you.

You can even ask to see Schedule E, not that they will comply. 

 There is no tenant payback on windows unless this is a higher end rentalor you're paying for heat and the windows are in bad shape. 

Check window prices online. 

Google window reglazing videos. 

Best wishes, 

Frank

My guy uses Lang windows, they  are definitely not Anderson quality.  You could also reglaze them. It's cheaper and more sustainable than sending trash to the landfill. 

If this is a rental and you are not paying for heat, don't worry too much about drafty windows. If this is a flip, however, that may be another story

Frank

Where is this building? 

Chicago south side.  Windows, $230 a piece (installed) - I got a guy.  They are good enough vinyl, not premium obviously.   You can pay up to $300 for entry level ones

You don't have to replace the old windows. They are built out of dense old growth, if you have storm windows. They will can be almost as good as vinyl.   I have 118 old windows on a rental and they do a pretty good job. 

I am looking for fairly priced tuckpointing guys, myself.. so it goes. 

Hi there, 

Nice questions, here are my two cents, 

* Do not provide fans, tenant proof your place. Ready "Landlord on Autopilot" (great book).  However, I feel I need to  provide them on places with space heaters rather than central HVAC and depending on the quality of the rental.  If so,  go LED lights. 

If your tenant "wants" a fan - rather than repair or replace due to wear and tear, have her pay for it. The fan stays after she moves. Whatever else she "wants", it's coming out her pocket. 

* Don't provide the washer and dryer, provide the connections. Let them buy them or you sell them yours "as is", no warranty whatsoever.  It will be harder for them to move the washer and dryer (tenant retention), you can buy it cheap from them when you move, and you don't have to deal with water damage and clogged vents in the roof (ask me how I came up with that system.... ?) If they get a W/D, have them pay for renters insurance.  Water damage on floors and walls is expensive. 

* Access to unit. Get a lockbox installed.  You don't have to be there. If she wants someone to oversee the repair, she can stay home.  She can claim someone stole something, so get trustworthy contractors. 

Sure, she pays a lot in rent, but the bank can foreclose on your unit, you are risking evicting tenants and the associated attorney fees, you are taking all the risk.  Will they feel sorry for you?  You are the boss and you are allowing them to stay in your nice place.

Best wishes, 

Frank

Ian, 

Why do you want to disclose this?  If you treat for termites, then, it is a closed case, like Tracy D. indicated.

Can they provide the termite treatment (bates, spray) now and let it be?  Not many buyers do the $80 termite inspection and home inspections are a joke anyway. 

 If he is cool and you are cool, then no problem. Do it, t's cheap.   I will waived it only to give me an edge on an offer, but it's a good way out of a deal. 

The last property I bought ( only have two MF, btw) , I did without the inspection contingency, it was a short sale. The owner lived there a few years before and the work done looked clean.  He was a flooring guy.

I check for copper, pvc, and conduit for electrical.  Look at outlet spacing and details, like lights in closets or valves used on plumbing.  Then, check the roof, windows, and envelop/frame. Assume a few gremlins along the way.  Create a list of everything that needs to be fixed, everything, then put a price on it and add 30%. 

The home inspections are too basic, they lack good information and cost analysis, anyway. I don't think they are worth the time, but that's me.   I have some  experience managing and working on large - larger than expected-  renovations.

I don't think  I will pay for one again.

Take care, 

Frank