All Forum Posts by: Poonam Hemrajani

Just an update - I have got it repaired temporarily, the leak has stopped. It has been raining there so will have to wait for rain to stop before doing the big fix. 

I recently purchased the property in July 2023, the property is built in 1940. 

The Seller disclosure mentioned the roof life to be 13 yrs, it is expected to last for 20 yrs, it is a 3 Tap roof,  but within 2 months it leaked. 

During the transaction we had requested all the documents but seller did not provide any as they are not obligated too, the condition of the house looked good, owner was living in 1 unit and tenant in another unit,  bathroom and. kitchen was updated and it did look well maintained, to beat the market we did waive the inspection but after the deal we did get inspected so we can get any minor repairs done before we have the tenants.  The building inspector did mention the property was well maintained and he had mentioned that some shingles are missing, he was not able to guess the roof life so he just referenced the disclosure and put the same age. 

Now the roof leaked ,  The roof is expected to have 7 more years, given recent episodes of bad weather situations,  I was hoping it can pull atleast 3 more years, so asked seller to give some documentation to show its actual age. She has no documentation, no permit information and every roofing company who is visiting the property is saying it is end of life and are saying probably it is already 20 yrs old.  

She was the owner since 1998-2023 and has permits for window replacement dated in 2006 but has no permits for any other activity on the house. Given this I am wondering if she has really changed the roof 13 yrs ago. 

Do you think the seller mis-represented the information on the disclosure about the age of the roof( I don't know if it is fraud or negligence) ? Do I have a case here ? My main worry is what else could be incorrect in the disclosure document which we are yet to discover. 

@Kenneth Gore i am also buying in that same neighborhood . My son will be staying there. He will be studying at Brown

38 Cotter St RI 02914

Can you share your learning and your experience with neighborhood and tenants in that area.

Poonam

@Alan Lacey i asked my loan agent and then she gave me a closing document which she got it and I see the costs are split and I am getting a cash back from my agent so that is helping me to balance my cost

Hi BP Family

My Loan estimate document for a purchase shows following. I am buying in Roseville California. I have not done this before and tempted to try to shop for these services. What is the risk if I shop for my own services. ?

Title–Document Preparation Fee $100

Title–Lenders Title Policy $732

Title–Notary's Fees $350

Title–Recording Service $18

Title–Settlement or Closing Fee $1,430

BTW....origination fee is 999

regards

Poonam

Hi BP family

I did a cashout of 200k on one of my investment property, I would like to hold this cash till I am ready to invest. I am in California and market is up and want to wait for an opportunity. 

What is the best place to hold my money and protect it. I do not want to take a high risk so what are my options. 

Poonam

I did a cash purchase in Georgetown TX in Jan 2021, our timeline for the deal was 15 days. We wanted our names on the lease so that we have legal rights to take any actions if needed. So to prepare for that my realtor talked to the tenant once we paid the initial payment and told that they will continue paying the same rent, we asked them until what month they would like to lease it , we extended the lease period for entire 1 year as we were still in pandemic and did not want them to be forced to move. They had an elderly person in the house so we did not want them to worry about moving until everything is settled. 

I am from CA and looking to invest in Nashville, budget is 300-400, what cities/zipcodes should I look for and why, I am mainly looking to balance my mortgage and get appreciation.  

Based on internet and few post on biggerpockets,  the cities which have been repeatedly mentioned are 

Old Hickory

Mt. Juliet

Hermitage

La Vergne

Smyrna

Murfreesbro

Should I add any more cities in my list. I am yet to see the quality of the property I would get in above cities in my budget

@Bill Crow Thank you. I plan to call utility company on Monday to find out more details

I live in CA and I purchased a property in Jan 2021 in Georgetown TX, we could not go physically to check it out, it was a cash buy and there was an inspection done and no appraisal was required. Now I am trying to take a cashout on the property  to free my money.  During appraisal it came to our attention that there is a gas pipeline in backyard.  My realtor, seller's realtor have missed seeing it to. But my seller who stayed there should have known but has not mentioned in disclosure. 

What can I do ? Is this common in TX ?