All Forum Posts by: Leigh Costain

@Michael Campana  Why are you not under RC?  Is it because you are in the unincorporated are of Richmond?  Or does your in-law not have a kitchen?

@Michael Campana  I actually live in Richmond and the unit I need to discuss is in my house, which I bought 14 years ago in Richmond Annex.  There are only a few places I would buy in Richmond and I have not seen anything recently where I can make the numbers work.  I'd say a big concern is what will the allowable rent increases in Richmond be in future years?  You should also know that we have some of the highest property taxes in the state. These are just things to consider.  I bought a house I want to live in, so I could tolerate the downturn and the overall slow climb of my equity.  Not sure I'd feel the same about investment property.

@Michael Campana thank you for the advice. For my situation, I need a lawyer. There are some in the EB and I have a few calls out. Richmond city government has not earned my trust and I would not seek counsel from them.

I am looking for a quick consultation on my rights as a landlord given the relatively new  Rent Control laws in Richmond.  Anyone have a recommendation?

Just an update, I spent a few days shopping around and BofA had by far the best offer. Interest at 3.74% for the first year, margin @ .25% below prime after that.  No closing costs (none, not "rolled into the financing", none).  No required balance and no cancellation fees after 36 months.  Also the docs required were less extensive than the other banks and the whole process of applying is online.  

Other banks would go higher LTV and also work with lower credit scores, but since I didn't need those features I went with BofA.

@Brian Mcmenamin good advice, I will see if my company has relationship with a CU.

@Alex Yow Fremont Bank came up in my searches, I will give them a call.  Thank you both!

Hi All,

I'm looking to get a HELOC ($200K). I have good credit, decent equity, and a good loan to value ratio. I've talked to BofA (they'll give me a good rate locked in for the first year, adjustable after that) and am looking around for other offers. Does anyone in my area have a lender they particularly like?

@MaryMitchell, no offense taken. That's exactly what I was wondering.  The police came by this morning (they were the ones it fell to  to try and place her in a home) and asked us to look after the place since it's vacant.  I was just wondering if there is anything we can do to limit the prospect of it sitting vacant for years (there is a problem in neighborhoods nearby of people breaking into vacant properties and using them to do drugs, etc...)  Sounds like no, we just have to wait and keep an eye on things.  

@AdamGollatz she told me years ago that she doesn't have a will and asked me to give her the name of a lawyer.  I did but she didn't follow up and her mental state declined after that.   But there is a significant chance she DID have a will at some point and just forgot.  She was forgetting so much as she got into her 90s.  

Hi All,

My neighbor is 97, suffers from dementia and has no heirs.  Her house is paid off and likely needs a significant amount of work to make it market worthy.

She was just moved into a rest home (a solution she wanted since she is lonely and knew she was losing the thread).

My question is: what will happen to the house? As her closest neighbor, I'm not wild about the prospect of it sitting empty for years, reverting to the city in probate and..then what?

I don't mean to be predatory but is there a way I might buy it to avoid all that?

Leigh

@Max Ball an amount equal to what the structure was worth, not land + structure.