All Forum Posts by: Nick K.

I recently took my Realtor License exam, and came across a question I was hoping someone could clarify for me. I re-made the question the best I could remember....

Question: A licensee gets information of a leak in their clients(the sellers) basement. The seller produces a document showing there is no leak (i think by a professional). The licensee MUST:

A. Keep this information confidential, unless the seller authorizes you to disclose it.

B. Reccomend the client gets it looked at by a different professional.

C. Tell the buyer no matter what.

D. Tell the buyer only if they ask a specific question about it only if they ask specifically about the basement.

I think I got hung up on whats possibly reccomended vs whats realistic.

Having the seller get another opinion is probably a good idea, but no seller would do that if they have already paid a professional to look at it once...

Thanks for any input!

Thanks for the reply. So if we are joint on this trust, how does that work in regards to a mortgage...what will the bank want/say? Is it the same process as buying a house in one persons name, just in the name of the trust instead?

Also do you know is this something a title company takes care of, or will it be something we need a lawyer for?

Thanks again!

Ill make this as short as possible.....

I have an elder family member who does not want to own a house, she wants to rent from my wife and I as we are trying to grow our portfolio.

I currently do not have enough $$ to just go out and do traditional financing to place her.

However, she was recently approved for an FHA loan. I can afford the 3+-% down for that.

She asked my wife if there was a way for her to buy a house with our help, and ensure that we own the house so she can rent from us.

We want to help her, and we get the asset in the end out of the deal.

My problem currently is that I am studying for my Real Estate License, and I have a bunch of keywords at the forefront and I think I am over complicating it.

So...if she buys the house with the mortgage in her name and just puts us on title thatd suffice?

Should she buy it and immediately sell to us? Its possible I could refinance it into our name, but I am not 100% on that. She does not want to mess with mortgage payments or anything like that.

That part of our family can be ruthless when it comes to someone passing on vs their possessions, so we would be looking to completely remove her name from anything as quickly as possible.

Ideas on options? 

 Lincoln and Oliver area. West of Oliver, north of Lincoln

So when I ran the numbers, even at $425 it made sense. When I ran the numbers, I was accounting for 10% property management. 

What kills the numbers is the placement fee combined with higher turnover.

I think I am going to look into section 8.

For those of you experienced with Section 8, how do you screen differently? Or would you screen the exact same? Should be a difference of income requirement or something right? Credit score still the same?

I might hold off for now on selling. There is heavy pros and cons to both selling and keeping.

I am still not sure about the mowing thing...the units are not very big to begin with...plus the guy that rebuilt them only put 1 water hose outlet on the outside of the building....no idea why other than laziness/cost...

 So...thats a good thought...I havent looked at section 8 lately.

In regards to the tenants mowing the property, I am not sure thats plausible....with no garage, no shed, etc i feel it would be really hard to justify them trying to have a mower/take care of that.

I thought of putting a shed on the property, but with the area I am worried about constant break-ins to the shed if I did place it.....

 Yes I am keeping the deposit. In the lease it says if the break the lease, the forfiet the deposit. Which helps financially, but is still time and effort of us cleaning, prepping, and marketing/placing a tenant in the property

Thanks for the input. I think communication gap is minimal...I come from a family with both extremes of college educated...ill say wealth..but none were high society type and poverty/deaths of drug overdose.

That combined with my 15+ years in customer service I am confident in that area...however the overall point you make is a good one and something to keep in mind.

I guess I need to re-look at the market and possibley look for a lower price point with higher standards and see what comes back....

I also guess any cashflow I can just eat for the time being as extra savings towards repairs...the mortgage is set up on a 30 year note...I could pay it off much sooner too to work towards letting someone else manage it..

Until we can afford small apartment complexes...this is why I am thinking to move towards buy and hold SFH....the turnover should be less.

There is that chance if I hired a professional to do it, the turnover could be less...big could...but still a could

I also want to make clear incase I mispoke at any point....if I sell this, it would be to move into another illiquid asset...I do believe real estate is the way to go, and overall I love it..

The feeling I am getting from responses is that I should not sell...I would be selling due to lack of knowledge on what I bought/location(and learned from it), to jump into another real estate project.....

I am under the impression that you all believe the neighborhood should be tolerable if I wait it out? I thought it was on its way up...but I am getting more complaints compared to last year on crime and stuff in the area