All Forum Posts by: Paul Chen

Thank you for your patient and trying to understand my mixed feelings about living in this house myself. My primary concern is that some/most of the tenants might mind about this, thus it will takes longer to have the rent income going (or I probably have to discount the rent when the tenants ask for it. If no luck after a while), which my first few years of the mortgage payments will be pending on it and hopping not to dip into to my reserved money.

Yes, I’ve to live in the house for any of the 2 continuous years out of a 5 years period in order to qualify Home Owner Occupancy term, so when I sell the house later, I can deduct 250K (or 500K, if married filing jointly) from the sale price of the property, and pay capital gains tax on the difference.

“Under California law, if a tenant dies in the rental property, you should disclose that fact of the death, and the manner of death to any prospective renter or purchaser for three years, from the date of the tenant's death.” By a Landlords' Attorney - McKinley, which page I’m not qualify to post here yet.

Thank you very much to break this down for me, I’ll just have to weight the differences. It’ll sure help me to decide if I can get an idea on how would the tenants feel about it in the house rental market rather than how I feel due to my other circumstances that I’ve to prioritize in such way. Speaking of which I shouldn’t even have brought up the issue of my mixed feelings to begin with and confuses everyone here, my apology.

Nevertheless, both of you don't think it's such a big issue from your previous replies.

Thanks

Thank you for your advise & statistic. I would also like to fulfill the last 2 of the 5 years owner occupancy term aside my primary concert of the degree of difficulty for renting it out. Am hoping some rental property owners who can share their tenant’s view in this aspect.

I would like that to simplify things, however, had found out on the net that I’ve to disclose it by CA law in addition to confirmed with my realtor that‘s the case. Beside the tenants might find out later from the neighbors and decide to sue me for not disclosing it to them. Planning on having a Mass to bless the house if it will help for the tenant’s peace of mind and mine. I can’t no longer project how it would feels from a tenant’s perspective due to my own mother had past away a year ago also especially this is not the case of a tragedy resulting from... which I do agree with your view however. I personally like the house very much, didn’t get any negative vibes when initially checked it out, but than again, that was before my realtor had told me about it. Though, I don’t know if it will sinks in to me positively as time goes by, but so far am feeling calm, without being there / living in it that is.

Thanks.

How hard is it going to be to rent a property (SFH) out? Which previous owner had die in it from old age; 90+ years old; blind; die peacefully in her sleep. Am debating on this issue to buy this property or not.

Thanks.