All Forum Posts by: Srini Murthy

Looks like all of us have to do it after all this nonsense of stay and injuntion.

Quote from @Amy Scarborough:

@Srini Overall, the the Homewood/Vestavia area is a great place. I would call it more of a B area, depending on what area you're looking in. My property was originally purchased as my 1st home, so if I would live in the area myself, then I would recommend it to over investors.

 Thanks Amy! 

Hello Amy, How is the Homewood/Vestavia area...35216? I am looking into a property and was interested in ease of renting, is it a C area?

thanks,

Srini

I am a procrastinator too!! However my incorporation company is pressing me to do the CTA. I hear people here say it is temporary? How long do we have before we may have to file?

Thanks Eric!  This is what I found below on an attorney's website

"The contents of an estoppel agreement are conclusively presumed to be true and bind both the landlord and tenant. Plaza Freeway Ltd. P’ship v. First Mountain Bank, 81 Cal. App. 4th 616, 628 (2000). In fact, the contents of the estoppel agreement are deemed conclusive even if they are erroneous. Id. What this means is that tenants are bound by the contents of an estoppel certificate. Id.; Cal. Evid. Code § 622. Landlords are also estopped from challenging the veracity of the estoppel certificate. Miner v. Tustin Ave. Inv'rs, LLC, 116 Cal. App. 4th 264, 271 (2004); Cal. Evid. Code § 622. Where an ambiguity exists between the estoppel certificate and the lease or other written document, courts will read the lease and estoppel together to rectify the ambiguity. Miner, 116 Cal. App. 4th at 268; Cal. Evid. Code § 622. Although these leading California cases pertained to commercial tenants, the court's opinions are relevant to residential tenants as well.
"

What are your thoughts on a tenant who lives in the property(long term) but does not have an active lease. She does pay rent based on listing agent? Will an estoppel work here?

Thanks Jason & Chris!

Hello All,

Got an inspection report on a turnkey property in the Mid-West. This will be managed remotely through property managers. Here are the significant issues list. Older home Pre 1950.

1.Wood windows throughout the home are difficult to open & rotting in various areas.
2. Siding, fascia, and soffit was missing, and/or damaged at one or more locations.
3. Exterior wood siding, framing, and/or trim rot was observed at one or more locations.
4. Wear such as granule loss, exposed fiberglass, biogrowth, nail pops, and/or buckling shingles was observed. The roof seems to be in its last stages, maybe couple more years.
5. The vent stack and/or service mast boot flashing is damaged or deteriorated.
6. Gutters are loose, clogged, improperly sloped, leaking, and damaged at multiple locations.
7. Foundation cracks, settlement, & deterioration was observed at one or more locations.
8. Active water intrusion was observed at the foundation wall, box sill, and/or floor at one or more locations.
9. HVAC is from 2008/2009.
10. No Carbon Monoxide or Smoke Alarms
11. Chimney cracks, biogrowth, and deterioration was observed. Chimney cap was missing.
12. An active leak(s) was observed. The leak was verified visually, or a moisture meter read above the recommended dry range of 14%. Recommend repair as needed by a licensed plumber.

I am mostly concerned about the Windows, Roof, Gutters, HVAC and foundation water leaks. The rest I assume are minor fixes which can be done??

Pros - New water heater, refreshed Kitchen and baths. New carpet and paint.

So my fellow TK investors, seasoned pros please give me your expert opinions. Without credit for the roof and HVAC I am hesitant to proceed..

Anyone else know of a good property inspector?

I am on contract on a Turnkey property in Dayton, OH. To complete my due diligence, I want to get an inspection-does anyone local have a recommendation for a good investment property inspector? I tried the search function but did not come up with anything relevant.