All Forum Posts by: Summer Noyes

Thanks everyone. Apparently the universe heard me and the demand letter came and the loan is being funded this morning! I guess I own a real estate investment property now. Now the real hardworking starts. Thanks again.

@Bill B., thanks for the reply. Apparently the seller's mortgage is with a small independent office and their staff was really disrupted by this. I too was hoping interest rates would go down if it comes to that. I'll see about leaving $$ in escrow until payoff arrives. Thanks!

Hello All,

Currently at the end of escrow on our first REI. Everything was smooth sailing. Great interest rate and funding - check. Inspections - check. Documents signed by us - check. Wired our down payment - check! Loan ready to funded - check! Loan funded - STILL WAITING! Apparently seller's escrow company requested the demand letter for payoff over a week ago and they "usually get it in 24-48 hours". However, it's being said that someone in the office may have contracted COVID so now everything is backed logged. I feel for the situation, but now I'm faced with my great interest rate expiring by close of day tomorrow. This ultimately effects my bottom line and depending on a new interest rate, could cost me thousands of $$ over the term of the loan, not to mention every day I can't get into the unit to do needed upgrades to get a renter and my first payment is due 8/1. I've been in contact with my agent, who is wonderful and helpful. I just wanted to reach out to other on BP to see other perspectives of my options? Since this could ultimately be a change in my funding "change in interest rate terms", could I all together terminate the sale? Any input and perspectives appreciated.

Hello All,

We are in escrow on our first investment property in San Diego, CA. I was reading The Book on Managing Rental Properties by Brandon and Heather Turner. In chapter 4 "Fair Housing", they speak of a case were tenants won because of discrimination against the tenant's children, "... the apartment complex enforced a policy that said children couldn't play in the grassy common areas of the complex." pg, 47. "A landlord cannot enforce restrictions or conditions on tenants with children that they do not equally enforce with other residents." My new rental will have an HOA and there seems to something similar in the language about the pool. My HOA rules state, "Pool and Jacuzzi hours are 10:00 a.m. to 10:00 p.m.. Children are allowed to use the pool between the hours of 10:00 a.m. and 4:00 p.m.." What do you think? Is it something that can be brought to me by my potential tenants? Is it different because its a pool? Are the rules different because it is an HOA enforcing them and not me? Thanks!

Can this work? There is a unique situation in which there is a 4 unit property for what I consider a large, but reasonable, sum of money in a great area of San Diego. This is in an area expected to have great growth (job and city development wise in the next 3 years) If I can get 4 investors and 1 of them agrees to house hack, how do we split expenses every month? I say expenses, because if one of us house hacks, we can only rent 3 units, which takes us to P&I, property taxes, insurance, Cap Ex, maintenance and vacancy bringing us to even $ with 3 units. Yet, one of us gets the advantage of living there, but I can't think that would be for free. How does this work? Who pays what or gets +cash flow? Thanks in advance. After a year, the 4th unit will make all the difference.

Hello All. We are in escrow on our first investment property. It's a Condo with an HOA. From what I understand of most HOA's, I'm responsible for the interior and the HOA is responsible for the exterior/common areas. I was reading my Bylaws and CC&Rs and I'm confused by some of the verbiage, it states, "...and shall also be responsible for the maintenance and repair of the plumbing, electrical and heating systems servicing his Living Unit and located within the outside perimeter of the exterior bearing wall thereof, including television cable equipment and connections, and all appliances and equipment located in said Living Unit." I get that I am responsible for my interior, whether it's the plumbing or electrical. However, this makes it sound like I am also responsible for the outside of my unit, but a "common area" is described as "all portions of the Condominium Property not located within a Living Unit." I'm confused. Reading this, am I responsible for my exterior wall, or am I just responsible for any cables and such on that wall leading into my Living Unit? Any help in understanding this would be greatly appreciated.

Also, during inspection it was discovered that a skylight that is part of the original design, may need to be replaced. The Bylaws state, "Each Owner of a Condominium shall be responsible for the maintenance and repair of the glass doors and windows enclosing his Living Unit." Does a skylight fall under this? I would think it would be part of the roof.

Thanks again in advance for any and all advice!

Thank you for the input. I agree on "going around" the agent. Was never my intention to do that. I should've phrased my question more as to how I could use the agent or engage a seller with an agent. I didn't realize that agents can or would help with a seller financing deal. Thank you for the input, I really appreciate it.

I found a condo I'd like to buy and use as a rental. When I asked the listing agent why the owner's were selling, she told me it was a probate sale, but it did not need court approval. The heirs simply don't want the home. From what I found out researching, the occupant was 88 years old and it looks like he bought it when it was $51k (worth far more now) and still paying taxes on that original amount. I assume he's the original owner and it's paid off. I'd love to offer seller financing on this, but 2 questions...1) Can you do seller financing on a property that is in probate? 2) Do I have any chance of getting to the sellers since they already have a listing agent? I've been keeping my eye on this condo complex and would really like to get in there and seller financing would be great for me right now as I am in escrow on a different property and I don't think a lender will give me a conventional loan back to back. Any input or other creative financing deals welcomed. Thanks in advance.

@lan 

@Lan Raby, I too am concerned about liability. Unfortunately, people can be pretty sue happy. We have our primary home that we also want to protect along with other assets. I was thinking of lowering the liability to a $100k or $300k and getting an umbrella policy for $1 Million. That will cover me not just with the rental, but with my personal property or other accidents. What would your input be on that? Thanks again for the feedback.

@Aaron K. Thanks!