All Forum Posts by: Zachary Moore

it is my son's birthday, so I won't be able to make it.  please keep me in mind for the next one!

We finally closed on a duplex in Taos, NM at the start of Feb 2021.  We had some inspection issues work built into the final deal- the seller said they would fix them (rather than accept a lower price).  They were mostly minor repairs like replacing a cracked window, some heater thermostat repair, etc.  My broker told me that the selling agent, who was also the property manager, reported that all the work was done.  I assumed my broker would then verify this, but she later said she thought I would.  I'm out of state and I hadn't signed a contract with a property manager and relied on my broker who told me things were reportedly fixed. A few weeks after we close my PM is dealing with one tenant who is in process of moving out and she complains that the baseboard never got fixed.  My PM finds the electrician that the old PM/selling agent used and found out, one, he is not an electrician, and two he was just told to go look at it and not to fix it.  My PM goes back after checking in with me and finds none of the work was done as was promised by the seller and also the keys he was given by selling old PM do not work.  I don't want to fix anything until we give the seller/Old PM a chance to respond, but I need to fill the unit with as one tenant is just moving out. 

What are my options with the old PM/selling agent?  Should I go after my broker?  She has not been the most helpful through all of this.  All of the repairs may cost (at most) $3000.

I'd be interested.  Please keep me in the loop if anything gets put together.

Buying a small 1200sqft duplex in Taos NM and just got charged 1250 for an appraisal. Does that seem exorbitant?

Agreed on SB. Just got out of the ocean and now going on a bike ride with the kids. Tough market to get into but the quality of life is well worth it. Short sleeves almost year round and I used my ac twice last year. Finding anything that cash flows is next to impossible, but appreciation and inflation have upsides. 
I also wonder how high property taxes and low state income in a place like Austin compare to 1% property taxes and high state income taxes for similar earners and priorities.   

@Austin N. nothing of worth. I used room sketcher a “free” app that buckles and dimes you for adding dimensions, etc. Although it got the job done to some degree. Good luck. 

I'm closing on a duplex in New Mexico soon and have gotten a really high number for lender title insurance.  This is my first out of state purchase and I've never seen a number this high in my previous purchases in CA.   I reached out to the lender to inquire about shopping my own quote and got this back:  "Every state is a little different. The State Board of Insurance regulates these and we do not have a Transfer Tax in NM.  I will tell you, my number is a high side estimate at this point and I will certainly confirm this throughout the process."

I'm planning on reaching out to other title companies (First American) for quotes, but wonder if this is way out of line from others experiences.  

I have never used this loan company before - they were recommended by my agent.  They are giving me a second home designation on the loan, since we are short term renting one side of the duplex when the existing renter's lease ends.  Not getting an investment/rental loan designation is keeping me at 2.625% w/20% down, so I don't know how hard I want to push on the title fees.  Any thoughts?

Robert Carmody

Thank you so much for this!  I'm not sure if upvoting means anything or if there is karma points, like reddit, but you deserve many karma points for this reply.  I really appreciate it.

Do I have an elevation certificate? - I reached out to the main hydrologist/engineer that gave me some insight on the area.  He did an elevation certificate and a FOMA for a property up the road and said that it would probably be a waste.  The area is super flat and there isn't much of a chance at getting the flood designation removed or even an elevation certificate that helps reduce insurance premiums.

I contacted the Flood Manager for the Town of Taos and Taos County to find out if an elevation certificate is on file and some general information. - He referenced the new designation in 2012 and a 100 year flood scenario of 0.5 - 1" on the property.  There has never been a flood in the area in recorded history, but even if I could get rid of the flood insurance, I wouldn't.  I reached out to Nepture/Rocket Flood insurance (backed by Loyds of London) and got a decent policy for $60 a month - Full replacement cost (240K), 25K in contents and a 5K deductible.   This doesn't sink the ship and compared to the 4-6K options with NFIP, I'm happy to be covered and plan on moving forward with this duplex.  

On a side note, the seller has been awesome so far.  He agreed to all of the reasonable repairs on the property.  I did just ask for 5 years of insurance premiums, since there wasn't anything disclosed. Not sure how that is going to go.  Am I being an a-hole to ask for the rebate?  They bought all cash and probably had not idea about the flood plain designation, but it still puts a dent in the cash flow models and impacts potential resale.   

It is a bummer to find yourself in our socialized national flood insurance plan that is subsidizing high risk properties in more likely flood zones, but at least there are some private options.  

Again, thank you and I really appreciate your time.

I'm closing on a duplex in Taos, New Mexico and found out the property was on the edge of a flood plain.  The loan is requiring flood insurance.  I was using State Farm for my homeowners insurance, but the quotes they are giving me for flood are astronomical.  Any suggestions on getting a bare bones policy?

@Storm S. any referral would be appreciated.