All Forum Posts by: Paul Camuto

Need Advice.

My best friend’s dad past away last month. He inherited a home with tenants in Santa Clara, California. They have a 3 year lease agreement signed and in the agreement his dad and the tenant negotiated that the tenant can make renovations to the property. Since covid the tenant has been paying partial rent until today and paying below market rent for a sfh 3/2.

The tenant kept making excuses about paying rent and told my friend that his dad gave him chances and they had an agreement. My friends dad wasn’t able to visit the property due to his health he was 89 years old and had cancer.

my friend finally visited the property the other day and as you can see in the pictures the tenant hasn’t finished making renovations because he’s been busy at work. The tenant basically added walls to make more rooms. The tenant also said he was in the process renovating the kitchen. The lease ends next year 2023. What should my friend do? He’s pretty overwhelmed about the situation.

Can he even evict him?

Should he get a lawyer involved? Should he even let the tenant finish the renovations?

The tenant owes a lot in back rent too.

Given California landlord tenants laws. What should be the first step?

Looking to buy an investment property in one of these towns but the end of my apt lease in June. Any information as far on which type of loan would best fit for a 2 family investment property would be helpful.

Planning to move to the Dallas/Frisco area in a year or so and would like to buy a house that we plan to stay for long term. We own a house in CA and after selling, we would have enough cash and not need to finance if we don't go crazy (800k house should work). We don't have commute needs, and would just need good schools and places to take our baby to. I do really care about the location and investment value though of the house I'm gonna buy. I heard that the Frisco market is crazy and that kinda scared me from buying 2nd hand house. Would buying new construction a better choice? I was told that we need to wait 14-18 months for the new house to be built. I'm worried that after a year the market would be so different. What if I'm not able to sell my current house/or sell at a really low price before the house in the new place is complete? If I sell my current house now I'll have 14-18 month minimum that I need to rent, losing at least 40k to rent than capitalize it into property, so I'd prefer not to do that. Side topic, any good RE agent and lawyer in that area that you know? Your suggestion (related or unrelated to my questions) is really appreciated!

Hello bigger pockets community,

Wanting 2022 to be the year I get my first investment property and my target area is outside of Austin. I connected with a realtor in the area who referred me to a lender. After weeks of turning in the requested documents I was surprised to find out the loan officer said underwriting could not qualify me for any type of loan even if I had the cash to put 80% down (realistically I would like to put about 20%). They said my debt to income was about 60%. 

This was with Old Texas Mortgage. 

Wondering if anyone has any thoughts/advice on what types of loans they use to qualify for single family investment properties? 

We own a single family residence, my all in monthly expenses are about $6k and in 2021 I made about $25k a month and 2020 about 12k a month. I have about $250k in savings as well so I was really surprised by the results from the lender who said "all lender's who use fannie mae and freddie mac loans will give you the same results." They seemed to use a combined figure of 2020 and 2021. 

Your insights are much appreciated as I won't let this bump in the road throw me off course. 

Thank you,
Matthew 

We are first time landlords, trying to do everything by the book in michigan. We didn't want to rent out the second half of our duplex as we eventually plan on turning it into a single family home. But we had a friend that was in desperate need of a place for her and her 2 kids. We sgteed to rent to her at a lower than market value for the area,  but she would be responsible for all utilities. She told us what she made and it is actually 4 times the amount of monthly rent, michigan only requires 3 times. She said her job was stable. Since day one she hasn't payed on time or even all of it at once (after telling us she had the move in money, she moved in and we had to break up the payments because she didn't actually have it). She had changed jobs 3 times. She refuses to give us her phone number so the only direct communications was social media or certified letters. We allowed 1 pet in the beginning... she brought in 3. Spoke to her, and she said she wasn't going to make her kids choose which pet to keep.. When we gave her a notice to quit through certified mail, she blocked the social media communication. She didn't pay the water bill until a month late, so we had to pay it to not get a lien. Now our homeowners and property taxes have gone up and we seem to be covering the water utility, so we raised rent (she is a month to month tenant and we gave her 30 days notice) only a little, but it stayed in that income is 3x rent bracket. She unblocked social media to say she is not paying more, and there are repairs that need to be made, complains her electric/gas bill is too high even though she was supplied with a Google nest thermostat that I helped her program twice, and she is moving out but won't tell me when. I told her give me a list and we will give you 24 hr notice before we enter to fix. No list, and blocked again. Remember no phone number either. Now her kids and/or pets have ripped up window screens, popped screens out, bought a paddle boat and leaves it on the grass. Has allowed her guests to drive through our grass, has left windows open when her heat is going. And pet her kids (6 &3) play with yhe water spiket unsupervised (yes this time her water bill is even higher than the other one she didn't pay on time). We are at a loss here.