All Forum Posts by: Ryan Fox

@Jairo Rincon- So I'm certainly not a lender, but my understanding is that a lot of builders of new homes are looking to build a community of owner-occupants as opposed to renters.  That may be why they're asking for the higher earnest $.  

@Brian Willie- If you're going to do it for just one property, it's probably not worth the legal cost to get a lease option agreement drafted, but if you're doing it for several, it may be.  Below are some war stories I have dealt with pertaining to lease options:

1) Lease option contract was signed and left at home.  Home burnt down with the lease option.  Landlord then denies there was ever a lease option agreement.  Landlord and tenant end up in expensive litigation for years.  Takeaway: a copy of the lease option agreement needs to be put somewhere safe.  It possibly could be recorded depending on the state. 

2) Tenant pays the lease option premium, then stops paying rent.  Landlord tries to evict, but tenant sues in civil court for breach of contract, stringing out the eviction process for a year while not paying rent.  Takeaway: it may be harder to evict the tenant with a lease option.

3) Tenant thinks she's signing a lease option agreement.  Landlord thinks she's signing an installment sales contract.  They wind up suing one another.  Takeway: it's important to have a well-drafted lease option agreement from the beginning.

*For informational purposes only, not meant as legal advise.

@Courtney Mccrear- Julie Anderson her firm info is at mokslaw.com

In Kansas City, MO I use Julie Anderson of Anderson & Associates (mokslaw.com)

@Pavel Feldman- This is something I'm going through with my former property manager right now.  However, each situation is unique.  Each property management contract is unique.  

Let's say your property manager contracted with an HVAC contractor to do repairs on your property.  Even though you may not have approved the repair, there are still legal theories that would allow the PM or the contractor to recover the value of the services provided.  It would be wise to try to have an attorney in the state where the property is located to review the property management contract and demand letter.

*For informational purposes only and not intended as legal advice.  

@Albena Halpert- Welcome to the California market.  If you need any attorney recommendations, please shoot me a DM.

@Keith Johnson- This means the seller finances the sale for you.  For example, if the seller owns a $100,000 property free and clear without any mortgage, they ask you to put down $10k and then they finance the rest for you.  The terms are usually quite negotiable.

@Amanda Kwem- I didn't read this whole thread, but props to you for asking if the agent represented the seller.  That's pretty risky for the seller's agent to do.  California has a lot of case law frowning upon it.  

*For informational purposes only, not meant as legal advice.

@Trevor Richardson- I appreciate your perspective, but I think the proposed 20% increase in teacher salaries for the Washoe County School District is will have a larger impact on housing than the Tesla project.  The WCSD is the second-largest employer in the state and has approximately 8,750 employees.  If the proposed raise takes effect, it will provide a more broad-based increase in income.  

@Ana Perez- In terms of the plank, pay attention to its wear layer.  This is not the same as the thickness of the plank and it will determine how long the plank lasts.  Obviously Home Depot has a lot to choose from, but if you get plank with a thin wear layer it may not even be worth the cost.

See this thread: 

LVP - thin with 12 mil wear layer or thick with 6 mil wear layer? (biggerpockets.com)