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All Forum Posts by: Matt Devincenzo

Matt Devincenzo has started 13 posts and replied 3022 times.

Post: Possible Mortgage Fraud?

Matt DevincenzoPosted
  • Investor
  • Clairemont, CA
  • Posts 3,099
  • Votes 2,607

Tell us about this $10K second...the terms of that 2nd position note being unpaid unless you sell, refi or pay off the 1st imply to me that this may be a purchase grant or forbearance type 2nd. I know some of the purchase grants do include an occupancy provision. A friend and I were looking at a sub2 that included a HUD 2nd from forbearance that was due at the end of mortgage or when sold, but we never could clarify if the terms required the borrower to occupy....it seemed like it did from what we were able to find. The seller wouldn't share enough for us to truly get a sense of what those loan terms were, so we didn't move forward.

So any chance that this second has a permanent occupancy provision? I know that reverse mortgages do, and they actively monitor...seems like that could be where you agreed to stay more than a year and didn't realize it? 

Post: Cleaner Making More than Property Manager

Matt DevincenzoPosted
  • Investor
  • Clairemont, CA
  • Posts 3,099
  • Votes 2,607

Your cleaner's income has no bearing on yours. I'm sure they also spend significantly more time on their role, than you do in yours....or at least their time spent is more constrained where yours can be remote/on the road. That said it is possible that you need to evaluate your stays and decide if it is worth taking shorter stays or sticking to some longer stays to reduce your time commitment and maximize the revenue for time invested. Just don't make the mistake of comparing what someone else profits on a role, to decide whether your compensation is sufficient or not. 

Post: Sell a Solo 401K property with owner financing

Matt DevincenzoPosted
  • Investor
  • Clairemont, CA
  • Posts 3,099
  • Votes 2,607

Yes it's definitely legal, and I've sold a few this way. It's a good way to marry rehabbing distressed real estate equity capture with long term note income for retirement accounts for those that are interested.

Post: Is There Such A Thing As Too Much Curb Appeal?

Matt DevincenzoPosted
  • Investor
  • Clairemont, CA
  • Posts 3,099
  • Votes 2,607

I think you're confusing the quantity of items with curb appeal. The term curb appeal is simply referring to the home's exterior being appealing, which doesn't have anything to do with plants or pots or items directly. In some homes planting the front or placing pots could increase the curb appeal, in others it could be paint or furniture etc. It would be like if someone prepared to sell by painting to create fresh visual interest, but chose fuscia and lime green...those colors would certainly catch the eye but I'd never claim that they overdid the curb appeal by painting with too much visual interest. I'd say they chose colors that don't create any curb appeal at all...

In this case the front sounds like it was cluttered, so the way to increase curb appeal was literally to de-clutter. 

Site Civil and land use planning....I've been in the conversations for major clients that have both pursued an eminent domain against adjacent owners and have had takings due to eminent domain. Agreed with the above that the ROW agent likely went along with you because it kept you from getting your defenses up, and also that there is little to no reason they need to compensate anything here. 

That said, keep your emotions out of it and simply respond to his offer with a VERY polite "thank you so much and I'd love to sign this for you today, but there were a few terms we discussed that I think may have been overlooked....those are XXXX". Most people get an aggressive tone and become confrontational, so those that don't really do stand out. There is a remote possibility that he is willing to resend with some items included. I wouldn't get my hopes up as he really has no obligation to, but if he sees a $5K item he can offer and forcing the legal aspect would cost $5K as well, he just might go with path of least resistance...

The other aspect is you should 100% figure out exactly what the cost for you to take care of your items would be. It may be worth trying to get more 'tenant access/compliant' money and just taking care of the encroachments yourself. For the ROW agent that fits with what he's allowed to do better than giving you items that someone else could criticize his agreeing to. You may need to spend every cent they offer on moving things out and back in, but that a small price to pay if after this is done you have your property back in the condition it was when you started.

A critical piece of info here; what type of property is this? SFR or MFR? If a SFR it's on them*, MFR probably on you as there is a potential that another tenant brought them in.

*The big asterisk on this entire statement. 

be aware many States have bedbug laws on the books now requiring the LL inspect and treat if there is an issue. You can bill back to the tenant if they caused them, but they have placed the responsibility on the LL because they're trying to curb the spread and know the property owner is more likely to manage that than a tenant especially in a MFR situation.

Post: Closing for a NON Profit

Matt DevincenzoPosted
  • Investor
  • Clairemont, CA
  • Posts 3,099
  • Votes 2,607

What's the question? Are you looking for a lender contact on this, or wondering how to structure the business? 

Non-profit or not, it will be UW as a business...the non-profit designation doesn't eliminate the lending review, just makes the proceeds non-taxable in order to be put to charitable use.

Quote from @Tim Welker:

 90% of the guests are quite reasonable.


This is an important consideration in most LL decisions, LTR or STR. I see a lot of posts for furnished monthly stays where owners are fretting over utilities and how to ensure a tenant doesn't abuse their being provided. Can it be an issue, sure. But my experience is like yours 90% of guests are reasonable, and the other 10% cost me an extra $100-200 for the month stay. Over a year $200 on a $35-40K gross is nothing, yet over and over LLs want to "set a cap" vs screening for good guests/tenants instead.

Post: Tenants moved in their parents without permission or discussion.

Matt DevincenzoPosted
  • Investor
  • Clairemont, CA
  • Posts 3,099
  • Votes 2,607

If you end up giving them the notice to vacate do not offer the option to sign a lease. There is almost zero chance that you bring this issue to a head and they sign a lease with a good future prospect for the tenancy. There will always be some sense of resentment or issues that you leveraged control ect. If you decide they're not a good fit, then vacate them and release with new tenants that you actually correctly screen and lease to. 

Typically we talk about cure notices for tenants, but they do go both ways for breach of contract. You can provide a formal cure notice to your LL/Management and if they don't address it then you can move to next steps. Often there is a process to withhold rent and deposit it with the court until the issue is resolved. It definitely escalates the situation though, so I'd research the process and carefully consider the option before embarking on it...but if you pursue that route you can likely escrow Dec 1 rent and I'm sure that will get some attention. 

I'm not saying it's the right call or not, but if you try other things and can't get results you either move to another place or take the 'legal' route....that could be another option is ask them if they have another unit you could move into. No matter what they say at least it shows you're trying to find a solution but the upstairs tenant really is the issue.