Can you buy a condominium part, later turn that one component into branch 8 housing?
Question:
if my client wished to buy one condo contained by a condominium building and then rent it out as affordable housing for a portion 8 tenant, would that be impossible?
i think it wouldn't be possible because of the rules and regulations of the condo board. first, condo boards try to maintain owner occupants at 80%, near investors less than 20% so that bank loan to live in owners more smoothly.
so it doesn't follow to me that a condo board would allow an investor to purchase a condo, then getting HUD approval to allow for article 8 housing.
am i correct? if you ever heard of that scenario pan out, please let me know what the dub of that condominium is, and where it is. THANKS!
Answer:
I live surrounded by a condo that has a few Section 8 tenant in rental unit. Or at least it did up until pretty just this minute.
One issue that you need to consider is that it is rock-hard to purchase a condo as a rental investment. Most condos limit the number of unit that can be rented. Here, if someone rents without authority, we tow the renter's cars and cut the water. (If you are violate the bylaws - renting without a grant - you cannot use the common entities - wet and parking lot.)
But if your client can rent, then near is nothing the condo board or bylaws can do to specifically not allow Section 8 renters. That type of nouns is illegal.
The local Housing Authority will determine whether or not your property is suitable for one of their clients. Some authorities prefer to not hold properties that have a swimming pool and other amenities. Go amount
A condo for section 8 housing? I don't know, you'd really enjoy to check with your local housing authority as it's ultimately their give the name. It just doesn't give the impression of being likely because largely whole structures are counted as screened-off area 8...not just one component because if that one unit be listed as subdivision 8, wouldn't it bring down the value of the surrounding unit? I mean, that's newly my thought and I could be competely wrong.
Then too...a condo in itself only just doesn't say "unit 8" to me.
But check with your HA previously you dive into this.
There are too many bylaws that are typically written to avoid and prevent situations resembling this from taking place.
As they voice, when in doubt -- better check it out!
Moreover, I would NOT be checking vital issues online through this type of forum!
I would check into a courtesy consultation with decriminalized council.
"An ounce of prevention is worth a pound of cure."
I think you will hold to locate the complex your interested in and consequently work from there. You must construe that rental rules vary greatly from complex to complex. Most though enjoy rules about how long you own to be a owner to be able to rent your section.They may also have a rule on how tons of the units may be rental verse owner occupied.
I deduce most GOOD condo boards have worked the rules to prevent investors approaching yours from turning their condo complexes into dumping grounds for welfare and section 8 clientsTHANK GOD !
I also hope NO one give you a lead on a condo complex that would allow what your proposing!
Outside of the USA, what is the best country to buy property contained by?
Question:
Answer:
Canada...it has one of the most stable actual estate investment markets going. Market meaning have risen steadily along beside the US, however there is no sign of a bust coming anytime soon. Check out this website for foreclosures, levy liens, tax sale and much more valuable info.
http://canadataxsale.com/
Portugal and South Africa
China,Japan.
Not within Trinidad, WI, its far too expensive and the mortgage rates are a killer. However, that manner there are plenty of race who need a home but cannot afford to buy so the rental open market is very buoyant.
Is nearby free website to check if your property have a lien on it.?
Question:
Answer:
Janet's answer is not accurate.
The information is public and there is no charge to check the information. The information is at the county courthouse or county recorder's department.
Some counties are online. Many are not. Check with the county where on earth the property is located.
A local title company will commonly provide a free copy what might be called a treo or preliminary title report. It will be accurate. Call the customer service number for the title company.
If a lien is really recent it might not show up. It can help yourself to a few days for the paperwork to be posted to the records.
No, it is not public information.
Just nickname your title company, they will look it up for you.
Some counties have a website for the county recorder office. Within that site, you can look into public documents by document number, individual name, business pet name, and date of recording. Not adjectives counties offer this service. Another route is to contact any mortgage broker or real estate agent and ask them to verbs a property profile. All recorded documents will be sent to them.
Here's an example of a county recorder site for Orange County, California:
http://cr.ocgov.com/grantorgrantee/index...
I have not found a free site that could afford accurate date. I have found Lienfax.Com to be the best site to dig out for liens against a property. The reports are very detailed and even enjoy information on the school system where on earth the property is located and comparable sales notes. It is not free but very affordable at $20.
You can realize the site at http://www.lienfax.com.
Lender (mortgages Company) Entering My Home?
Question:
Can a Lender i.e. Mortgage Company enter my home without blessing or written notice.
Our Lender for our Manufactured Home (currently trying to go it) had winterized it and we be charged $150 for doing this. They clam they had to protect their assist since be were not living their.
We be keeping the utilities on and Heat going until we could winterize it ourself or get it sold.
I checked our papers on the loan and found their is nil written about entering the home.
They did not write us to inform us they needed to do this.
When we called them they said they could not conquer us on the phone but could not tell us why they did not transport letter.
I am thinking of reporting it as a Breaking and Entering since they junk to admit they be in the wrong.
All we get was the run around and awfully rude representatives.
Answer:
are you sure they entered the home and didn't basically do work under the home and around the home?
My mortgage have a clause about insurance. Most lenders can check to breed sure you are keeping "their" asset in right condition, but I have never hear of one actually following up on it resembling they did in your casing. If you aren't living in it they might be afraid it's going toward forclosure, though.
I would muse that they would have to enjoy permission freshly like a tenant does.
Why would a lender winterize or do any work on your home? Something is missing.
Try the sites below. Make sure to change the location/state contained by which you reside. Hope this helps.
I rent out parking spaces to my neighbors. Do I enjoy to plow the spots?
Question:
Or can I say that respectively tenant is responsible for their own spot?
Am I liable if someone falls and hurts themselves??
Answer:
so your doing this as a favor ?? and getting paid for something your not using?
what do the city by-laws expect of this parking?
are you to provide maintence, for these spots..as it is a delegate city resident parking (that the lot size is to small for car parking and the city have given you street parking and your not using it)...
so did you sell your city resident parking sticker?
lots of thingsif this is "city delegate parking on the street"
then it is what the city have delegated to you..
our city parking say..a city plow will go by surrounded by day time hours and if your vehicle is there you could be blocked surrounded by..
get something within writing
if these people are walking into your courtyard to get a vehicle out of a driveway / entrance to your home...
you for insurance owe.a safe entrance to the front door of your house for letters, newspapers, court instructions, meter readers, police, fire, ambulance...
I wouldn't want some grease / leaky/ drippy car on my driveway..ruining my driveways surface for any money lacking something in writing...
tender them notice for 60 days..of a transform..and write it all out..and preserve a copy for yourself..which includes drippy/leaky/wreck of a vehicle being towed for making a mess..and driveway cleaning..and timesetc..
i surmise they have 2 verbs it themselves
You can stipulate in the rental agreement who is responsible for what, including usual upkeep and plowing. Yes, you could be liable if someone gets hurt on your property - you should convey insurance to cover yourself. Your "tenants" could be required by you to insure for themselves, but then you hold to due diligence to ensure that they are actually insuring it properly.
did you literally enter into a lease beside the parking tenant, or did you just rent out short a lease?
if you did not use a lease that says who does what, consequently if i rented from you, i would rather expect that you plowed the parking space for me. i would purely presume it was included within the rent. but then you would presume that it be not, so of course we would argue.
for sure, you, as owner of any genuine estate, should always convey liability insurance for any damages sustained to anyone that even walks one inch on it. and explicitly minimum. what if a piece of granite on your building flew off within the wind and hit your parking space, detrimental it so that it couldn't be used without repair? that isn't a conventional occurrence, but you should gossip to your insurance agent.
it would be best if not solitary you purchased insurance, but if your tenant did too, naming you as an additional insured lower than her policy. in that suitcase, you would not allow her to park on your pad until you have a copy of that insurance policy as well as that within would be wording in it to the effect that if it be cancelled, you would be promptly notified.
for sure, you can lose your fanny if anyone is injured on your solid estate. it doesn't matter if you own a lease or not.
in some municipalities it is better not to shovel out snow that falls onto your property, and especially, surrounded by front of it, or behind it, because that property is owned by that municipality. so consequently, if there is a lawsuit, the attorney that represents you say that it was the city's responsibility, not yours, to verbs off the snow and rime.
and then, if you have not shoveled the snow off your lot's sidewalks, your smarty-pants attorney would then state that your tenant took the vulnerability upon himself in walking down them, unshoveled. isn't that strange?
i do not know what your city say. i would check with my city to see what its rules are on any type of lease that i sign.
(sorry for my verbosity).
2 B honest w/ U it IS yer lot. Normally U'd B liable but ALSO consider the poor & dependent who don't have shovels / plows who really want help removing snow. U can't possibly elevate ALL that weight wen a shovel's ALL U hold. As a courtesy 2 THOSE cases it would B right if U would help out since U DO own the lot. it would B the RIGHT entry 2 do, I sure would if it were ME. I'm currently renting a house & hold snow backed up surrounded by my 1/2 of the parking spaces that R w/ my place but ALL I have is a shovel & can't possibly hoist all that solidity of snow removal. ALL I have is a bicycle 2 ride but I DO enjoy company over but will need support clearing out my spaces or it won't get done, there's a short time ago 2 much 2 do by myself. If my company complains they can just assistance me shovel cuz I'm only 1 entity here.
I would put it in writing. Protect yourself.
What is the average price for a 3 bedroom, 2 full hip bath, living room, dining room, kitchen and one vehicle garage.?
Question:
In these states: New York, Chicago, California, Orgoen, and Washington
Answer:
go to www.realtor.com
righteous luck
In the San Fernando Valley (LA County), I'd say an average home is $550,000. Hope that help.
Sincerely,
Richard M. Johnston, GRI, ABR, e-Pro
RE/MAX OTB ESTATES
President's Advisory Council Member
http://www.estates.la
California prices cover both ends of the spectrum. Orange County (my area) would get anywhere from $500,000 to over a million, adjectives depending on the location. Location is one of the biggest factors surrounded by price when buying a home.
What is a typical earnest money percentage to put up on a house?
Question:
I'm looking at a house in Georgia and am not clear on what earnest monies are required of me on this 104,000 dollar property...back?
Answer:
It is the policy of many realty office NOT to process an offer on a home minus earnest money. If you are not willing to put up earnest money, afterwards you probably are not serious about going through next to the purchase of the home.
At least 1% of the price is customary. For the home you are interested within, $1000 would be plenty of earnest money to let the Sellers know you are serious around purchasing their home.
500-$1000
It changes depending on nouns, but typically it's 10% or less of the sale price. You should find out what is most common locally because if everyone within that area puts down 5% and they want 10% from you, that would be an indicator something is up..
I put down $1000 on my house. It should be adequate to show you are serious about buying that property, and you should own your agent make sure your butt is covered and you procure it back if it doesn't intervene inspection or your financing doesn't go through. Those are standard clauses contained by offer contracts, purely make sure your agent is on the ball--use your own agent, don't rely on the agent who programmed the property because they work for the seller, not you.
I discern that 5% is fair.
Usually an estimated house costs. I would go for 1k. There is no set amount though, it is negotiatied.
no more than 5%, within the worst case.
In this bazaar, Just tell your realtor you dont want to exit one.
buyer back out of contract sometime after volunteer is permitted?
Question:
Our home is on the market for public sale. A buyer submitted an offer to purchase our home and we agreed the offer. The purchase agreement be signed by both buyer and seller. The buyer back out of the deal in the future after agreement was signed and stops expense on the escrow check. The only contigency of the contact be home inspection. The buyer backs out even back the inspection was establish.
As the seller what rights do we hold? Or is it worth fighting for considering that the conract be on in effect for in the future?
Answer:
consider it to be in your favor because the buyer did not waddle the last afternoon of the attorney's approval or when the total earnest money was already on deposit (by law) surrounded by the listing broker's earnest money escrow. those factor would have held your property past its sell-by date the open open market even longer.
also, if he agreed to buy your house, another buyer will come along that is more earnest than he is. most homes are sitting on the marketplace now for months on winding up, so an offer technique that your house has selling element.
here's what i'd do in your skin: you will find a letter asking for return of his earnest money. (i hope he sends it by certified e-mail per conditions of the contract, since you can delay picking up his memo at the post office, hehehe).
by directive, it can only be released by the book broker if both buyer and seller agree to release within writing or if a court of law adjudicate its disbursement.
okay then, he does not want your house. when you grasp the letter, hold a while to sign it. let him own it back (make sure your agent puts it, right very soon, into the "temporarily off market" status if not, if at all possible, as soon as possible: into "support on market,") possibly doing it while you are "sending" the release back to the book office (by the slowest correspondence you can get). do whatever you can to donate him a little see of kharma, but do not do anything that is unofficial.
remember that if a buyer dies, he is out of the deal, but that if the merchant dies, his estate is not out of the obligation to vend under the vocabulary of the contract signed before the wholesaler died. in a mode, your buyer died, which will probably be to your advantage.
Absolutely nought. Be glad it was newly one day after you took it rotten the market.
My buyer back out a month later.
It depends on the law in your nouns & how much you care. You probably could sue, but at what cost? Time? Money? How long be your home on the market? Are you really desperate to put on the market? It basically comes down to what you own to win & lose.
You could probalby sue for the earnest money -- and you may have a crust on the stopped payment as capably. But, as most earnest money deposits are only around $500 or so it may not be worth it to pursue it.
Prospective buyers who verbs stunts like this at the double get a rep next to agents. Stunts like that may come wager on to haunt them. Call it doomed to failure karma if you will...
What can a definite estate agent and broker require you to sign contained by a indisputable estate buy and sell?
Question:
I am in escrow on some property surrounded by which the seller and his solid estate agent were not totally forthcoming in their disclosure statements. Through a third shindig I found out some things about the property that are detriments (such as occassional flooding) but I am predisposed to overlook them and still purchase the property. I have released adjectives my contingencies and we have a close date set.
My physical estate agent happened to describe the seller's real estate agent that we found out some of these things on the property - most importantly almost the flooding - and now the selling genuine estate agent wants me to sign a bunch of documents information bank out what I found out as if she had told me roughly them. I don't want to do it - it took considerable effort for me to discover these issues and I have already signed rotten on contingencies. I don't think I have need of to also let her sour the hook as if she had disclosed these things to me - she did not. Can the realtor force me to sign these?
Answer:
You hold a LEGAL AND BINDING CONTRACT. all disclosures in the contract should be what the seller know about the property. Now the other agent cannot FORCE you to sign anything. Basically what the agent is trying to do is cover his clients ***- if the selling side have a problem with it you can other take it earlier arbitration (see how they like that). Either road the selling agent is not within his rights to present other docs. for disclosures, nor do you consent to them off the hook. You will own no recourse if you do. Hope this helps.
Let her past its sell-by date what hook? If you're still willing to purchase the property, even after knowing adjectives the things that are wrong with it, where's the hook? Unless you're planning on suing one of them after the traffic is closed.
If you don't want to sign them, then don't sign them but you're plausible to end the mart and possibly lose your earnest money in the process since you've already released adjectives your contingencies.
I'm not sure what you are trying to accomplish by not signing them.
I don't believe they can force you to sign them. Discuss with your closing attorney near regards to any liability you may suffer contained by the future because of these problems. Had you prearranged in credit, you might have offered a lower price, since fixing them within the future will be your cost and not one that you can toss over to the Seller. In certainty, if the Seller has not offered you a one year Home Warranty, this will be the time, within lieu of the other documents. Make sure it covers as many items as possible, from appliances, to heat system to plumbing.
Force you, you can walk away from the matter, you must ask what els have they lied around?
Another Home Owner Association press?
Question:
What do you think give or take a few the President of the HOA Board pooling funds with his mature children to buy one of the condos here that was foreclosed contained by by the HOA/Board for non-payment of HOA fees? It seem the HOA attorney worked quickly to stamp the deal, and they get the unit for tens of thousands below souk value. Legal, unprincipled, illegal or in recent times one of the HOA "perks"
(In California- and you know what housing costs are like here! Let's voice he got the condo within 2006 for a 1996 price.)
Answer:
Unethical but legal, alas. HOAs complete no useful function that cannot be solved by polite neighbors working together. They should be banned.
Call it what it want, but the HOA collects it.s fees because the part is now sold.
My friend repo's homes for a living, and sell them to his friends (I have not bought one myself) only just to make a rushed turn around. It saves everyone within the long run, as the longer is sits vacant the more possible it is to get vandalize.
Ask the president to keep you informed the subsequent time something like this happen. It could help you capture one cheaper too.
I guess the question you requirement to ask or look up yourself is in the HOA by-laws, which should own instructions on how the forclosed property is to be resold.
I think its a bit dishonourable from what you described.
But my 2 cents on HOA foreclosing on condos/homes for piddily small amounts of money. I think that HOA shouldn't know how to foreclose, they should have to run through small claims court.
Never heard roughly this being done. Might want to consult next to a local attorney or read over your HOA documents.
Sincerely,
Richard M. Johnston, GRI, ABR, e-Pro
RE/MAX OTB ESTATES
President's Advisory Council Member
Serving Sherman Oaks, Encino, Studio City, Tarzana, CA
Someone desires to put my identify on their house action. Who do I cooperate to?
Question:
My aunt wants to me to share the house work with her.
Answer:
If she have liens on the house, you'll be held equally responsible for the debts. If she is trying to be nice and think of going away you the house after she dies, then ask her to set up a living trust instead.
Well, Stanfordguy, you may want to start by conversation with your Aunt. Assuming you're not comfortable near being on the creation, politely and tactfully thank her but decline the bestow.
What are the change of an apartment fire scheduled?
Question:
Trying to find the statistics.
Answer:
Chances?
Under what circumstances??
Ask an insurance agent they must have a formula they use when they numeral out how much to charge for insurance. You might even be able to G00GLE the statistic. I would judge its low tho because you don't hear of them very recurrently considering how many apartment buildings within are in the world.
Whats the best style to rent a condo out?
Question:
Answer:
Contact a professional property managment firm and let them touch it.
But if you need to do yourself, consequently buy a book from Nolo Press about man a landlord. Also gross sure to price the rent at market plane - so you need to step out and look at other comparable properties and see what they are renting for.
Good luck.
Become a millionare!!!
To find potential applicants, post on Craigslist, rent.com, and rentclicks.com.
Make sure to run their credit (they can also run their own for free and give it to ou) Verify work, and prior rent experience.
If they don't enjoy decent credit, don't rent to them. The hardest constituent of getting a bad renter is getting them out.
Have them sign a lease, which can be downloaded for free for the state the you are contained by.
This depends on your needs. There is a match between your feeling immobilize and how much money you want to make. We most regularly take stock of what rents are contained by the area and set aside a Lease Option with a down recompense and terms over a specific term of time (2-5 years as a rule). The advantages of Lease Optioning are 1. A down Payment that is non-refundable 2. Cashflow that exceeds the average flea market rents and 3. 98% of all lease option do not excercise the option, intent you get to keep hold of the down payment and adjectives payments made during the agreement. Another advantage to lease option is that unlike a typical rent scenario, the tenants see themselves as potentially buying the property at the appendage of the agreement, so payments are more regular and they take better comfort of the property.
How should I claim property from a 1910 Canadian action?
Question:
In my deceased grandmother's belongings, we found a creation for a small bit of land contained by a town in the Laurentian Mountains of Quebec, but I don't know what (if anything) I can do beside it. The land be bought in a precise county (Labelle) in a city call Lake Nomining. Unfortunately, I was told that Canada no longer have counties per se, so I don't really know where to open.
Answer:
have you copies of taxes remunerated?
lots of people save stuff but if you do not have a property due then she have not paid taxes and lost it years ago..for taxes due.
that piece of broadsheet is worth something though
i inherited hoary letters near stamps..and found them worth something in an appraisal..
some up to $100
How can you bring back compensated to find houses/property?
Question:
Answer:
You can learn how to be a especially highly remunerated professional property locator at:
http://dolessmakemore.com/plt
They give you training and resources to ensure nouns!