All Forum Posts by: Tom Liu

Thanks for the input. I may be biased but this is exactly how I feel...needing some independent confirmation.

For my friend/agent, I can't say that he hasn't shown me any offers or is acting in conflict of interest. I think one of things that irked me was that he presented the offer without telling me the buyer didn't have an agent. Correct me if I'm wrong but I don't think agents are obligated to right? It wasn't until I saw the offer sheet that I realized it and he already sold me the idea that this guy is serious. And now this happens, and that issue makes me question his motives in the current situation. We all know money is a strong motivator in life...but for all I know my agent buddy is doing his best for the situation.

But lesson learned I guess for the future, always ask if the buyer has an agent because of the potential issues it may cause. Also mixing business with friends is not always a good idea...although I have used him for a few deals so far without issues. 

Anyone else out there with more advice or experiences to share?

I'm selling my personal home which is a coop. I have buyer in hand where he is rock solid financially (putting like 75% cash down with good w2 income and basically no debt). The price is on the lower end of what I wanted but I accepted because of his rock solid background. A couple of things occurred since. 1) I realized the buyer has no agent so my agent will be pocketing all the commission. The agent also is a friend my wife and myself. 2) My coop still hasn't released their financials and said it "should" be in by another week and a half. 3) By the time, the financials are in (if they are in), I will be on vacation for 2 weeks. So it can be possible that I won't have executed contract for another 3.5 weeks.

So now buyer won't sign contract until they have financials. I'm annoyed because this coop is rock solid based on previous years and one of the most reputable in the local area. My agent is advising me to stay the course and wait because if I was in his position, I would do the same and its not the buyer's fault the financials aren't out yet.

I feel conflicted and trapped. I told my agent/friend to tell him that I will wait but I will also take other calls/viewings if someone is interested and entertain offers. Is that a jerk move? I feel the need to look out for my best interests. Maybe I will get a higher offer or maybe not but I feel like I should be doing due diligence. Having said that, despite my agent being my friend, and the laws being what they are, will I even "get any calls" if he getting double commission. Hate to think that about a friend but we are talking about money. If I wanted to force the issue, I can organize an open house to see what the interest level is but I'm also not sure if that is the route we should take. Opinions, advice on the situation and life lessons in general? Been lukewarm to the whole idea of becoming a real estate agent but this situation (and a few others...) lights that fire a little...

Not a true investment question but hoping to get advice.

Basically involved in putting a bid on a home for my family. Great neighborhood and the homes are amazing. I live about 3 blocks away in a small home but looking to upgrade because family growing. We have been involved with trying to put an accepting offer in for weeks. Today we got news that we got accepted as the back up offer because first buyer fell through. Excited right? Yes we were...

Until I see that block on the news reporting a rape at a home one block away two days ago...This neighborhood has A class homes and homes are always having bidding wars. But this event has shocked the neighborhood. All the parents picking up the kids are talking about it and how scared everyone is. I almost wanted to pull out but after talking to my spouse, we are thinking that we are going to stick with it because the home fits our needs in life.

Opinions? Am I just traumatized and scared? Anyone ever been in a situation like this? What do you think long term ramifications are? Just looking for advice.

So I thought I just had a mouse or squirrel issue. Tenant said they heard scratching in attic. Got my handyman over and confirmed there is an issue BUT he thinks there is also termites. I wasn't there at the time so I have no specifics. I'm about to start getting estimates about the situation. Any insight on what I should be looking for in estimates or even important questions to ask. I'm in the process of doing my homework. Never had to deal with this before. Any opinions/info would be appreciated.

Wow got to love BP. Didn't expect all these responses but definitely appreciate it!

Decided to decline. I can obviously see the thought patterns and logic with all of the opinions. A lot of these thoughts went through my head but you know how emotions and personal bias/experience can cloud the mind...Thank you all again!

What about smartmove? Small sample size but I have used a few times and it seem to catch things as far as I know. 

Thanks all for opinions. Rebuilt with pressure treated at lower price after hunting. Very happy with decision. 

Currently in tenant search mode. Have my criteria set. Trying to follow strictly. Had this one family come see the place. Its a modest 3br 1 bath home. 1000 sq ft. Husband wife and 4 kids. Husband has a decent job as a mechanic for a big name dealership. Makes approximately $50k a year. Wife is a housewife. 

They have 4 issues, the income level is at 2.5 times the rent. His credit is 615 and hers 515 approximately. They both smoke. Do not have landlord references due to supposedly living in mother's home. Other than that, they seem like good people. Very enthusiastic about wanting to move into the area. My criteria range was credit >650, 3x rent, no smoking and three landlord references. I'm leaning towards turning them down because they don't meet my criteria which is legitimate. But I'm having some inner conflict about doing so because the parents seem like they are trying their best to move their kids into a better area. Makes me think about myself growing up and my own kids...

Any thoughts, insight about this situation and my sappy feelings? 

Hey all, 

I am getting quotes on deck repairs right now. This is from an 1990s home. Deck is very neglected. Probably never maintained at all. 

One contractor told me basically to go conservative. Meaning:

Pressure wash

stain

secure posts - That right one is a little loose

Install 2x4x8 across the railing to keep it safe - 4 in total every 8 feet.

Level that right side - which likely is due to neglected gutters causing erosion of soil beneath the footing.

Said to leave the soil over the left sided posts because it doesn't look rotted and with the repairs, the deck will likely last another 5 to 10 years before completely replace. 

Cost - $1500 

Second contractor -

Also keep old wood

Replace all railing with the 3 feet pressure treated lumbar with attached spindles but keep the existing posts

Level the same right side longer post with existing footing

Power wash, stain the remaining old wood

Strengthen post holdings

Cost - $2800

I have a couple of other contractors pending. Any thoughts, opinions, tips and/or advice.

My first tenant is in agreement to renew their lease. What do you all do in this situation? Do you make another copy of the original lease with new dates? Do you have a one piece of paper saying that the original lease is renewed with the new dates? Does it matter legally which way you do it?