All Forum Posts by: Jarvis Smith

thanks for responses. We think the situation here is the landlord decided to sell the house after the lease was signed maybe realizing they had more equity then they thought and want to cash out on the place. Paying the tenant out for the total lease amount I agree is excessive and unrealistic. However for the time and money spent preparing for the move I thought would be at least just nice of them to help out in some way if the landlord is breaking the lease.

As far as repairs, there had been tenants in there not too long before. Also friend had been to the place several times even helping clean and again this is two hours away. Saw no signs of repairs needed.

The frustration here is that why would landlord sign a lease not knowing condition of their own property. Lease was signed months ago.

They really want to move in, obviously not if it's unlivable. Now if it is in living condition and we think landlord maybe lying. Can friend get an inspection showing it's in ok condtion and somehow legally retain the lease that was already signed?

@Scott Weaner

It's not that he wants to move into the home with problems it's the fact that he signed the lease, gave the deposit, and is in the process of moving his things in. It's over 2 hours away from his current place, new jobs and what not. He signed the lease over a month ago expecting to move in. He's willing to negotiate with the homeowner about the repairs in order to keep the lease terms and move in, knowing that their may be repairs happening while he moves in or is willing to wait for repairs to be made. 

This topic is for a friend of mine.

They signed a lease for a property and expected to move in, in 8 days. Now homeowner is saying property is in uninhabitable. Saying roof needs replaced and septic/plumbing lines are bad and are trying to back out of lease. Homeowner is saying that they can’t afford the repairs. Again lease has already been signed and deposit has been given.
Friend or person leasing wants to move in regardless of repairs and is willing to negotiate lease terms just to move in, since they planned their whole lives around this move. What can a renter do to protect themselves? I was under the impression that a landlord has to provide a habitable home before signing the lease, and if not they must fix the problems and homeowner is saying they weren’t aware of the repairs until a few days ago. Isn't this something they should figure out before offering the property to lease?

I recommended my friend to get an inspection to really know whats going on and to possibly file a lawsuit for the total lease amount. I just want to know what the plans of action they should take.
Thanks!

@Kuba F. so the bank or financial institution will automatically send the 1099k? Is that something you have to set up with the bank? How would they know to send one? The reason why I ask is a lot of my contractors accept square as form of payment which they just take my debit or credit card and I've never heard on a 1099k

@Kuba F. what do you mean avoid sending 1099s if using credit cards? I was under the impression, and have been sending out 1099s for anything over $600 regardless of the form of payment.

@Christine Walsh 

Short sales are pointless in my opinion. They can take up to a year to close and not worth it for most agents. Maybe try connecting with some wholesalers in your area for off market deals. Those transactions won't even have a real estate agent involved. I get close to 5 deals a month sent to me from all of the wholesalers I've connected with, some good some not. Just an option since mls and agents don't seem to be favoring you right now

you don't need the best credit at all for flipping. Most hard money lenders do not care about credit it's asset based so they just care how good the deal is. You will need between 10 and 20% down to purchase a property. Maybe try wholesaling to build some capital and experience. Find deals and send them other flippers for a cut

IMO you will need about 20% of the home purchase price for a flip. Usually 10% for down and another 10% for unforeseen costs, loan payments, contingency, etc. Make sure you either have money coming In or have extra laying around. My area I need about 20k for a flip if I finance purchase and rehab costs, before the extra money needed for things that happen. Keep that in mind. I am still fairly new to this and I can tell you flipping is not for people with limited funds. And like has been said, from purchase of house to collecting your paycheck look at about 4-6 months. It's tough but It can be done. Do your research! Good luck

I dealt with almost this exact same issue but with electrical.

How much of the roof did he finish? My advice is fire contractor immediately do not pay another dime. Get a new licensed contractor to get out there and immediately pull a permit for inspection hopefully inspection goes well and have new roof guy finish job. Then go after previous contractors bond and try and get your money back

Be completely honest with the city because if not they will make things a nightmare

@Ryland Taniguchi as a new investor I learn from your posts everyday. Thanks for sharing!