All Forum Posts by: Ramsey Rimkeit

I just finished the first intro seminar and got my NACA ID and there are some details I would like to add.

It states in their initial agreement: "Members in the Purchase program... cannot own or hold any interest in other property (excluding land, time share, inherited property without a mortgage, or a mobile home titled as a vehicle) at the time of closing on a home through a NACA Program. However, after the close on their NACA Mortgage, they can purchase other property so long as they continue to live in the property that has the NACA Mortgage."

Also, although refinancing or selling the home removes the lien, it's only 100% removed after you have lived in the house for 5 years. Technically, the lien is charged for those who break the agreement and don't live in the home, but the fee charged for selling in the first five years is called a "Neighborhood Stabilization Payment". For every year you have lived in the home, this "NSP" is reduced by $5000 so that it is no longer due if you sell your home after having lived in it for 5 years. 

This is my major dilemma right now: to commit to one home for 5 years (it will be the longest I've ever lived in the same home since I was 18.).  

Hi,

My wife and I are researching properties and are hoping to qualify for a First-Time Home Buyer FHA-insured Mortgage.

There's one potential problem: her parents put their apartment in her home country in her name for inheritance reasons. Will this disqualify her if we apply together?

We're considering selling the apartment to help us with the down payment since her mom will be moving to the USA. What if she transfers the apartment back to her mom's name and then her mom sells it? Will this make a difference? 

My wife is a resident of the USA but not a citizen. Her salary is significantly higher than mine and I don't think I will be able to qualify alone.

Thank you!

Thank you for your reply. Regarding "turning off electronic payments", they brought up this point and said that they cannot block payments for only one resident (discrimination?). However, if you allow automatic debits, the tenant can't manually make that payment, right? As long as you inform them of the date the payment will be debited from their account, it's their responsibility to ensure they have the funds, just the same as with checks, right?

Do you still accept checks for rent? Why or why not?

The property management company I work for refuses to accept any form of electronic payment. Although they were unclear on the reason for this in response to my last request ("a plethora of issues"), I was told last year that it can complicate the eviction process.
I want to know if it is common for landlords to only accept checks and if there are any legal reasons for this.

Personally, I feel like paper checks are antiquated. It's the equivalent of using VHS tapes. But maybe there are good reasons for this?
I would appreciate some feedback! 
Thank you!

A legal / tree-related question:

What is the correct/common practice (in California) with regards to maintaining and cleaning up debris from trees?

Context: I am the property manager of a mobile home community. There is a line of redwood trees on the adjacent property (owned by the same family) that regularly drops branches, needles, etc. onto the homes, spaces, and the street, especially during storms.

My colleague in charge of maintenance cleans the streets within the park regularly and after storms.

Some of the residents believe the owner is responsible for paying for the cleanup of their sites and their roofs. Is there any precedence for whether this is the owner's responsibility or not?

The websites I've read state that the owner is only responsible for cleanup if the trees are not properly maintained.

Also: there is a dispute about whether or not one resident whose roof leaves fall off of should clean up her neighbor's space.
Side note:

One of the owners has agreed to trim the trees again, but this will not eliminate the problem. Also, he told me this last fall and I've already reminded him once (I plan to remind him again.)

He also told me that the city of Hayward requires him to plant 2 trees for each tree he removes, and the trees listed require much more maintenance (watering in summer, leaf cleanup, etc.). I believe it is even illegal in California to cut down redwood trees.

(I also posted this in the official BP Facebook Group.)

@Rachel H. Thanks. Since I'm only looking to get a brick wall at the perimeter of the park redone, I don't think this requires any specialist in mobile homes. Nonetheless, I'll keep this in mind for future reference.

@Olu Lijadu no, I'm the property manager here. Yes, I'm in the bay area.

I'm looking for a contractor to redo the wall at the front of the mobile home park I manage, and possibly also replace a beam in the clubhouse. Any local recommendations for someone who does small jobs like these?

I'm looking at the Case-Shiller Home Price Index and comparing cities. Generally the trend has been the same: a huge peak in 2007 followed by a crash, and a pretty steady rise since 2012. Phoenix, AZ is possibly the most extreme example, whereas NY, NY didn't drop as far from 2008-2012. 

• Why are cities such as Dallas, TX and Denver, CO. different? 

• What implications can this have for future market downturns? Is it likely that Dallas, TX is less resilient or more resilient?

Here's the index for the US: https://fred.stlouisfed.org/se...

Here's Dallas, TX: https://fred.stlouisfed.org/se...

And here's Phoenix, AZ for comparison: https://fred.stlouisfed.org/se...

A list of all cities for comparison: https://fred.stlouisfed.org/re...

Thanks!

What's the difference between Commercial and Residential Real Estate when it comes to multifamily properties with 5 or more?

I keep reading definitions of Commerical Real Estate that don't implicitly exclude larger multifamily investments. 

I imagine anything bigger than 4 units would be considered commercial real estate? If you own a 4-plex but don't live in it, is it still residential? Or is anything that includes residential units automatically only residential real estate? What about hotels? Airbnb?  

I'm asking because I'm looking into refi opportunities for multifamily properties in approx. the 10-20 unit range. Will I still be looking at residential mortgages?

I have an appointment with a loan officer on Tuesday and I want to be as informed as possible before I ask any stupid questions. I have listened to the section on mortgages in both the BRRRR book and the Long-Distance REI books by David Greene for questions but he doesn't go into this finite difference.