All Forum Posts by: Lilly Fang

ok, I got the quote today, $500 to treat the active termite area and $1500 to treat the entire house. (I think this is reasonable)

However, $13500 for repair the area shown and other dry rots area. It says: repair and replace any damaged wood with new wood as necessary. Is it too much???? 

Should I treat this area or treat the whole house?

We saw active termites at the exterior corner of this wall (below the window, next to the patio door). The inspector said they have to remove the deck to see the full picture, but he guessed it's all along this wall and suggested that I budget re-stud the whole wall. 

I did a pest inspection today and found active termites on the corner of this wall. It's a concrete stub. How much is it usually to re-stud this wall if we can re-use the window? I just hope the termite didn't spread to another area.  I am thinking about negotiate another 10k from the price or ask for 10k credit.

background: under contract price 420k, the seller passed away with a reverse mortgage balance of 380k ish. If the price is too low, the seller's children will just let it go to foreclosure. The seller's agent mentioned they have a backup cash offer from Wedgewood (a flipper company), but the price is lower than mine, and she has to do some numbers to make it work. So I guess the backup offer is probably 400k. I am thinking10k credit should work out, right. Not sure if the 10k can cover the termite treatment and re-stud the wall.

There are 31 unassigned parking spaces in the community with 50 houses. The ones along the street can park on the street, but mine is far from the street.

Newly built house, 460k, 4 bedroom, 3 bath, in California. The house is beautiful! This house price is super cheap. Builder's listing price is 529k, and past sale price history is like 510k or so. Houses in this community were sold super fast. Now no 4/3 available. I am still debating if I should cancel my contract due to the parking issue. Please see the picture of the site plan.There is no drive way. There are some unreserved parking. I think a family has at least 2 cars, which means they may want to park 1 car outside since usually, it's tight to fit two cars in a 2-car garage. This house won't be completed until 4/1. 

This is my first rental in such community. Some of my investor friends say renters don't care about the backyard; they only care about the house. Well, this one has a small site yard. However, I am worried about the parking situation will deter some tenants, or tenants will turn over more frequently. My carrying cost is $3000 a month, and the expected rent is $3000. Not easy to find a house in Ca to make it even, nevertheless a brand new house.

The circled one is a similar situation as my house.

Considering buying a new hosue for rental. In CA, all new houses come with solar panels. The solar panel for this house is $17500 to purchase or $139/month solar lease, 11 panels producing 6300kw/year. Adding the cost directly on the rent will make the house appear more expensive. ($3000 is my targeted rent) Can I draft in the lease saying solar charges $139 per month for approximately 500kw/month? 

Yes, I found the obituary of the seller, an elderly lady. CA law says any death within last 3 years.

New investor here. I am under contract for a BRRRR project. (built in 1987, 1500 SF, 3/2, 6000 SF lot). The elderly (87 yr) owner passed away at home. My plan was to repair and bring this house up to date and then rent it out. In California, we have to disclose any death within 3 years. From your experience or own preference, does this matter? How should I convey the message to renters? Do I just write in the ads (probably not, since we don't write it when we sell a house, we just let the realtors deal with this with their clients). Or Do I causally say, "Just FYI, the previous owner passed away at home peacefully," when someone is ready to submit an application? Should I price the house lower? A brand new house with a similar size but a tiny lot (2000 s.f) rents $2800-2900; an older home with a similar size but outdated interior rents $2500-2600. I plan to price this house at $2650.

I am just under contract. I still can get out if this is a huge red flag.

I just have a house under contract, and it's my first deal. The owner (87 years old) passed away at home peacefully. I was not concerned about this when I placed the offer. I really don't care about the elderly passing away naturally in a house, even if I live in that house. However, now I am thinking about renting this house out. How big a problem will this be? I don't know what a renter will think. Do renters care? How do I convey this message to renters? Do I just show the house or do an open house? If someone is interested, I casually mention, "previous elderly owner passed away at home peacefully?" In California, any death within 3 years must be disclosed. House is under contract for 410k, (3/2, 1500 SF, 6000 SF lot, 3 car garage, built in 1987), repair budget 40k, after repair value 520k, rent $2650. The close comp will be newer homes nearby: brand new 3/2 house with similar size (but 2000 sf tiny lot) is sold at $520k, rent $2800-2900; similar aged home with outdated interior is the area is rent at $2500-2600. 

Looking for advice.