OfflineI looked over the inspection report for one of the properties in escrow. Zero problems at all. (The biggest "action items" were missing face covers on the outlets.
One problem remains though... When the city turned over the water, they broke the valve. So the water could not be turned on for thbe inspection.
The valve is probably not a big deal (though I am not offering to pay for it). The bigger problem is that the inspector could not adequately inspect any of the plumbing. My realtor is trying to deal with it. (She is very much on top of it and knows/understands where I stand.)
We may need to extend the inspection deadline. Otherwise, I will have to fail the inspection. (Abundance of caution).
On another property, I got an addendum from my realtor. The seller (bank) will be paying for the termite treatment. That is somewhat unusual.
I called the A/C people on one of my existing units. They had to service it twice in April. I asked what the useful life was. He said basically ZERO. So I have to plan/budget for that and let the tenants know that if the compressor happens to go out, I do NOT want replace it.
I called my bank to verify rent receipt. All in and accounted for (except for the ones that are mailed to me and I deposit). I will get to those later in the week.
I am having all kinds of problems with my pool service. This is the 3rd pool service company I have been with and their service is poor. The tenant is having to email me the sign in sheet to prove that the "technician" was only there twice last month. Otherwise, the company wants to "punt" on the problem- and of course still bill me for it.
When I get that, I will send out a strongly worded letter to the cmopany. It may be time to start searching for "yet another" pool service company. Sadly, their quality seems to be right around that of property management companies.
Mother is a nurse (which means she can work anywhere as much as she wants). And the sons have a 4 year contract to do filmwork. Also good.
This means they have 3 incomes (so if one goes dark then they still have money coming in) and are theoretically locked in for at least years. Great start.
The mother really wanted the place and wanted to give a personal check to hold the place. This is also ok. (It's the last week of the month and people are looking to get settled.)
Where it gets dicey is that they wanted to move in immediately, before the paperwork and pay with more personal checks. ABSOLUTELY NOT.
It turns out that the check given to hold the place was fraudulent. No such account exists and the name on the check wasnt even the ladies.
Hello, Mr. District Attorney??
Luckily, these people did NOT mvoe in or it would have cost a few thousand dollars and a few months to get rid of them. And who knows what the eventual repair bill would have been on top of it.
so are you saying to NOT accept rent in the form of a personal check? How do you require them to pay rent?
thx
Don't Wish the Past, Create the Future! - DH
Mother is a nurse (which means she can work anywhere as much as she wants). And the sons have a 4 year contract to do filmwork. Also good.
This means they have 3 incomes (so if one goes dark then they still have money coming in) and are theoretically locked in for at least years. Great start.
The mother really wanted the place and wanted to give a personal check to hold the place. This is also ok. (It's the last week of the month and people are looking to get settled.)
Where it gets dicey is that they wanted to move in immediately, before the paperwork and pay with more personal checks. ABSOLUTELY NOT.
It turns out that the check given to hold the place was fraudulent. No such account exists and the name on the check wasnt even the ladies.
Hello, Mr. District Attorney??
Luckily, these people did NOT mvoe in or it would have cost a few thousand dollars and a few months to get rid of them. And who knows what the eventual repair bill would have been on top of it.
so are you saying to NOT accept rent in the form of a personal check? How do you require them to pay rent?
thx
I am saying I do not accept a personal check for MOVE IN rent. I want to know that their money is good at move in.
After move in, I will accept personal checks.
But for move in, certified funds only.
If you havent watch ther movie Pacific Heights, it's worth watching to see what rental mistakes in Cali can do to you.
Once someone gets INTO your place, especially if you dont have paperwork for them, it can be hard to get them out. Well, maybe not so much hard as time consuming and expensive.
MLS. THey need a lot of work (OBV as shown by the repair bills). They are all bank owned properties.
The best part of this is that my realtor had EXACTLY the same idea. Dump it at 40K but be open to coming back in lower if they come back at us.
(Her price was 25K but the important part is that we are on the same page.)
thanks Mark. So certified funds for first months and security deposit when they sign the lease...sounds good to me, I will try it.
Thanks
Don't Wish the Past, Create the Future! - DH
Not sure what that is, didnt see it in the glossary.
Don't Wish the Past, Create the Future! - DH
Mark, you and your abbreviations. lol
Okay, it's either "On Balance Volume" (market momentum indicator that relates volume to price change; developed by Joseph Granville)
or just short for "Obviously"
latter??
(Should the first one BE in the glossary?)
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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Yeah.. Soz. OBV = obviously. OFC = Of Course.
Mark spends too much on the internet... LOL.. picks up typing short cuts
Thanks
Yeah..Once they are in you really dont have much to lose by letting them pay by personal check. I mean they are already in after all.
But if they bounce 1 check then I make them find other arrangements.
Also, you should check the local laws. I know that in AZ bouncing checks is really serious. (And its not as if you dont know where to find them!!!)
I faxed over the addendum on the house that I am actually going to close on. (The one with the lesser repairs).
Closing date is on or before 2/20. I would prefer before. We have done our inspection. There is no lender. There really is no reason to hold off on the closing unless Title cant handle it. (And THAT would not be a surprise that a title company couldnt get a closing done.)
We can't seem to verify who the title company is. How ridiculous are these banks and their realtors.
I asked my realtor about the earnest money check. She said leave the payor blank and fax her a copy then FedEx the check.
I said I could fax her a copy of it but wouldnt mail it without a title company to pay to written on it. That's just nuts otherwise.