All Forum Posts by: Greg Hoffmann

Hi BP Folks,

I was lucky enough to get in on a new construction build to rent last year in Cape Coral. The prices now are roughly 70% higher. So I feel like I need to do a whole new round of due diligence to see if it still makes sense to pick up another at this new price.

Does anyone have any advice for where to get the most current data on population growth, number of new homes being built and all that good stuff?

Anecdotal info welcome too.

Thanks all, 

-Greg

Hi Folks

Here's a scenario I was hoping someone with some legal expertise could weigh in on.

My tenant passed away and I've been dealing with the tenant's son and daughter in law. I saw several legal documents including the will naming him as the executor. As such, I reimbursed the security deposit to them written to "The Estate of Tenant's Name". This was the guidance I had read in several landlord publications.

Their response was that they were hoping I could rewrite the check to them personally because they are still several months out from completing the probate court process.

But here is the added context as to why this might be acceptable:

The daughter in law was originally the Guarantor in the lease and actually wrote the check for the security deposit in the first place several years ago. (I didn't own the property at the time but I have a copy of that original lease).

Does this sound like it's ok to return the security deposit to her as the original guarantor or should it still be made out to the Estate and sent to the Executor?

@Bo Bond Something tells me you're in the industry!

Thanks for the replies, all. It was not an elective repair it was a gas leak that turned into having to replace the entire gas line. As far as if it's a covered loss, it's an old house so they'll likely say it was just wear and tear. But wouldn't it still be worth it to submit a claim?
As far as the hypothetical neighbor driving into my garage door, I would have originally thought the same way, that a claim should be processed first. How does it work if the neighbor reimburses me 100% out of pocket and then I submit a claim and get extra reimbursement on top of that? 

Hi Folks

I have a duplex in CA and the lease requires the tenants carry a renter's policy. Recently there were some maintenance issues that required they vacate the premises and stay in a hotel. I've agreed in principle to reimburse them for the relocation expenses but I want to require that they first make a claim through their insurance, and I'll cover what remains. 

Does anyone know if this is legal or even the "regular" order? Could they claim that they're entitled to reimbursement immediately and in full from me?  It doesn't seem right that I'd have to just take it in good faith that they'll submit the claim on my behalf after they've already been made whole.

Additionally, I've prorated the rent/utilities for the full number of days they were out of the premises.

Has anyone ever used this type of product on an investment property? My goals would be to increase monthly cash flow and have more access to the property's equity for things like Cap Ex, etc....

Here's a blurb from a lender's website:

"By combining banking functionality with home financing into one dynamic instrument, borrowers are able to save tens of thousands of dollars and years off their loan"

"Designed after popular programs around the world, the All In One First Lien HELOC is the nation's first transactional offset type-mortgage program.

Home financing and banking combined:

• Deposits lower your loan’s principal
• Funds remain available for expenses
• Interest is calculated on the average daily balance
• This lowers the monthly interest payments
• Tens of thousands of dollars can be saved over the life of the loan
• Mortgage freedom can be achieved in half the time or less

Hey Santa Cruz folks, yeah definitely would be interested in meeting up with folks in person now. I'm not always great at checking social media/BP.  Maybe somewhere with an outdoor space around 5 or 6pm? 

Give a shout if you might be interested and we can coordinate more next week

@Doreen M ODonovan

Hey sorry for the late reply. I think that would be a good idea! It won't be too long where we could maybe even get together in person again!

@Chris Mason

I too had thought my wife and I could get to 20 if only 1 of us was on the loan, but both were on Title. So we have 4 already where we're both on Title. Do you happen to know if we can simply remove one of us from Title on the first 4?

Hi All,

I know it's not the norm, but does anyone know if any lenders will consider rental income if it's been less than 1 year? This is in regards to income and not DTI. I have signed leases and can show 5 months of payments, but nothing on my tax return yet and no other current W-2 income. If relevant, I'm talking about a relatively modest purchase price of about $70k. Thanks!

@Jeff Langham I'd be interested in chatting more about local apartments

@Jeremy Jackson Do you know if 1031's allow for partnerships? It's an option I've been thinking about with our area's high barrier to entry.