All Forum Posts by: Jenny Wall

Hi BP friends out there . I would love to get some input from investors out there , especially people familiar with Utah market . 

So I have an higher end house valued at about $520000-$560000 according to a realtor friend. It has been renting for 10 years right after we have done major remodel ( around $1000000) . The renters have been just a couple for majority of the time , very good responsible renters , so the house has minimal impact. Now the renters are moving out in a couple of months . There is a family is interested in doind a lease option to buy , that's rent for a year then buy . They seem like good family . 

I felt higher end houses in bountiful are lagging the market appreciation trend by quite a bit , since market is so hot now , maybe it will be catching up soon . On the other hand I really don't like higher end rentals , harder to find tenants and adding a lot more stress if they are vacant . I do have a 30 year fixed rate at 4.625%. The price they would offer is towards like $520000. 

Besides I never done lease optio to sell before and don't know what to look for . Who is responsible for the maintenance and repairs ? I am planning on to see an Attoney but would love some inputs . 

Thank you very much 

I have done several loans with castle and Cooke . They don't charge origination fee. All they charge is $1495 to originate and processing the loan , then you have the title company transaction expenses , pretty standard and the amount to escrow account ( property tax etc). Their rate I thought is very competitive. I am very happy with them so far . If you want their contact , PM me 

I bought 3 properties with stated income loan in 2006, I still have them and never missed a payment. I think stated income loans area great products for responsible people, and normally can be measured by their credit scores . Am I right ? I hate to jump thousands of hoops that the lenders request. Stated income loans saved me a lot of time and headache . 

Anyone out there can do stated income loan in Utah or Texas pls let me know. 

Thanks a lot 

thank you very much Taylor! Good luck ! 

@Taylor Chiu so have you got heloc from PenFed successfully? What is your experience if you did ? Thank you 

@Charlie you are right,  my damage probably very limited if I can really sign the lease with the potential pendants. But now I can't even trusted her. She was very quick to let me know she is going to talk to an Attoney after I told her the people's had signed the lease. She still told me she would move out by Dec 3 but I asked several time to emailed me the termination, she didn't. If I can't enforce my lease , what's the point to have a lease ? Or the lease just only " punish" good responsible people ? That's my problem. 

@Levi excellent point to add the legal wording about digital communications. I didn't think about it. She was ok when I signed the lease with her but she changed job . 

Thank you both ! 

Hi 

Anyone out there knows if text message considered as legal notice ? Especially in state of Utah. 

I have a tenant texted me that she wanted to move out by the end of the month before the lease term end , because she can't afford the rent any more. I have made it clear to her about her early termination consequences according to our lease. She wanted me post the available date on rental ad as Dec 3. I have found new tenants to start the lease on Dec 5. After she knew the new tenants have signed the lease, she started to complain that she has too short a notice to move out (she was the one showed the house and told the new potential tenants that she wanted to be out by Dec 1. ) and it is not fair she has to pay early termination fee . She is going to talk to Attoney about her rights...

Luckily I haven't signed on the lease with the new tenants and they are very accommodating. I have to cancelled the lease. 

I would like to know what's my right in this situation. 

Thanks in advance 

@Caleb Rigby Thank you very much for sharing your success and lessons learned. It is amazing that you have made $100000 the first year, part time ! I believe even experienced flippers will have their up and down times. Those lessons learned will be part of your future success and helping investors here in this forum. Big thank to you! 

The " after " pic of bathroom looks beautiful. Did you cut out the shower surround first before you tiled it ? Was it the whole piece of plastic thing ( shower surround and tub be one piece ) originally? 

Thank you 

@Adam thank you very much . I have contacted both and haven't heard back from them. Will try to call again tomorrow. 

@William Hochstedler thank you very much !