All Forum Posts by: Kevin Harrison

No joke, although I usually supply my own documents in hard copy anyway.

Maybe you should just have a talk with your lawyer and ask him what he thinks, and how he would feel about it. Obviously this will vary greatly depending on your relationship with your lawyer. But it cant hurt to sit down with him, tell him what you want to do and why/how, and see what he says. He may tell you if you have done several of these with him to go ahead and possibly a smaller fee just for him to look them over after you have made your changes. Or he might tell you that if you do this he will no longer work with you, at which point you will have to decide which path you want to take.

Absolutely! Doing what we do we could all use a good laugh now and then. Plus it might just save some newbies skin when they are doing their first lease.

I found this funny article about a tenant changing the LL's lease because he sent it in a word document instead of a PDF. It will make you think about being careful when signing your documents though.

http://news.yahoo.com/tenant-sneaks-very-important-clause-181109596.html

For some extra laughs read the comments, some are ignorant but there are some great tenant horror stories in there too sure to give you a chuckle. Just thought I would share.  

The only real advice is to read your contract!! But typically if you are selling it to a tenant they found for you then there might be some kind of fee. Although I think 3-5% is steep, remember in this situation they effectively were your "selling agent".

Now if you were to sell the house while they were managing it but you found a buyer without their help, I would think that things would get a little hinky for me at that point. Again its really all up to what's in your contract.

unless the LL is finishing up some renovations I would be very leary about renting a place that did not have any interior doors, and much less worried about the hvac situation.

No it doesn't make those choices correct when gambling. But if you have enough money to put down to make a place cash flow in your desired market, then you are not really taking that big of a risk. OP will still cash flow monthly, has a chance for appreciation, and will still get debt pay down over the life of the loan. Now if we were talking about someone with less money wanting to buy the property and operate it at a monthly loss then I would be on your side here saying "HELL NO!", but that is not the case here.

While this may be true in many ways, I think what the OP wants to do does not fall into this advice. If OP wants to invest in LA then I don't see a problem with that. The reason we say don't go for the big down payment to make something work is because too many people want to force the numbers when they start in RE. LA is one of those places where you either have to "force the numbers" so to speak or you have to find another market. It doesn't sound like OP wants to find another market.

This strategy may not make sense for everyone or provide the highest COC returns, but it doesn't mean it doesn't work at all. It also sounds like the OP is trying to pick up some of the infamous CA appreciation which might just make better returns in the end with less CF. Just my 2 cents.

VA loans will typically not let you go over the appraised value because they are $0 down loans and the VA doesn't want you to start out being upside down on your home. If you think you can get more then go that route, but if you are ok with the appraised value then accept the offer. You can always try to haggle but know that you may lose the buyer, so I would keep my options open.

You should look for an area near jobs with a good school system. You don't necessarily have to go for stainless appliances but some more modern ones wouldn't hurt.