All Forum Posts by: Xin Z.

My property was destroyed by tornado and considered a total loss. I bought the property a couple of months ago using hard money. Now my insurance company sent the payment to me. The check needs to be endorsed by both me and the lender. My lender wants me to give them the check and deposit it. They said they would figure out how much they give back to me.

My question is: is this standard transaction? Should I get an attorney for this?

Thank you all for your replies! I called my insurance agent and filed claim. I will contact my lender and see if I can negotiate on the loan. Right before the tornado hit, I actually just got a new lender quote for a much lower rate. Now with the property like this, I guess it would not work any more. 

Your suggestions gave me a lot of encouragement to handle this situation. I really appreciate them!

My investment property was hit by tornado. It is a two story 4-plex with 6500 sqft. I just bought this one a couple of months ago with hard money. The original plan was to rehab it and do refinancing. It has just got a new roof and rehab is almost done.

The tornado went through this neighborhood directly. The second floor was completely gone. Fortunately no one was hurt.

My question is what I should do now. It looks like the property need a complete rebuild. Do I need to pay for the interest for the hard money loan while I fix/rebuild the property?

Thanks in advance for any advice and suggestions!

@Greg H. The original seller disclosure checked "unknown".  After contract accepted, seller updated the disclosure form and this time they checked "yes" and said they had forgotten it.  My offer does not have an option period.  I am wondering maybe I should renegotiate with seller to have an option period so I can have an inspector check the conditions.

@Russell Brazil @Donald S.  Thanks for the comments.  I do hope it won't make a big difference in the resale value of the property.

Thanks @Russell Brazil and @Donald S.!  The seller said the fire was in the 90's.  I just got an update that the fire resulted in a death, which was disclosed earlier as well.  I really don't like that the disclosures coming after the bidding war ended.  They would have made a difference in the bidding prices.  

I am interested in a house at a good location.  The house is priced right and I got into a bidding war.  My bid is competitive (all cash and no contingency).  After a few rounds of bids, my agent told me that the seller chose my bid.  When accepting my bid, the seller also disclosed that the house had a previous fire which happened before he bought the house.  The seller's disclosure form didn't mention anything about the fire.

I am not sure how to proceed at this time.  Should I ask for an option period to do inspection due to the new disclosure?  I am not sure if this is a fair process, because buyers probably would not have submitted the same bids in the highest and best round should they know about the previous fire.

Any comments and suggestions are very appreciated!

@Claude S. The tenant kept the original ones in the garage.

My tenant's lease is ending and he is moving out by the end of this month.  He changed the kitchen appliances while living there.

I mentioned to the tenant that I am planning to sell the house.  I was then contacted by his friend that he is interested in buying the house, but his offer price is lower than what I wanted.  He told me that he gave the kitchen appliances to the tenant, and if I don't sell the house to him, he will remove all the appliances.

I'd like to know if this is reasonable.  Your comments and suggestions are greatly appreciated.

@Chris T.

The updates to the house will cost around $8000-9000, including new kitchen countertop, appliances, interior painting, new carpeting, etc.  The tenant's friend did come to me directly, so no commission will be involved.

Thanks for the advice to regarding 1031 intermediary.  I hope the timing will work out since the local deals are hard to get right now.

I am planning to sell a rental property in a good area. The tenant is moving out by the end of May. I was contacted by a friend of the tenant for purchasing the house. He wanted to offer $250k as is conditions. The comps are running between $275k-$280k, but it will take some updating to get there. I am wondering whether it is a good idea to just sell the house to the friend of the tenant, or should I put the house on the market. This is the first time I am considering FSBO, so any advice and comments are greatly appreciated!

I am hoping to do 1031 exchange for this property. I don't know if it makes any difference in regards to whether to do FSBO.