All Forum Posts by: Miho Y.

Thank you Shaun! Miho

Hello BP investors, I'd like to learn how multi unit appraisal is conducted for a cash out refi. there's a triplex to be refinanced for a cash out. It is D class building in D neighborhood with high rental demand. Cap rate is close to 8% while the neighboring is maybe 4% or less. To me the higher cap rate with steady tenants are all that's matter. But the appraiser standard maybe otherwise. It looks okay as-is and everything is functional, but the paint on the trims are peeling. With such a short notice it is a big hassle to arrange the painter and short notice to the tenants. But if it makes a significant difference I shall tough it out and do so... Thank you for your insight and knowledge as always.

Wow y'all are super through! Thank you! @Account Closed, I found permaglaze@ http://www.permaglaze.com/index.html and I left a message. I will let them know that I was referred by you. Really appreciate it. Posting this invoice just for fun and as a reminder to myself of investment mistake #20 or so. 

@Colleen F. Thank you for your comment. I thought the idea of reglazing was awesome cutting the cost into 1/4 in comparison to replacement. But it's a terrible thing if I have to do so every 3 months! I should have been alarmed when Quality Refinishing said they accepted only check/cash. So I cannot retrieve it if they never responded... 

Thank you @Nicole A. I will follow your advice. @Account Closed I chose Quality Refinishing because 6 year warranty was the longest of all that I could find. I thought the longer the warranty, the more confidence the vendor had. I was wrong after I see how easy it is for them to just disappear!

Thank you! I'm learning from people like you every day. 

@Nicole A. Whoa! Yes, that is their number that has been disconnected. Taking your advice, I just looked them up on the state website. It says "ACTIVE." I also emailed, but I am skeptical. Too bad I have less than 24 hours to do something about it.

@JD Martin I will tell my tenants that it is not dangerous and they must not eat the flakes ;D

Hello BP professionals,

I am self-managing this property and I must leave the country tomorrow for 3 weeks. This type of issue arises the day before my departure. 

I used this company called "Quality Refinishing" in Santa Ana, CA from Apartment Association directory. Quality Refinishing's phone number has been disconnected so I guess they went out of business? I Paid 325 with 6 year warranty in 4/21/2016. On 7/26/2016, the tenant is complaining that it is peeling and concerned of the safety. 

Is it not safe to use? I need to advise my tenants.

If so I don't know what to do. Your input/advice is highly appreciated.

Thank you.

@Jean Pierre It is a big deal when you are a landlord who is liable to inform tenant of the death making it hard to fill the occupancy, and frankly, I wouldn't want to live in a place where someone died. I bought this property as an investment turning into my future retirement. Now I don't know if I want to live there.

Updating... So I went to the county recorder's office, obtained the death certificate, and found out that in deed the tenant died in the unit in February 2015, 11 months prior to COE. I am so convinced that the seller and the agent intentionally concealed it. I had an attorney prepare a letter to this agent, and his insurance claim adjuster sent me a response saying that he is denying the allegation and claiming he did disclose (lie. I got no paper work) and the tenant did inform me during inspection (another lie). I am bringing this to a mediation. This is my first time to take such an legal action.

As always your input is highly appreciated.

thank you @chris m. So I should be all good then as long as I submit the complete basic docs that I listed which they told me about... I wondered why she'd tell me there could be "additional documents" which she didn't specify. But thank you for your input.

Thank you @Moises Carlos. Hello and thank you again @Chris Mason so other than the 4 kinds of documents, what else should I be prepared to pdf so that when I come home only thing I'll need to meet up with notary for signing the closing docs? Thank you.