All Forum Posts by: Ramon Mota

Pay for my kids college fund, help with retirement, give a little, and leave it to the my kid when I'm gone. 

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Thanks Marcia

I do want to do what's best for everyone involved and also have reviewed local law to see if what I was doing was legal. To answer that question about the per month loss is 344 per month. Tax, insurance, and mortgage is 344 higher than 820 so we are not looking to even make any money per month just to loose less. 

I don't see anything on line about elderly having any additional protection unless it was designated housing for the elderly. This person may be considered elderly but is still of working age with gainful employment. I know it would be imposable to pay higher rent if one was just on SSI.

After the passing of a family member I inherited a property. The spouse was still living there and the property was under a prenuptial agreement. As we took over the property we had the spouse stay for an agreed 820 a month. This made us take a loss of 300 per month. After a year of this agreement we talked about an increase but they never increased  the rent. We later issued a letter for 30 notice of increase to 900 from 820 and also a due date of the 5th. We also in the letter describe that we will be going to a written agreement. What we got back was a rent check for less than 820 telling us the old date was the 10th and that they pro rated the amount. Also they went on to describe that we can't increase more than 3% or regional CPI whichever is greater in a 12 month as a maximum. We are in northern California in a non rent controlled county, city. I'm wondering what to do in this situation because we want them to stay if they want but need the rent to be closer to what we have going out each month. Like properties in the area rent a house of that size for 1200-1300 per month. Some advise on how to move forward with this or how to respond to the letter.

Thanks for reading and thanks in advance for replies.

Hi I put in an offer on a house in my area site unseen yesterday. Today we are going to see the home for the first time and the sellers agent said it may not qualify for conventional lending. The first house we bought 8 years ago was a foreclosed home. We almost lost the deal because there was no refrigerator. We talked to our agent and placed a refrigerator in the house to close the deal. 

My question is what is needed as far a fixtures and working amenities to close? 

We will be using the home as a rental and wanted to us our personal money to rehab. But we wanted a easy 30 year fixed loan.

I would love to hear some ideas on this subject or to be pointed to a good post about it. 

Thank you.  

Looking at going to a Shasta county auction soon. I have a few questions. 

1. Pit falls I should look out for?

2. The home is occupied that I want. Is it like a normal eviction?

3. It doesn't show a starting bid on one of the property so how will that work? 

I have looked around on the site to see what's posted but a lot of questions are very specific to the individual situation.  

My wife and I are new to real estate investments. We have 4 single family homes rented but we have family near OKC. Looking for any recommendations on a realtor or property manager. Looking at single family 2-3 bed, 1.5+ bathroom type homes. Looking for not a lot of rehabilitation because it will be our first out our area investment. 

Ok I called a sellers realtor directly because I've never had a condo but was looking to invest in one. $143000 price 950sf, 2bed, 1.5 bath. 

I called to ask how much the HOA was and how the utilities were factored in. Some have utilities included in the dues. The realtor respond that I should have my realtor ask that kind of question.

I feel like I don't want to waste my guys time filling in just a few numbers to see if the place will cash flow. It's close enough for me on paper to go look at it this weekend if I had that last bit of information. 

Is this just one of those things I need to do this way so that I don't step on someone's toes? 

This is giving me something to work with. thanks. I know the market is hot right now and I know of two places where I know the seller is in destress about the property. I wanted to make offers on those 2 just to see what will happen. Also knowing that the market is hot I still want to be able to make an offer that will cash flow with out putting 50% down. I had an offer on a place we were selling 3 months ago that was around 50% of my asking price I countered with a 20% reduction and they walked. This may seem to be a waste of time but I considered it more of a dress rehearsal.  

I think I will. I mentioned it in passing about 2 weeks after the sale of the other property and he didn't clearly answer one way or the other.