All Forum Posts by: Russell Brazil

Are your tenants calling you and saying their overnight guests are bringing animals w them? That seems like an unlikely scenario.

 In the jurisdiction where this guys property is, rent is not late til after the 10th of the month. He even put that in his post. There's multiple counties and cities in that state where rents not late til then. There is no recourse to be had. Harassing your tenant on being late, when they are not actually late will end up with him having legal action against him. There are numerous tenants rights organizations in Baltimore looming for exactly this and other issues.

 Under what concept can you file a pay or quit notice when the rents not late? Tell me how the judge is going to react on a landlord who files the FTP form and the judge sees the rent wasn't late.

 The law states rents not late til the 10th of the month. Just like your mortgage is not late til the 15th of the month.

Brokers are not responsible for seller disclosures.

If you ever end up in court, in a disclosure state, you have to show a seller willfully misrepresented a property. Doing that is nearly impossible on its own as it is. Proving it with a language barrier, it simply won't happen. The government of Pennsylvania has not created a property disclosure form in any language but English. You're free to lobby the state legislature to do so. But the fact here is, you'd have a losing case on this issue. And you'd be spending an additional $10k on lawyers to simply lose the case.

The only way people successfully prove willful misrepresentation is if you happen to come across a contractor they called and gave them a quote to fix it, and they didn't and didn't disclose. Does that ever happen? Yes occasionally. I know of a few instances. But the reality is, there's very little chance of that happening.

Your tenant hasn't been late yet. 

Your mortgage isn't late til the 15th of the month. How would you respond if your mortgage company sent you a bad start letter when you've been paying your mortgage before it's late?

As you said, the seller speaks Spanish. I'm assuming the disclosure form was in English. So simply with that fact, you won't be likely to prove someone had the intention of hiding a latent defect.

Additionally, you did an inspection but didn't do a sewer scope. So given the oppurtunity to inspect and discover this, you chose not to. May have been an actual choice, or simply unaware that you should have, either way a court case on this would go nowhere.

Use it as a learning experience for the next time around.

@Rene Hosman

More or less right in the process.

But you will hire someone with a home builder license, not a GC.

Also important to understand the costs. All the soft costs plus impact taxes. 

You'll need a portfolio that's $100,000,000 with no leverage.

There is less than 10,000 Americans with a net worth that high.