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All Forum Posts by: Piku Nanda

Piku Nanda has started 8 posts and replied 15 times.

Thanks Josh! We live in GA and the place we were sent to is at the border of GA, NC and TN. we do plan on reading the contract again but so far found NO contingency whatsoever. We will be contacting an attorney on monday and also plan to send a message to the person we were originally in touch with for the address to say we have concerns on the sales process and information misrepresentation.

Please let us know if there is anything else we should be doing. Will stop payment on check.

Thanks so much

Hello all,

This is going to be long and painful but we need URGENTLY need your guidance. Few days back we received an pamphlet/ad in postal mail for some scenic homes. We contacted the number on pamphlet to find out more details. They gave us some bare minimum sales spiel and blocked an appointment for us. When asked for property address , they said they cant provide at the moment but will keep us posted. We followed up a few times before the appt day but they kept saying they will provide the info at a later time. One day before the appt date, they had still not sent us the property address so we had no way to research the area. The evening before we raised concerns that we didnt know where to book our lodging  and reached out to them again and they sent us a list of hotels that we could stay at. Late evening they sent a meeting point cafe address. 

The next day we drove to the cafe. They checked us in but there was no way for us to meet the person we had been in contact with. We were assigned a different person and put in a line up of 50 cars. The assigned person started showing us land lots. There seemed to be many other people/parties and a person was assigned to each. Since we were in a lineup of cars, he would pass by some of the lots we wanted to see and only showed us the lots where he was able to drive up into the lot. At each lot , he would ask us if this was it ? If this was the one we wanted to purchase. We kept relaying to him that we would like to get a good idea of the place and options. He had a radio on him and after every 30 seconds they would do a run down iterating the lots that have now been sold. After skipping 4 lots that we wanted to see and only showing us 2 lots, he started muttering that we need to hurry up as no lot will be left. He continued to turn up the radio every 30seconds so we can hear the run down.  When we asked to see another lot he was like its most likely sold so i wont show it until the radio central person confirms its available. By the time we got to the next lot, he was literally like "is this an OK". we thought we liked the place and said ok. He immediately rushed us to an office and started asking us to sign papers and pay 5k. We tried asking him questions if there was any additional cost than cost of lot and any restrictions. His answered that there was no additional cost, no restrictions and no other conditions. He was rushing us and wouldnt let us hold or read any document he was asking us to sign. It came to a point that I asked by husband to step out as I wanted to talk to him. The guy wouldnt allow us to talk alone. the minute we moved a few feet away , he brought 2 bottles of water and came to stand next to us. we were getting really uncomfortable. he asked us to come back to the table/office so he can show us some docs. When we got back he handed over a pen to my husband and asked him to sign the documents. At this point, it was getting too much. I quickly grabbed some lunch that was being offered and told the guy we need to eat first as we havent eaten all day. We were hoping he d leave us alone while we eat. However, before my husband could open the box , he told my husband to first sign all documents and then have lunch. We tried to read thru whatever he was making us sign. However he wouldnt let us hold the document and was just trying to relay summary of what it was and telling us where to sign. After he got 2-3 documents updated and signed, he went away and then brought is a folder , thanked us and left. We drove back to our home. When we got home (2 hrs away) and opened the folder it had a 15 page contract that we had not even read - this contract states fees, restrictions and other things we werent aware of. Some of these questions we even asked but got different answers. We feel cheated and duped. 

Upon reading the contract has no contingency of due diligence or financing or of any other kind. We feel duped and plan on contacting our attorney on monday. We do not wish to proceed with any next steps or closing. We want to nullify the contract and want us checque back.

It was partly our fault to let this person behave this way. We feel dumb but the sales team created a situation where we felt pressed. Answers we received for our questions from the sales team member dont hold true in the paperwork that put in the folder. We have never felt this duped. Please advise on what we can do to get out of this situation. We got no time for due diligence. we met the sales person at 10am and he had us all contract signed by noon.

Hey y'all, I have a net neutral investment condo (rent=expenses) which just became FHA approved. Does it make sense to sell while its FHA approved? can I expect a better market value as a result of it being net neutral ?

While we are on the topic, my condo is net neutral because its a 15 yr loan and it keeps my taxes low. Lately, I have been wondering if it would be better for me to refinance as a 30 yr loan and allow for some cash flow. Thoughts? Pros/cons from the experienced folks?

Folks.

Do you use any appliance , systems warranty plans for your rental properties ? Any recommendations?

My rental props are based in GA and I am thinking of getting the warranty plan for each property.

Piku

Post: Appliance warranty question

Piku NandaPosted
  • Posts 15
  • Votes 1

Hi All.

If I purchase a townhouse with appliances (washer , dryer, fridge) , does any existing warranty transfer to me as well ?

Thanks,

Piku

Post: New Investor from Boston, MA

Piku NandaPosted
  • Posts 15
  • Votes 1

Hi Abhishek,

Great to find you here .. Could not resist saying 'Hello'...Guess who this is ? Send me your number so I can call you.

sincerely,

Guesswho!


Thank you, @Ashish acharya

Hi All,

If a person has equity OR owns a commercial property , can they get a loan on the same ? I know one can get a HELOC loan and leverage equity in a house. I am wondering if something similar exists for a commercial property as well.

All thoughts and suggestions welcome.

Thanks,

Piku

@Ashish Acharya, Thank you for clarifying.

When you say one can withdraw capital without tax implications , can this be done only when I sell the business OR can this be done in the first 5 years while the business is operating.

I will give you a call to understand better.

Thank you very much,

Piku