All Forum Posts by: John Lee

I'm purchasing a property off roofstock so there is a tenant in place. Can i refinance in my name  then transfer title to llc?

might just turn it into a bed room

original post look like this

I'm acquiring a rental unit with an odd porch post repair, if i was to repair it to original condition what would be the cost? I do like the idea of replace all the post with white wood post or dress them in fypon for an updated look.

I already give them a $600 home warranty. And since there is no fire place, my agent said the CO detector is not necessary. We just replaced the condenser, so A/C inspection is also not necessary. 

This is my first deal, and I'm in a buyer market. Some of the request seem to be simple fix and trivial. What i need to agree to and what can i get away with without the deal fall through? I like the idea of just reduce the price or write a personal check of $500 to the buyer to do this fix themselves or do what they want. But my realtor does not like this.

1. Downspouts: Aluminum: The downspout at the right of the garage door is damaged and clogged with debris. Repair by a qualified contractor is recommended to allow proper drainage and prevent overflow that can damage surrounding building components. 

2. Interior Lighting: The overhead garage light in place of outlet that controlled garage door opener is inoperative. Further evaluation by a licensed electrician is recommended. 

3. Leader/Extension: Splash blocks or gutter extensions should be added to bottom of gutter downspouts to avoid erosion near the foundation. There are currently no gutter extensions or splash blocks installed at the downspouts, which are installed to prevent rainwater from emptying next to the foundation and possibly causing damage to the foundation. Areas where erosion is present due to emptying gutters (Rear patio, Left Corners) should be filled in to avoid trapping rain water when extension or splash blocks are added. Repair is needed. 

4. Carbon Monoxide Detectors: There are no Carbon Monoxide detectors installed in this house. This could be a potential safety hazard and should be evaluated further by a Licensed General Contractor. 

5. Main Hall Bathroom Faucets/Drains: The sink drain is damaged and does not hold water. Repair is necessary to be able to fill the sink if needed. 

6. A/C inspection by a Licensed HVAC Contractor for a full evaluation of the unit- Needs to be set on new pad and serviced. 

7. Heat Pump Split Unit AC System Condensate Line: PVC: The line should be extended away from the house where it exits the wall behind the heat pump to prevent condensation from emptying next to the foundation. Allowing condensate to empty next to the foundation can weaken or cause damage to it over a period of time resulting in costly repairs. 

8. Bathroom Fan Venting: Area around master bathroom vent exit needs to be evaluated for gaps by a qualified contractor. Wasps were noted in this area above the soffit. Pests inside the attic can be hazardous and damage building components. 

9. Whenever a roof surface abuts a vertical wall, moisture intrusion that may lead to damage and rot becomes a risk at the intersection. Installation of kick-out flashings address the risk but are not installed on the house. Further evaluation is needed by a qualified roofing contractor. 

10. Septic needs to be pumped and serviced. Septic distribution box needs to be fixed.

Was looking for real estate around 33610, and  I found this gem in listing. I guess maybe i should look else where. Price is all out of wack

I was seeing a property listed for about 3 months by a real estate agent (specialty in property management). The listing is kinda out of wack. Now I see the same property post by a  professional wholesaler group. If the seller decided to go to wholesale route, does the listing agent get anything? Can i negotiate with the listing agent for a sweet deal so the listing agent working in my favor for the deal. I don't know if the agent working with the wholesaler or not. 

Original listing price $160k

Wholesaler price $134.5k

ARV (from wholesaler) $150k (my arv is lower)

I'm thinking of coming in with $110k cash offer 

The parent technically own the rental properties but the title is in the kids name. When the kids want to transfer title back to the parent, is it consider gifting in the tax code? and will there be tax consequences? Both houses are in florida