All Forum Posts by: Meg K.

@justin 

@Justin Abdilla Great points!  THANK YOU!!

@scott 

@Scott Wolf THANK YOU for the tips!!!

@Kevin Sobilo Previously i was planning on purchasing a property with a bank loan...so the property word cost more than 50k. The agent stated her minimum commission is $2k. I came across the FSBO and think it will be a good deal. Haven't discussed with agent :)

Thank you everyone.  Waiting to speak with attorney tomorrow.  Will share outcome later :)

Hello,

 I was wondering if anyone can list the steps to follow when purchasing a sub 25K property cash, for sale by owner. Can i do this without an agent? My current requires a minimum of $2000 commission.  The property is listed at $21k and i've communicated with the seller. I know i need an attorney.  What else? I plan to have an inspection to find out what needs repairs.  p.s. owner mentioned that he plans to leave the country on Jan 15th.  When i said this was a red flag, he stated that his attorney would provide title after closing.

Thanks and HNY!

Meg

I do not understand why this happened? www.hud.gov states:

"A family which receives a housing voucher can select a unit with a rent that is below or above the payment standard. The housing voucher family must pay 30% of its monthly adjusted gross income for rent and utilities, and if the unit rent is greater than the payment standard the family is required to pay the additional amount. By law, whenever a family moves to a new unit where the rent exceeds the payment standard, the family may not pay more than 40 percent of its adjusted monthly income for rent."

My mistake: correction for NYS:

Landlords may only demand and collect a single fee for a late rent payment, per month, which may not be assessed until five (5) days after the monthly rent is due and payable. And in no event may that charge exceed $50. (Any lease provision modifying or waiving this statutory protection is void.) [Real Prop. Law §238-a(2)]

Rent not paid by the ____ of the month will be assessed a $____ late fee. This fee shall

be considered added rent.

I copied and pasted from Rochester, NY Housing Authority Free lease :) Last night I Read the legal decision in NYS passed this past June and late fees cannot be over a certain percentage (6%) of the rent.  OOOps...lots of LL operate without following laws.  If the tenant is well informed that's when trouble starts.  I think i will begin paying an attorney to go over my lease.

Families are a Federally protected class...be careful using this as a reason to deny renting to someone

Check your state's laws.  NYS just passed a law that LL cannot request more than one month's rent as sec deposit ;)