My landlady is reluctant to pay for this, even though the law is very clear that it’s her responsibility. (But the fines for violators are too low to motivate her.) I’m hoping she’ll be more willing if she knows she can recoup her costs by filing an insurance claim. Any ideas on other ways she can cover her costs (gov’t programs, etc.) are much appreciated. At this point taking her to court is not an option I’m willing to consider. Thanks!
Nov 302011
I own a rental property for 6-7 years and always has negative cash flow. I continued keeping this rental property in order to use as tax deduction since I don’t have any home mortgage. I live in a house that already paid off by my parents whom are living oversea. I purchased this rental home for $ 295,000 and put $ 60,000 down. The current home value is $ 207,000. I still owe approximately $ 213,000. My mother will give me $ 100,000 to put down towards the mortgage, so I will owe $ 113,000. The mortgage company will do Recast Modification for $ 250 if I put more money (minimum 10% of unpaid principal balance) to the principle. Recast is a process when the lender recalculate the principal and interest portion of the loan by keeping the same interest rate and the same maturity rate. My original loan is thirty years fix at 5.62% This will move down my mortgage from $ 1,358 to $ 724 per month. This means that I will save $ 634 per month. I received $ 1200/month from the rental for 3 years, and $ 1,600 in the last year. The insurance, HOA, and property tax is $ 400/month. I have to be means to rent the house for $ 1,758 to mangle even. However, I still has negative cash flow. I have talked to friends, and there are two opinion. One group said to put that $ 100,000 toward principle since I don’t want to walk away from the property. I can afford the difference. This way I don’t have to worry about finding the rental if my rent is comparable to the house in the neighbourhood which are renting at a lower price ie. $ 1,400 -$ 1,500. Another group of friend told me not to put any more money down since I owe mortgage more than it is worth now. They said I can put $ 100,000 in a better and nicer home and rent for more money. My mother has half mill. in cash and her $ 100,000 that she wants to help me currently earn 0.5% in the bank. I don’t know which way is better. Should I put more money in an upside down rental home that I would not want to walk away from it (don’t want to loose$ 60,000 down payment. I will keep it until the price come up which who knows it will be the next 10 or twenty years. Incase of earth quake, and my home vanish, I probably will loose my down payment plus this $ 100,000. What if the housing market is getting worse and my rental house worth $ 150,000? I probably loose that $ 100,000+my down payment. If the housing market is stable or improve, I probably won’t hurt that bad. I have earth quake insurance too. My tenant will be leaving this June. I am preparing to rent my house $ 1,400 if I have too. Thank you for reading. Your comment is appreciated.
a worker came to the front gate of my home and ignored the “Beware of Biting Dog” signs and happened to put his arm inside the gate and was bitten by my 100 pound dog.
if he sues, will my home insurance pay him or was it his fault?
1. Does the insurance company need to notify you if there are changes available? IE: eighteen months ago when we signed up the lowest deductible for wind/hail damage was 2%. Now it goes as low as $ 500. After the hail hit our house.
2. We have 5 cracks across the front of our house due to hail. Insurance will cover the entire front. There is one large crack at the rear. They will use undamaged siding from the front to repair the back.
I have a great idea for my own business. It would be an internet based business but I would also locally operate a small store, but it would mostly be used to keep my inventory. I have done the research and found that there is very little competition, but a lot of people already using this service and surfing for this particular “service” on the Web. My husband is a webmaster and has done some back end research on the competition and thinks we have a great idea and that I am really onto something. The problem is the money to start the business. We are building a home right now so we are using our funds to do that and don’t want to invest any of our own money into the inventory as the house is first priority. Any suggestions on where to find the funds to start a small business?
I realize I can walk into a bank and try, but I know there are other options out there and just don’t know where to begin looking or asking questions. I am looking for serious answers.
Nov 302011
I live in Virginia
Seems like I’ll be spending the coming years in a state of constant limbo between consulting jobs. But I do want a place to come home to every now and then. Regardless of where it might be, what would you say are the criteria it should fulfill?
Close to friends and family?
Easy maintenance?
Sympathetic insurance companies that won’t mind you’re away in crazy places most of the year?
Socialized healthcare to come home to and be lavishly sick under if necessary?
…?
Anything else?
So I am really worried, I mean I know I was going to face at least one or more in my life I never experienced one, I just wish it was not now, I mean what if my house collapses, we have insurance but IDK, and I had so much planned this year and this earthquake could ruin, and I know that no one knows when they are going to happen, but Overall will an earthquake happen? When? And how big might it be?
***Please no rude answers***
The government is about to spend a fortune on bailing out banks and homeborrowers facing foreclosure. Why not take all of these thirty year mortgages, and shift them over into 50 year mortgages with a comparative mortgage rate and a mortgage insurance attachment. The monthly payment would drop to an affordable range and the banks are still guaranteed to get the agreed upon price for the home. If a person still cannot afford a 50 year monthly rate than they should not be there anyway and they can be foreclosed on. In twenty years the price will be back up where it was and the owners can sell and mangle even. Much better than foreclosing or government bailouts right?
Currently, these people are never going to own their homes, they are getting foreclosed on. When conditions get better, they can always refinance to shorter term or pay more to pay down their principal. We are talking about people who are losing their homes, trying to get them a more manageable monthly payment. People choose thirty year mortgages over fifteen year mortgages all the time. How is this different?
I woke up two mornings ago to a flooded first floor of my townhouse. The waterheater burst and flooded the entire first floor. ruining some shoes and misc other items, damaging furniture and creating a god awful mold smell in my still wet carpet. The cam in replace the water heater and set up fans to dry the carpet but removed them before they were dry. No with the heat created by the fans and the dark moist dampness my whole apartment reaks of mold. Thye offered to replace the carpet but told us we had to move everything out of the apartments and find a place to stay for 3 days.
Should they be paying for a motel me and my roommate to stay at during the repairs and should they be paying to have all our stuff placed in storage? and what about movers? All the damage was caused by their damaged waterheater. i’m sure there is goning to be damage to the sheet rock and such as well and will prolly smell even worse when the temp heats up as it gets closer to summer. We don;t ahve renter’s insurance but i don;t care so much as for the damaged personal property as i do that i would like to be compensated for the costs in removing everything from out apartments so they can replace the carpet. Who should do what? I live in California and we were not put up in a place the night the had us leave all everything open with the fans running.
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