All Forum Posts by: Matt Devincenzo

Let's assume for a minute that no matter whether you were a great or a lousy negotiator these same people would try to walk.

Why are you not using the contract to your advantage. Explain THEY are legally bound to perform or to compensate you for their failure to follow through, also it has been covered in other threads that you can file a memorandum of contract(I believe is the correct term) that basically if they try opening escrow you've clouded title.

So start doing that, if they try to walk tell them they're bound to perform and they tell you to shove it, let them walk and 2 weeks later when they try to open escrow again guess what will happen, they will be calling you to fix the issue.

I'm not sure of what exactly your question is. Are you asking what is a normal length of vacancy during turnover to get a new tenant?

Search for "what happens to tenants" or " property sale tenants" up top and there have been several of these same questions before.

A word of advice, even if you didn't ask for it, keep out of this because it sounds like you will at some point regret getting involved later, because this whole LLC and everyone involved currently sounds shady to me.

I see what you're concern is, this is from the IRS website FAQ's for home buyers credit:

Q. When must I pay back the credit for the home I purchased in 2009?
A. Generally, there is no requirement to pay back the credit for a principal residence purchased in 2009, 2010 or early 2011. The obligation to repay the credit arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased to be your principal residence.

Apparently 2008 it is 15 years from what I saw

As far as the LLC and taxes I'm not sure, I've partnered with my parents but the properties were always entirely investment and none of us benefited(lived there ect).

As far as your daughter moving out, it is not a problem the stipulation on OO is that you move in within 60 days and continue living there at least one year. Since you say you bought 3 years ago then obviously you have passed that test.

Welcome Greg, as far as the map feature, I myself have never seen or heard of that on here.

It sounds like what you're referring to is the A, B, C and D class properties. That is going to be very regional, and there is no agreed upon definition. Meaning a 175K house here in CA may be D while in Memphis a 175K home could be an A class prop, and that I may look at the same house in memphis that you say is a B and I think it is a B+ or A- ( meaning on the border of the 2).

If you use the search up top in the right hand corner, there have been several discussions on what generally classifies a property in each category, and those will help you figure that out.

Can there be too many bedrooms, absolutely. If you have a 6/4 obviously the tenant pool is quite a bit smaller, but I wouldn't say a 4/2 is too many bedrooms it's great for someone with a slightly larger family or who wants a guest room kids playroom ect.

Can I ask why you changed your offer to investor? I think I'm missing something here because you have I believe 60 days after close before you're supposed to be moved in so I don't see why you couldn't do an owner occupied offer still and just move in once you actually get to your new job even if that is a month after you close.

Homepath mortgages allow investors to put down as low as 10% but it is up to the individual bank that is underwriting the loan as to what their requirement is for DP.

As far as the refi(rate/term) shouldn't be difficult 6 months of seasoning and you can do it, to get cash out that I don't know if you will easily find a product that will want to lend more than 80/20 when you already are at that LTV.

Yes you asked right.

No cash is money in your name your bank account. The money being in your name is required when you show a proof of funds.

A HM loan is still a loan albeit with different terms and conditions than a traditional mortgage but still the lender could pull their funds is they so chose.

Marc Jolicoeur I don't think Jon was trying to say you are planning on taking advantage of your parents, just that they may be less cautious than they should be becoming "business partners" with their "lower income" retirement meaning if you blow it they have less possibility to replace it unless they're willing to start working full time again.

I invest with my parents no problems(as far as the family aspect) and yes we lost some money in 2007 and we're all still here and working together so it is doable just make sure everyone really knows what they're about to get into.