All Forum Posts by: Account Closed

Ok, I know this relates to an entirely different country  but the USA also has legislation governing unfair terms in consumer contracts and they probably entail similar legal doctrines.

Basically the proposition is this. You can put whatever you like in your contract, but if it falls under the category of what the law deems to be an Unfair Term it will not be legally enforceable.

This is the  UK publication entitled Unfair Terms in Tenancy Agreements.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/284440/oft356.pdf

Here's what it says about forcing your tenant to buy renters insurance.

unnecessary insurance requirements - we consider that whether tenants wish to insure their own personal belongings is a matter for them and that it is unreasonable for the landlord to make this a contractual requirement.

I don't agree that that is always good advice. The pressure of obligations associated with other peoples money can lead you into costly mistakes - cutting corners financially and taking on tenants that you should reject because you are worried about your ability to make the monthly payments.

To get an E2 visa the amount you make from the real estate business must be enough for you and your family to live on. Also the consulate could deny the application if they don't think the business requires your full time involvement. 

From the comments I have seen it is easier to get a real estate E2 based on commercial property.

Be careful with your 7 Section 8 properties.

I have a Section 8 tenant who passed recently after being hospitalised for almost a year. Sections 8 payments stop immediately on death but today we had a phone call from HUD saying that payments should have stopped once the tenant had been out of the home for 6 months. To which we said meh and the lady from HUD intimated that if we had had more than one Section 8 property they would claw back the 6 months from those other contracts.

We got the property back 6 weeks after she passed away, last months rent unpaid, and we were left with a $350 water bill and have just paid $450 to haul away trash.

Never eviction. Felony depends on the circumstances.

I was talking to my loan officer at BofA yesterday. They insist on going off of the real estate earnings shown on your tax return. I own my properties free and clear but my wife  also owns real estate which is mortgaged.

Although I was applying for a loan based on my own portfolio I was told I would likely be denied because of real estate losses  on our  joint tax return that are almost entirely due to mortgage interest that my wife claims on her property.

As a fellow foreigner I would say that if you are present in the US the most important factor on your ability to raise funds is your US credit score.