All Forum Posts by: Account Closed

@Chi Pham

Since you say the house doesn't seem to be in the best shape. I'd live there for some months and really assess what is "cosmetic" and what, if any, more serious problems the house may have. This will help you to figure out what you would want to offer for the house eventually and enable you to do research on repair costs.

Then, when you do start a conversation with the landlord, and if he does seem interested in selling, you can come up with a price that is based on your knowledge. For example, "I'd like to offer you $XXXX as I'll have to replace the roof and also the heating system that we had you send a repair person out for 5 times for this last winter. I understand that you don't want to invest all that money in repairs when you're interested in selling and I'd love to take that off your hands..."

Thank you to all that responded. This is what my gut was telling me and I got sucked into a "negotiation" that wasn't one. 

@Carter Rhymer

@Robert Leonard

@Fred Ramos

One of my rental units is vacant at the end of June 2015. I'll do some sprucing up during July (some cosmetic stuff) and want a tenant to move in 1 August 2015 at the latest. My property manager started showing the apartment and I got an application. Everything checked out in screening and I gave her the go ahead to get the lease signed. He wanted to pay the security deposit at move in and I said hell no. Then we discussed maybe that he pay 50% of the security deposit on lease signature and the remaining 50% by mid July, and first months to be paid before moving in on 1 August 2015. This was a concession I didn't like to make so I specified that the lease must state that the security deposit (the first 50%) is non-refundable in the event that the second 50% is not paid by 15 July 2015. At least I'd have some money in the bank and 2 weeks to find another tenant.

In general, do you think this was a reasonable, yet sound strategy * or should I have been tougher to demand 100% security deposit paid on lease signing? I appreciate the feedback.

* Legally this is fine to do where I'm from. 

** In the end, the guy ended up renting somewhere else and my property manager continues to show the apartment to other prospective tenants.

Great food for thought. Both my units have leases expiring soon (one in June and one in July). June lady has already said she is moving and I need to spruce up the place before I can rent to another tenant. So I really need the July folk to stay. Just sent an email to my property manager to let her know that the increase I asked her to negotiation is negotiable. 

Maybe you're putting enough good things back into the universe that the karma won't catch up. LOL.

I have to say I'm very neat and take good care of my apartment (I rent even though I own rental properties). I briefly dated a guy who never cleaned (this is the reason for "briefly"). If you can imagine a toilet and a shower that had not seen any kind of cleaning material in over a year. You can imagine my disgust the time I ever was invited to have dinner at his apartment. Despite the fact that he was a phenomenal cook, I went to a McDonald's down the street to use the ladies room and never set foot inside his apartment ever again. I still throw up in my mouth a little when I think of it.

Property Manager

"I'm not going to stop until my bank account looks like a phone number!"  - Excellent, I love it!

@Patrick Jacques

In both cases, these are actions the landlord is allowed to take. It isn't financially responsible, but this landlord wouldn't be the first person to not pay his mortgage. And if the landlord can sell the place, that might just the be the best way for the landlord to get out of a financial hole.

Typically, the law is on the side of the renter e.g. if someone purchases the property, the tenant is allowed to stay, at least until the end of their lease or the legally allowed notice period. A local tenants association or a google search will answer that question.

That being said, it doesn't sound like the best situation and I would probably advise your friend to start looking for a new home. Who knows what will happen if the house is auctioned off or sold and what the new owner may be like. Hopefully the landlord has your friend's deposit money in an escrow account and will be able to pay it back on move out day.

Disclaimer: Not sure what the obvious is, so I may inadvertently state it....

I would ask the bank if I have one mortgage, how will this affect my ability to get a second mortgage?

How much a bank is prepared to loan her LESS the amount of the San Diego house mortgage = how much she will be able to spend on a future house in San Diego.

@Ess Dee

The property was my primary residence so CGT did not come into play. But I think @Mohit Madaan

is correct: If in doubt, they probably want both.