All Forum Posts by: Gagan P.

 I'm not sure of the rules in MD regarding garnishments, but what I typically do is once there's a judgment go after the bank account.

You can also pull a credit report as usually one of the grounds is collection of a debt or rent. This of course assumes you at least have a Date of Birth to go by.  This can also help you locate a new address on the credit report. Again not too helpful for reporting it to the bureaus (though the judgment + address will give them two indicators to go by), but helpful if you need to garnish wages (if allowed where the tenants are) or a bank account.

And to top it off, in addition to Upen's comment on the financed properties, I'm not sure about Freddie, but Fannie Mae doesn't count the financed properties when getting a primary residence.

So you could already have 10 financed, but if you're purchasing a primary it doesn't matter that you already have 10 investment properties. Also doesn't apply to 5+ unit Multifamilies or lots/land or commercial properties.

9.3 cap in Austin is a VERY good deal. I'd check on deferred maintenance though, as well as if those are actual number or pro forma.

Last thing you need is "well those were market rents, the total income CAN be $554k but is currently $400k", or end up needing a new roof.

If you didn't agree to waive their deposits in writing or there's no agreement, I'd hold all responsible.

If one tenant (or all) caused the dryer jam, it's their responsibility. Not only did it cause mold, it very well could have caused a fire, and safety hazard.

You mentioned that the parents are cosigners. They should be aware of the documented cause. Yes it's management's word against the kids, but you have evidence of the tenants calling about the "broken dryer", AND there's related mold damage. If they insist there's more mold, so be it. The tenant (or tenants) and their guarantors are responsible for ensuring it's mold free as it was when they moved in.

Is there Tenant insurance? This DOES (or should) come under tenant liability.

We had one tenant claim that dust was mold, and efflorescence on the basement walls (the white stuff that comes through concrete, harmless) was mold damage. Sued and demanded a refund of rent (her rent was paid by the government, so trying to double dip), and showed up with a "air quality test mold report". Conveniently though, her report was "accidentally missing" the actual results and determination of the inspector, and the inspector wasn't in court either. Judge of course realized it was just to get money and dismissed her case. It didn't help her situation that she submitted a picture "of a wet basement" that showed no water, and her daughter actually confirmed that there was no water.

While it's possible in your situation that some moisture from the roof leak may have contributed a bit, the underlying cause was the heat from the blocked dryer which was due to negligence by not cleaning out the lint trap.

If it's one lease with all 4, and you have a "joint and several" clause, I'd name all 4 in a suit. If individual, then it depends on your maintenance clauses.

As Nathan said, require them to prove the existence of the mold. No doctor will say "yes I've determined it's mold... they told me repeatedly that it's because of the mold so I believe them".  And of course make them prove that it's your fault. We know there was some mold, which was abated. We know what the cause was determined to be. If they prove there's mold, and can't prove the cause to be anything other than the dryer, well they've provided you everything you need for them to be responsible for a full abatement.

Roy, what you can do is make sure everything is in writing. Return of earnest money, conditions, etc.

Worst case can be that you don't get the place. The agent is required to release the earnest money immediately unless there's a claim from both sides.

Of course if the only reason that the property doesn't close on the date is because they found another buyer, well at that point you'd want to proceed legally depending on how good of a deal it is.

If it's as good a deal that it seems like, I'd go for it. Again, worst case you get the earnest money back in a week or two (usually they aren't even supposed to cash it until offer is accepted anyway). Best case you pick up a sweet deal.

Cash and quick closing, as with any regular sale, would of course both have advantages. You (or your agent) can ask the listing agent what the closing timeframe is. It's sometimes listed on the MLS as well.

If it's in the court's hands, the court is going to want the estate cleared up ASAP so  they'll usually take the best offer with least conditions. I'd suggest an inspection either way, unless you already know what needs to be done.

It's just like a regular sale in that aspect. A cash no conditions offer on a foreclosure or quick sale (person bought a new house, needs, money, etc) will result in a better chance of acceptance.

I would say it depends on the state. Not sure about Michigan, but usually probate court probably means either a contested will or a lack of a will.

If the estate itself is contested it could take a while. However, given that it's listed, odds are it was at the request of the executor or the court, and the price was approved accordingly.

You could put a timeframe for approval on it, that the agreement is void if approval is not obtained within X days. The better the deal the longer the wait of course.

Well the one thing I agree is that "money with no brain" is money that is soon to be lost. Of course, I disagree with his definition of "brain".

That said... others are right, "education" does not necessarily equal "brain". Clearly you wouldn't be in the position you were if you were lacking brains/smarts.

I would hope you at least have some sort of ID or their date of birth? If so, and it isn't an extremely common name, enforcement after judgment is possible. If you don't have a date of birth AND it's a common name, that's more of a problem.

If the assistant is working for you and managing your properties, no limit as far as I know. Same with an apartment building or complex.

Here's the Georgia exemptions list. Property management is excluded. I'm not sure if Section 1 applies only to pre-1989, but section 8 I believe applies as well.

https://law.justia.com/codes/georgia/2010/title-43...