All Forum Posts by: Tariq B.

@Klaycon Santos I never trust anything a seller tells me. Always verify. If this is above 5 or more units do not base your offer off their inflated rents. Brokers love to get their price based off pro formas..it drives me nuts.

You can’t give them an offer on work that hasn’t been done. Base it off actual numbers not what could be.

@Chetan Malik nothing made sense in this market at the time and we were running out of time so we opted to rent for the time being. A townhome was a non negotiable for my wife. We have already lived that life, never again lol

That is wild. We gave up looking for a Primary in the DMV and for the first time in my life I am renting. Weird feeling. 

@Winston Covington that’s what I am thinking, thank you!

Greetings,

Looking for peoples opinions. I currently have 2 4-plex under contract. They are two completely different properties with different address in different parts of town owned by the same owner. My banker has said we can put both properties under one loan but I’m starting to wonder if that’s a good idea. 

What are your thoughts? Is one loan better than two for two different properties? 

Also banker is treating them like a commercial property and doing a 20 year loan instead of 30 with 4% interest and 1% origination. 

Hey All,

I recently moved to a new state for the military and will be renting my old primary residence. This place is in an HOA.

A few months back the HOA decided to have the road resealed and coated, it looked newish for a few weeks.

Shortly after, there was what looked like a paint spill in the road and I dove over it and it tracked into my driveway, this was at night. My pressure washer was set up from pressure washing earlier so I decided to attack it quick before it dried and cleaned my driveway. I also took it upon myself to clean as much of the road as I could get which was about 20 ft of the 100 ft stretch of spill.

The day we are leaving and packing up the truck some old timer comes up and makes small talk then proceeds to ask me if I know anything about the paint, I respond I don't and he responds hmm looks like it started somewhere around here. Turns out the guy is on the HOA board.

Today I received a violation saying they are holding me accountable for the spill and that they “spent 1000’s on making it nice” and it is my responsibility to make it nice again and if I don’t they will do it then bill me. Their justification is that a board member asked me about it and I said I did not know anything about it and that multiple neighbors have stated they saw me pressure washing the road.

What’s your take fellow members??

Greetings! Happy New Years!

Question for the tax pros or people much smarter than I.

I am in the military, active duty. I rented my previous primary residence for a couple of years after I moved on orders. As it was my primary I can sell it without paying any capital gains. Which I did. I sold the property back in Nov 2020.

Now I have orders again to move and I want to sell the property I live in now. I have lived in this property for 2 of the last 5 years. So it should qualify for no capital gains tax as well.

However I read in the IRS code you can only claim a tax free sale every two years.

Does anyone know if this applies to military too? Or is there a loop hole because the gov is forcing me to move?

My strategy would be to rent it out for the next two years to let that time pass if there is no loophole. I just wanted to sell it now as the margins are not great as a rental.

Thank you in advance.

Hey All,

I took ownership of a 7 unit bout a year ago and have steadily been renovating each unit. I have 1 left I want to do which probably needs it the most out of all of them. The tenant who lives their is on a fixed income with a roommate and has like 7 cats. It's a small 1 bed 1 bath place and pretty filthy. I need to get in there and renovate because there are some health concerns (mold).

This tenant faces some mental issues and by far is my least favorite tenant that I currently have. I try to be as kind as I can but she is very abrasive almost every time I visit the property, and I visit a lot considering I am renovating units.

She has been there for about 10 years. Once the unit is renovated I told her we would re raising 100 bucks, she immediately started breaking down, hysterically.

Here is my dilemma, I will be leaving the area soon to military orders. I have to get in there an renovate as it will be much easier to manage while I am still here. I originally told her she could temporarily move into one of the renovated units and then move back in when we are done renovating hers...but I am now having second thoughts on that proposal.

She pays on time which is great but gives me the most headaches, we are also trying to get away from cats in our places as they cause too much damage. She says due to her fixed income she can't pay $100 more but she also has no where else to go that will take her pets so she is going to be homeless if I kick her out.

The way I see it I have 3 options which would you choose?

1. Leave her in it and not raise rent and not renovate

2. Move her into a temporary unit and move her back in after reno and raise rent partially.

3. Ask her to vacate, but then have the burden on my mind of potentially making her homeless.

Hello All,

Curious what others would do in this situation. 

I am going to list my house later this afternoon or was not sure yet.

Come to find out. The house next door just listed today of all days. And it’s for 14K less than what I was going to ask. 

They are practically the same house two town homes next to each other. But mine has a better basement and higher end finishes. 

Would you continue to list today or would you wait till the other is under contract and then list it? Their price is pretty aggressive so I think it will sell very quickly. 

My market is generally multiple bids. So I’m thinking I list after I can get the buyers who missed out on that one or I can list now and compete but with the better price I’m concerned all my buyers will put in an offer with that one first. 

What are your thoughts? 

Thanks guys, I guess my question is if I make a claim on one property. Is it going to affect my other policies?