All Forum Posts by: Robert Chiang

I have a tenant that says the toilet keeps clogging. I sent a handyman out and he says the toilet works, it's just older so it can get clogged more easily. I'm not sure if the tenant throws too much toilet paper or not. Do I need to supply them with a new toilet or can I request the tenant to just be more careful and flush more frequently as needed?

The City is planning on acquiring a portion of my land, just the landscaping portion.  How do you normally value or appraise the land the City is taking of the landscaping portion?  Would your appraisal compare to vacant land or developed retail centers similar to mine (so by cap rate)?

I'm looking for an accountant that specializes in commercial and residential real estate in Orange County, CA.  Can anyone recommend a good accountant?  

Thanks for the reply Neil.  I was told that the property tax would go up because the property will be reassessed.  How would I proceed in a way so the tax doesn't go up as you stated?  I understand the annual increases from the City.  

This is an old house, so I don't want the property tax to jump dramatically where the percentage is being taken into account as today's market rate, when I own 50% of the house already.

I would ask myself 2 questions. 1) Am I capable of the development and to be able to bring in a top tier tenant? Think about the price you are able to get it for and then calculate the cap rate. Commercial properties are all about rental prices. do you think you would be able to rent it out for that price? 2) Do I have another investment opportunity where you can reinvest your money right away rather than having it sit in a bank?

I own a house with my brother and I am thinking about buying his share so I own the house 100%.  The house is free and clear.  My brother and I get along, so we want to do this the most fair way possible.  

1)  How would you go about determining the price I buy his share for?  Should we get an appraiser?  Or should we go off of the property value from the property tax bill?

2)  If I buy his portion of the share, would my property tax go up?  If it does, is there anyway I can minimize it or not have the increase?

Thank you for your suggestions in advance.

Thanks Logan!

Anyone?... Anyone?  Bueller?  Bueller?

I'm getting prequalified for a loan at a large national bank.  He requested for my pay stub, last 2 years tax returns, any applicable w2 and k1, and 2 months bank statement for source of down payment.  This all seems pretty standard.

He soon told me that he would have an answer for me the next day, but came back asking for a lot more information.  He is now asking for my homeowner's insurance, property tax statements, and k1.  Are these items pretty standard to supply a loan officer?  I don't want to be giving out more information than necessary (especially with all these identity thefts).  

Especially since he told me k1 is only necessary if I have greater than 25% shares, which I don't, but he's still asking for it.  I asked him why he needs all the extra items, and he didn't give me an answer.  He simply listed the items he needed again...

I would think it's pretty safe to supply them to him since it's a large national bank.  I just want to be extra careful and not blindly give people information without knowing why.  Would appreciate all the help.  Thank you.