All Forum Posts by: James W.

yes the contract said that the sale of the house was contingent on me obtaining 80% financing at a rate of no more than 6.5%. I have a signed letter from my mortgage broker stating that the loan was denied because of "insufficient income". I faxed this to him 4 hours before the deadline.

The sellers agents argument is that I tried hiding the fact that my San Diego house is not being rented out which is absolutely untrue. Both my realtor and my mortgage broker knew the situation with my san diego house.

Legally am I okay?

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HELP! I own a house in San Diego which currently is not being rented out right now because the property manager is preparing the house for rental.

I went ahead and made an offer on a 2nd house. I obtained a preapproval letter from a mortgage broker based on my income. My income was enough to pay for both mortgages at the same time.

Last week the mortgage company said that because I had so many deductions on my 2004 taxes, I will need proof that the house is currently being rented in order to obtain the loan. I cannot get proof of a lease yet because the house is not ready for rental. As a result, they refused to give me a loan.

The contract for the second house was contingent on me obtaining financing. The sellers agent was pissed that I was not able to obtain the loan and threatened to sue based on the fact that I knew all along my San Diego house was not being rented out. I NEVER tried hiding the fact that the San Diego house was currently not being rented out and I do not think my preapproval loan application ever asked me how much the San Diego house was being rented out for in the past, it only asked for my salary at my current job.

I do not think he has a case because I dont think I ever included my rental income as my regular income in my preapproval letter. This only became an issue with the mortgage lender after they saw I took a lot of deductions in my 2004 taxes.

Does the sellers agent or sellers have a case against me?

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actually I disagree with that statement. the products the chinese are manufacturing are cheap labor stuff like textiles not expensive high tech stuff. I think most americans would rather have a high tech job making $90,000/year than working in some small sweat shop sewing sweaters for $2 a day.

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Anyone know how China's revaluation of their yuan will affect interest rates? China is one of the United States largest buyers of US treasuries

From what I understand:

higher yuan against US Dollar => less money for china to buy treasuries => increase in mortgage interest rates => slow down housing market???

What do you guys think?

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I am a new landlord renting out my first rental property. Does the IRS consider rental income as regular income and tax accordingly (30%)? Are there any special tax breaks or deductions?

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I am a new landlord renting out my first rental property. Does the IRS consider rental income as regular income and tax accordingly (30%)? Are there any special tax breaks?

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Is the owner or the tenant responsible? The drains were not clogged when the house was rented out so I would think it is automatically the tenants fault. Can I charge the tenant to fix the drains?

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I was thinking of adding this line into my rental contract for one of my rental properties I am about to rent out:

"There will be a $10 deductible for all maintenance repairs to the house"

What do you guys think? I do not want problem tenants that call 24/7 for every little tiny problem.

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another picture

there is a crack in the center tile which is why I think I might as well take all the tiles off and maybe repaint the bathroom.

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I am thinking of remodeling the bathroom to increase the resale value. Do you think I can just leave it alone or go ahead and remodel it? I would like the keep cost down as much as possible. Any advice would be appreciated.
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