All Forum Posts by: Erica M.

Hi. I'm looking for advice on investing our rental income in the stock market. Right now our money is sitting in a checking account making peanuts. Do any of you put your rental income in the stock market? I'm thinking something low riskish, and something that pays a dividend. Perhaps bonds. I'm not sure. I invision continuously adding to the investment a few times a year as rental income comes in. Thanks!

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thanks everyone for your input :)

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Originally posted by @Randy E.:

Originally posted by @Erica M.:

around 150,000. We're not talking millions here. I understand everyone's advice that I shouldn't whine about $500, but still.

There's no "but still" about it. This is a $150K deal, possibly more if you're spending money to rehab the house, but YOU are willing to walk away because of a comparatively measly $500. Honestly, the idea of an investor doing that boggles my mind.

This isn't even a matter of pride to me. If you're spending that much, I have to assume you stand to make $20-$40K after the sale the house, or make it in equity after repairs. The thought of losing out on such a profit because of a principal call over a $500 misunderstanding doesn't make any sense.

Take a deep breath. Take a walk. Then take the doggone deal.

Good luck.

Lol Randy, thanks

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the tone isn't necessary, but thanks so much for the insight

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Originally posted by @Linda Weygant:

Originally posted by @Erica M.:

Hi. We are the buyers. We went to sign contracts with the lawyer and the sellers tried to pull a shady move. They wrote in the contract that they

will not credit us the $500 for property condition. They wrote that is was already reflected in the price. We never agreed to this with the seller. We did negotiate a little after inspections, but property disclosure credit never came up in discussion. So we told them forget it...we are backing out. It's not so much that we need the money, it's more out of principle. We've given the credit when we've sold homes. The final price is not much lower than their asking. Are we being greedy or are they!? They are willing to let the deal fall through over $500. We are serious cash buyers. Are our expectations way off base on this? Thanks for any input.

I'm really confused in your wording here. You talk about a property condition credit like it's a standard thing. You say that you give "the credit", but I have no clue what you're talking about. In your area, is there a standard credit that is just given automatically if a house is under a certain standard of condition?

If this wasn't specifically discussed and negotiated on, then yeah - I think you're being kind of a tool. It sounds like you expected a standard $500 on top of whatever else was negotiated. You fling around words like "they are willing to let the deal fall through over $500" like it's some kind of terrible thing. But you're guilty of the same thing. In fact, I'd say moreso.

You're sticking to a principle that makes absolutely no sense to me. It sounds like you have this standard credit that you think you're entitled to that was not specifically negotiated while the seller is claiming that their price was already low enough to account for the condition of the house.

Stick to your principle all day long. Somebody else will come along and make the multi-thousand dollar profit you would have made while you are safe and secure knowing you saved yourself $500.

Good job!

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around 150,000. We're not talking millions here. I understand everyone's advice that I shouldn't whine about $500, but still.

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there is no money in escrow. We learned of what they did when we went in to sign the contract with our lawyer. So we can walk away without all that trouble of getting our deposit back.

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In NY every seller has to either give $500 or fill out the property condition form. No one ever fills out the form, hence we the buyer expected the $500. But the seller took it upon themselves to say it's reflected in final price. Yes, they came down in price after inspection. However, the property disclosure is a seperate contingency that has to be dealt with. And they never said the final price reflects the credit. As far as I see it, regardless of what took place during negotiations, the buyer should get the credit at closing. Am I wrong?

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thanks for your response, I appreciate it. Mixed with other drawbacks of the house, we are willing to walk away. We don't want to, but I don't appreciate people making decisions for us. I'm more surprised they are willing to do this after all this time of inspection, negotiating, etc. now they have to go through all of this with someone else. It boggles my mind. But thanks for saying you would do the same out of principle.

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All Forum Posts by: Erica M.

Erica M. has started 7 posts and replied 31 times.

Post: Reinvesting rental income in stock market

Post: Reinvesting rental income in stock market

Post: House deal fell through over $500!

Post: House deal fell through over $500!

Post: House deal fell through over $500!

Post: House deal fell through over $500!

Post: House deal fell through over $500!

Post: House deal fell through over $500!

Post: House deal fell through over $500!

Post: House deal fell through over $500!