All Forum Posts by: Sarah Sparks

I have a friend who mailed a certified letter of intent to move. Letter to be recieved before  January 1st. Landlord didn't acknowledge the letter until the tenant wrote another letter in late January asking to use his security deposit as their pay month's rent. Only then did the landlord reply saying the first letter got their too late for the proper 60 day notice. So she's extending the lease out another month (ending March 31st). And that the lease says using of the security deposit as last month's rent is not allowed. 

This was a 1 year lease that changed into a month to month lease that kept all lease requirements for notice to vacate in place. This summer would be 5 years at this residence. Does he paint or put up new blinds?

This friend is willing to pay the actual last month's rent (February) but does not want to pay the extra month (March) knowing he sent the letter. Also, the landlord didn't acknowledge the lalleged one day late letter (says it's postmarked the 2nd). The landlord could have told him the day she recieved the letter saying it was not recieved in time and that it was not the accepted 60 day notice. 

How does my friend proceed as he wants to keep a good credit score?

I am trying to see if building a commercial building is beneficial on a specific street. It was suggested to me to find a list of traffic points down the street and a list of new businesses and updated buildings in the area. Where could I find this information?

I am about to close a deal that has enormous potential and could create a bidding war due to amazing location. Even an opportunity to tear down house and build multifamily to make massive cash flow. Gas station right next to property and house is on huge amount of land. Highly sought after location. 

The idea of an open house inspection came to thought because there is a family member currently living in the house that has a medical issue. Would like to limit exposure encounters to cash offers that might fall through due to inspections. House needs a lot of work, seller needs an open timeline to close (to get family member out of the house and into an assisted living center), and the house needs to be cleaned out in the process of moving her out. 

Has anyone used this as an updated method due to covid or just medical issues from the seller?

If not, what are some other recommended methods I could use to accommodate the seller? 

Any other recommendations are highly appreciated.

It is not me. He was offering the possibility of helping me buy a multi family. We were assuming it would not be a good idea to pull it out lump sum but I figured I would throw it on the BP forum and see if they're were any fancy ideas I could do. Like move it to something else so we could still be able to take some of it out. I'm trying to grow the money faster by putting it into a rental. Or create some passive income.

He is a veteran and does have the va loan option but I wasn't sure how that would affect his retirement as well. 

At first I had thought I could put the loan in my name then he wouldn't lose rent assistance then after thinking about it more realized the lump sum would also affect it.

Someone I know is on rent assistance and has retirement money. Hes about to be 64 and will lose the rent assistance if withdrawing the lump sum of retirement. He is willing to use it as a downpayment but we are unsure which route is better. Will the taxes paid outweigh the interest paid on a home loan? Like would they basically cancel themselves out? Is it worth losing rent assistance? Suggestions much appreciated. Thank you in advance!

I just got a lead on someone who needs to sell their condo fast. Im not sure if there are people who would want that type of property as it won't need much repairs. I put out some calls but im unsure how to help this person. Any suggestions are appreciated. 

@George Blower great info! Thank you for all the details. I will definitely take all that into consideration when we review the 401K loan. He was not affected by covid-19 in any of those ways that I am aware of. 

@John Morgan awesome! Thank you.

Its not for myself. Looking story short someone left a job about 20 years ago, got a payout and for whatever reason he still has money left in 401K. Not sure if it was just a different account. He just got a letter saying he said has money left. He is 62 or 63 years old. Decided he wanted to help purchase a multifamily. It said if pulled it out early he would lose about 10K.

I'm looking to use retirement money for downpayment on a multifamily, but taking it out early I will lose 10K. Looking for unique way to not lose so much or put immediately into something to pay less taxes.