All Forum Posts by: Account Closed

What are the hottest states to invest in rental property right now? People seem to moving out of California to Texas, Idaho, and Colorado. Are there any other states that are hot right now?

Arizona can get pretty hot. ;-) It's great for real estate too. Low taxes, landlord friendly, growing economy, great appreciation. I have a bunch that are cash flowing above $500 a month in Phoenix, Mesa, Glendale and Apache Junction. It's a lot closer to SoCal than TN. Although TN is a beautiful state in it's own right. I also invest in TX up and down the I-35 corridor. Taxes are a tad higher there though.

2 Votes

Originally posted by @Nic Werner:

@John Farady thanks for the reply, do you have any sources or anything to look at that references what you are saying?

Your Question: "do you have any sources or anything to look at that references what you are saying?"
It's called "Ethics".

But, here are the circumstances that allow you to break a lease in Seattle with out financial repercussion,

1.) U.S.C.A. § § 501 and following, 2.) RCW § § 59.18.100, .110, .115, 3.) RCW § § 4.) 59.18.575 4.) RCW § 59.18.150

However, Under the just cause eviction ordinance (like selling the house) the landlord must give 90 days notice (not a 20-day notice). The date to terminate the tenancy (the date the tenant is to vacate) must be the last day of a rental period—usually but not necessarily the last day of a calendar month. The notice must be served at least 90 days in advance. It is not correct to simply add 90 days to the current date.

However, for you, If you don’t have a legal justification to break your lease, you may still be off the hook for paying all the rent due for the remaining lease term. This is because under Washington law (RCW § 59.18.310), your landlord must make reasonable efforts to re-rent your unit—no matter what your reason for leaving—rather than charge you for the total remaining rent due under the lease. So you may not have to pay much, if any additional rent, if you break your lease. You need pay only the amount of rent the landlord loses because you moved out early. This is because Washington requires landlords to take reasonable steps to keep their losses to a minimum—or to “mitigate damages” in legal terms.

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0 Votes

Originally posted by @Corey Barnes:

Yes I believe the bank was notified, there is no one else on the loan, I am being affirmed as administrator for probate so I will get authority, but that could be six months.

The sale date is the larger question, nothing has followed the notice of default, the property is in CA so the moratorium is in effect currently until Aug 31st.

I don't know if the 90 day countdown goes into effect during that period, as its been over 90 since the default notice, they may just be blocked by the moratorium

I think you may want to talk to a probate attorney. If you are the administrator/personal representative of the estate, you may have difficulty in buying the property without a conflict of interest. I've never done this the way you are trying to and I fail to see the advantage. Maybe there is an advantage that I haven't figured out, but a one hour meeting with a probate attorney is your next step.

0 Votes

Originally posted by @Nic Werner:

We're 7 months into a 12 month lease, and are closing on a home. We notified our landlords early (45+ days notice) and they've decided to sell. Washington State.

I'm trying to find out our obligations on this lease contract when Owners wants to Sell. Washington rental law (and our contract) only refer to mitigating damages to get another renter into the property. Nothing about any other circumstances, like Selling.

We gave them a move-out date, and they said either the new realtor or one of would meet us for the Inspection. To make it official, I sent a mutual lease termination agreement to the Owners that is a simple change to the Move-In date (Tenant Union recommended). Owners said they are afraid to sign it because they don't know how the house will sell.

Does anyone have experience with this dance? The house will not sell quickly given several factors, and we don't believe we should be on the hook for $10k+ while they learn the market. We understand we are breaking lease, but want to close this out in a win/win.

Thanks!

You're on the hook until they actually list or the lease expires. It's best to get any agreement in writing though, whatever you do.

0 Votes

Originally posted by @Corey Barnes:

Essentially, the previous owner has passed on, His family is in a distressed financial situation. The previous owner passed without a will or trust, so the property is intestate.

The family couldn't afford a probate attorney, and didn't understand the process, so they were going to let the home go to the bank, for a tiny mortgage. What I need to know, is if anyone has ever stopped the foreclosure process by making an anonymous payment, it's behind 4100.00 reported March 2020, And I want to know if anyone has stopped the process successfully.

I've hired a probate attorney to start the process and send a letter of Forbearance, but it could be 6 months until the process completes. I'm being put forward as the administrator, and will be able to work with the mortgage company then, but want to know if I can do anything now before we lose the Moratorium, I can make the payment assuming 5500.00 for additional penalties, but don't want to flush money down the toilet, the probate attorney is already a be

Any Help is appreciated

I've stopped foreclosures many times by paying the arrears. There are a lot of things at play here though. If the bank has been properly notified of the passing of the borrower and if they did the foreclosure properly, you take a certain direction. If they were never notified you take a different direction. That amount in March needs now to include April, May, June, July and August and legal fees, late fees and unpaid taxes.

Was the bank notified or not?

Anyone else on the loan?

Anyone have POA or Authorization?

What week is the sale date? (How much time do you have to work on it)

1 Vote

Originally posted by @Jordan L.:

This is my first experience with this, and to be honest, I'm panicking. A former tenant that just vacated a property I own is suing for multiple items and a large amount of money. Mostly on items they're claiming were not repaired. To my knowledge everything was repaired properly. In fact, I tend to go above and beyond regarding the presentation of my properties and maintenance. They are suing me, my property manager's company, and my property manager individually. What should be my first steps?

My property manager has an attorney and will follow up with me after the weekend. I do not yet have an attorney. I do have liability insurance through my homeowner's carrier. Should I get my own attorney? Would my insurance company provide one for me? Should I contact my insurance company?

Any stories from anyone who has been through this are welcomed. I'm literally shaking as I'm typing this. Thank you.

I think you are pulling our legs on this one. ;-) Or you have left out critical information.

But, if not, in the Complaint they are required to state which law they are suing you under and their specific accusation against you.

What are they "Specifically" saying you did or didn't do? What "Specifically" happened that caused them harm?

Then they have to prove that is what happened.

Then they have to prove they were damaged.

Then they have to prove how much the damages are.

I think I would look at the state bar list and see if the "attorney" actually exists and is permitted to practice law in the state.

Here's why; Attorneys don't take cases unless they are going to get paid. Trying to "win big" on "unrepaired" items is a non-starter. The remedy is to force you to repair them. But, since he is no longer a tenant, it is questionable whether a judge would even hear the case.

You said nothing about injuries so it's obvious that isn't part of the suit.

1 Vote

Originally posted by @Jessica Jay-Maleski:

Hi, all! I just closed on two three bedroom houses (on one lot). One of the buildings (ironically enough) was previously a pub but has been converted into a 3/1 residence. It has come to my attention that Phoenix metro is in need of more halfway/style sober living residences. Is anyone familiar and willing to let me bend their ear? :)

Yeah, I did a flip about 6 blocks from one and they kept breaking into my property and stealing things. What would you like to know?

1 Vote

Originally posted by @Brandon Johnson:

Hello,

I was wondering if anyone had any advice on my situation. I have been involved in a wholesale deal for over a month now, the contracts have now expired and the seller won’t answer the phone for myself or title or sign closing documents. I am the wholesaler, am I able to take any action against the seller or force him to comply and sell to end buyers? Any advice on next steps?

Seriously? Your Comment: "the contracts have now expired" means you have nothing and there is nothing to do.

Why do you think there are end dates?

0 Votes

Originally posted by @Tim Johnson:

@Account Closed, you've convinced me. I'm going to join you in Southern California where you don't have any problems at all.

Sorry, I don't buy in California at all.I ain't crazy. :-) I buy in Arizona and Texas. You are more than welcome to join the party in AZ & TX.

0 Votes

Originally posted by @Danny Webber:

I cannot keep up anymore

https://www.cnbc.com/2020/08/10/president-trumps-executive-order-does-not-extend-eviction-moratorium.html

It simple says that various departments, FHFA, HUD, etc will do what they can to provide monetary assistance.

0 Votes

All Forum Posts by: Account Closed

Account Closed has started 12 posts and replied 576 times.

Post: Hottest states to invest in

Post: Breaking lease BUT owner wants to sell - whats a win/win there?

Post: Pre-foreclosure experience anyone??

Post: Breaking lease BUT owner wants to sell - whats a win/win there?

Post: Pre-foreclosure experience anyone??

Post: Help Please...I'm Being Sued

Post: Anyone with familiarity running halfway houses in Phoenix AZ?

Post: Seller won’t answer phone or sign closing docs

Post: Heroes act eviction loophole

Post: Eviction Moratorium was not extended