All Forum Posts by: Rochelle Thea Fabrizio

Hello and welcome! I have three SFH as well and am working on my first duplex deal currently. I just found out a few things as I am going through a HUGE renovation on the third SFH (currently living in it as primary residence). I was unable to do a HELOC on a non-primary residence. I can do a HELOC on the SFH I am currently in, but they take the purchase price as the appraised value for the first year (only helps if you put a decent $ down). After that first year they will allow for a new appraisal and HELOC depending on amount. If you do a cash out refi, most banks only do 75% loan to value ration. For example if your home is worth or appraised for 100K. The bank will only give you 75K. If you owe 70K, this will not be a beneficial transaction as there is still closing costs etc. that need to be accounted for. My first home was a huge rehab but didn't change layout and that one is doing very well. Second home was also facelift criteria and also rents very well. This current home is in a very high end market and am having to sink waaay more money than I had planned to either flip or rent. Luckily I have at least 200K in equity in it after purchase, but this extensive renovation (knocking down walls with high end finishes) would not have worked with my other two properties. I hope this helps! :)

Well, how nice is the car? Possession is 9/10ths of the law. There is also a way for you to gain ownership of the vehicle left behind, if you feel so entitled to do so. If it isn't a nice car or of interest to you, have a tow truck company come and get it. Best of Luck!

I just received an inquiry regarding my property in CA from a company looking to utilize the property for a shorter lease term (6 months) for their employees working in the area. I am attempting to consider the pros and cons of this arrangement and was looking for advice and insight from those who have done in before. Any guidance you have to offer would be greatly appreciated.

@Deisy P. As others have stated. Proceed with caution. However keep in mind that certain “felony” charges can be relatively minor. In Florida it is a felony offense to steal a fire extinguisher. (Doesn’t need to be a certain value as with others)

@Percy Matsunaga Thank you!

@Percy Matsunaga I don’t yet. I am purchasing my first property in IL within the next month.

@James Strawser I completely agree that it is very frustrating. I had unpaid rent and squatters with theft in my first experience. It has now been years since that situation and the amount of knowledge and experience I gained (although costly) has been great. Push through this. You will be past this and have gained a lot from the entire thing. Best of luck!

@James Strawser this seems like a frustrating and difficult situation. However where I see a legal issue (not a lawyer so take this as you may) is that your knowledge is not of abandonment. You know that he has not abandoned the property but rather in the hospital receiving medical care. With this knowledge I feel it would be unethical to retake the premises under this context. The possibility of being sued seems high and I feel from his perspective he has quite the sympathy point. (Elderly man in hospital, landlord knows he is in hospital, takes his home from him 😬) I understand your frustration as I have been in a similar position myself, but I personally would have to find another avenue morally and ethically.

I asked an appliance repairman once what he recommended for the best appliance brand that he would recommend. Cheapest to fix, breaks less often etc. He said Maytag or Samsung. I purchased all Maytag stainless for my most recent and I have loved them so far. They are a little bit more pricey than your typical Fridgedaire, but I would suppose it depends on what class rental you have. I feel that majority of renters would prefer to see them. 

Following this post as I am buying a SF home for myself in Lake Bluff (Lake County) and will be investing in the area soon. Interested to see what the consensus is. @Martin Vehlow Do you have any thoughts on this?