All Forum Posts by: Lisa D.

JD, It's an A grade coastal home in OC.  It has premium KitchenAid SS appliances that were installed with a full remodel in 2017.  I couldn't see myself tossing it out and putting in a cheap replacement.  I also didn't want to replace a new premium unit for these tenants.  So I opted for repair.   About the grout, I don't know how to answer that.  The tile grout has crumbled away in front of the dishwasher and pantry where the water has been pouring out.  

Ok, thank you all for warning me of the potential pitfalls.  I have the dishwasher repair initiated. It's getting a new motor and will be restored to as good as new working condition.  That eliminates the water intrusion.  I have also been in touch with a professional carpenter who is going to meet me over there for an inspection to see what repairs are needed. 

I'll wait until I see what condition the unit is really in before I try to make any further decisions.  

There is a prompt notification clause in the lease.  It's the first bullet under care and use of the property, and I have two different plumbers that said it has long term damage.  

If I find out that I need to do a major repair including subfloor, which would require taking out the tile flooring, would that level of construction be sufficient to justify asking them to vacate?   This is an open concept floor plan with flooring that stretches the entire kitchen, dining room and living room.  It would be a significant project. 

The lease ends Feb. 28.  So, I guess I'll try looking up the current status on our state government website today regarding Covid and ending tenancies.

I am so upset that I could cry. My tenant notified me a couple weeks ago that "in the past week the dishwasher has been leaking". She forwarded pictures to me showing that the pantry next to it has water damage so significant that the wood is rotting out at the bottom. The floor board of the pantry is rotted. The grouting between the floor tiles has crumbled away, and it's so bad that there is water even dripping down into the door frame of the neighboring unit below. The HOA plumber did an inspection and sent pictures to me, and I am so upset. This was essentially a new house. New cabinets and appliances and flooring.

So, an appliance tech is going over tomorrow morning to repair the dishwasher. I'm not sure what to do about the rest of it. I think I need to take a carpenter over, or someone who understands how to assess damage to the flooring, cabinets and can assess the mold situation (the tenant also sent a photo of mold in the bottom of the pantry). The report came over from the HOA and said yes, this would have been long term damage, not something that happened in a weeks timeframe.

We are at the end of the lease, but they have not indicated any interest in moving out.  What is my next step?  I'm not a pro landlord.  This is a personal home that I have rented out temporarily.  I'm in California and not sure what my rights are at this point with respect to the damage that has occurred.  If I'm not mistaken, in California I essentially have no rights to speak of.  

@Cameron Tope  I just checked. The current 30 year is 3.625 with .5 pt. They were much higher than the loan I closed on a rental in California a couple weeks ago.   I've never financed a home with a credit union because I was under the impression that it is much more difficult to do it that way in terms of qualifying.  I'm all for giving it a try though. 

@Cameron Tope I do have a credit union membership, but their rates are higher so I haven't really tried to pursue it.  I can look into it to see what the terms would be.  

@Harjeet Bhatti Thank you.  

I'm looking for lenders who'll do conventional financing on investment properties.  Does anyone know which lenders will do that?  I've submitted inquiries online to a few different lenders who supposedly do, but they have not responded to me at all.   I have funds, solid employment and excellent credit.  Qualifying is not a problem, I just don't know if this is something many lenders will do.  I've financed many homes, but not many rental properties.

What is typically the minimum LTV, and the minimum loan amount required?

If anyone has any experience or knowledge in this, I would appreciate it so much. 

Thanks!

L

I am currently doing a 30 year conventional on an investment property in California. LTV is 53%. With excellent credit, I'm getting 3% with 1 point, which includes the .5 fee that Fannie Mae just tacked on a couple days ago. Not thrilled about the extra half of a point at all, but it's just getting rolled in. This is with Summit Mortgage.

I already repaired a broken closet door from the last tenant, and have reimbursed them for carpet/deep cleaning service of the unit for move in.