bearishgurl – how to get your coveted fleetridge home…

[bearishgurl]

I am a RE licensee and own my own updated electronic legal forms package but in my line of work, I am in constant contact with very experienced attorneys who do probate work and handle civil land use matters. Of course, after we hammered out the price and terms, I would have the “Life Estate Rental Contract” drawn up professionally with the seller present in the office and in speakerphone conference call with his/her heirs, if necessary.

I don’t believe a sr. citizen tenant already paying “rent” would want to spend $$ for expensive water on a 10,000 – 12,000 sf lot, even if a sprinkler system was in place. This is not typical for a tenant of any age. I’m fairly certain I would need a gardener, would have to perform the work myself, or just let the landscape go to waste in the interim (occupancy) years. I would be okay with this, but I don’t know if the tenant would, if they are used to it being maintained.

Yes, AN, I thought about your suggestion, but carrying costs are an issue with me. Perhaps if the price can be hammered down LOW ENOUGH and I could increase my income somehow, then I could carry the property. A 4-10 yr. (contract) commitment is a long time. If I still didn’t have a minor child at home, I could live MUCH MORE CHEAPLY.

[an]

[quote=bearishgurl]Yes, AN, I thought about your suggestion, but carrying costs are an issue with me. Perhaps if the price can be hammered down LOW ENOUGH and I could increase my income somehow, then I could carry the property. A 4-10 yr. (contract) commitment is a long time. If I still didn’t have a minor child at home, I could live MUCH MORE CHEAPLY.[/quote]
I don’t know you and your financial situation, so I didn’t make any guess about it. Just throwing that option out there, if the lot is a once in a life time opportunity and the price is low enough, it might be worth it. That is if you can afford the carrying cost. Again, it’s not easy to get these once in a life time opportunity property, so any cookie you can give to the seller to convince them to sell to you might be worth it in the end.

[an]

[quote=bearishgurl]Yes, AN, I thought about your suggestion, but carrying costs are an issue with me. Perhaps if the price can be hammered down LOW ENOUGH and I could increase my income somehow, then I could carry the property. A 4-10 yr. (contract) commitment is a long time. If I still didn’t have a minor child at home, I could live MUCH MORE CHEAPLY.[/quote]
I don’t know you and your financial situation, so I didn’t make any guess about it. Just throwing that option out there, if the lot is a once in a life time opportunity and the price is low enough, it might be worth it. That is if you can afford the carrying cost. Again, it’s not easy to get these once in a life time opportunity property, so any cookie you can give to the seller to convince them to sell to you might be worth it in the end.

[an]

[quote=bearishgurl]Yes, AN, I thought about your suggestion, but carrying costs are an issue with me. Perhaps if the price can be hammered down LOW ENOUGH and I could increase my income somehow, then I could carry the property. A 4-10 yr. (contract) commitment is a long time. If I still didn’t have a minor child at home, I could live MUCH MORE CHEAPLY.[/quote]
I don’t know you and your financial situation, so I didn’t make any guess about it. Just throwing that option out there, if the lot is a once in a life time opportunity and the price is low enough, it might be worth it. That is if you can afford the carrying cost. Again, it’s not easy to get these once in a life time opportunity property, so any cookie you can give to the seller to convince them to sell to you might be worth it in the end.

[an]

[quote=bearishgurl]Yes, AN, I thought about your suggestion, but carrying costs are an issue with me. Perhaps if the price can be hammered down LOW ENOUGH and I could increase my income somehow, then I could carry the property. A 4-10 yr. (contract) commitment is a long time. If I still didn’t have a minor child at home, I could live MUCH MORE CHEAPLY.[/quote]
I don’t know you and your financial situation, so I didn’t make any guess about it. Just throwing that option out there, if the lot is a once in a life time opportunity and the price is low enough, it might be worth it. That is if you can afford the carrying cost. Again, it’s not easy to get these once in a life time opportunity property, so any cookie you can give to the seller to convince them to sell to you might be worth it in the end.

[an]

[quote=bearishgurl]Yes, AN, I thought about your suggestion, but carrying costs are an issue with me. Perhaps if the price can be hammered down LOW ENOUGH and I could increase my income somehow, then I could carry the property. A 4-10 yr. (contract) commitment is a long time. If I still didn’t have a minor child at home, I could live MUCH MORE CHEAPLY.[/quote]
I don’t know you and your financial situation, so I didn’t make any guess about it. Just throwing that option out there, if the lot is a once in a life time opportunity and the price is low enough, it might be worth it. That is if you can afford the carrying cost. Again, it’s not easy to get these once in a life time opportunity property, so any cookie you can give to the seller to convince them to sell to you might be worth it in the end.

[Aecetia]

Bearish,

Good information for many here. I would also be concerned about repairs and their costs. My father paid for some plumbing repairs and because he wanted to make his own decisions, he got ripped off a couple of times. We were able to step in on a roof repair and the job was done right by a licensed contractor. I would also be worried about termites with some of the older homes. What would you recommend to take care of some of those issues including the competency of the person selling their house. Has that been challenged? Thanks.

[Aecetia]

Bearish,

Good information for many here. I would also be concerned about repairs and their costs. My father paid for some plumbing repairs and because he wanted to make his own decisions, he got ripped off a couple of times. We were able to step in on a roof repair and the job was done right by a licensed contractor. I would also be worried about termites with some of the older homes. What would you recommend to take care of some of those issues including the competency of the person selling their house. Has that been challenged? Thanks.

[Aecetia]

Bearish,

Good information for many here. I would also be concerned about repairs and their costs. My father paid for some plumbing repairs and because he wanted to make his own decisions, he got ripped off a couple of times. We were able to step in on a roof repair and the job was done right by a licensed contractor. I would also be worried about termites with some of the older homes. What would you recommend to take care of some of those issues including the competency of the person selling their house. Has that been challenged? Thanks.

[Aecetia]

Bearish,

Good information for many here. I would also be concerned about repairs and their costs. My father paid for some plumbing repairs and because he wanted to make his own decisions, he got ripped off a couple of times. We were able to step in on a roof repair and the job was done right by a licensed contractor. I would also be worried about termites with some of the older homes. What would you recommend to take care of some of those issues including the competency of the person selling their house. Has that been challenged? Thanks.

[Aecetia]

Bearish,

Good information for many here. I would also be concerned about repairs and their costs. My father paid for some plumbing repairs and because he wanted to make his own decisions, he got ripped off a couple of times. We were able to step in on a roof repair and the job was done right by a licensed contractor. I would also be worried about termites with some of the older homes. What would you recommend to take care of some of those issues including the competency of the person selling their house. Has that been challenged? Thanks.

[bearishgurl]

[quote=Aecetia]Bearish,

Good information for many here. I would also be concerned about repairs and their costs. My father paid for some plumbing repairs and because he wanted to make his own decisions, he got ripped off a couple of times. We were able to step in on a roof repair and the job was done right by a licensed contractor. I would also be worried about termites with some of the older homes. What would you recommend to take care of some of those issues including the competency of the person selling their house. Has that been challenged? Thanks.[/quote](emphasis added)

Aecetia, the “competency” issue is why I would have the seller present in the law office along with their “heirs” either telephonically, virtually or in person. I would not want any “quiet title” lawsuits or any heirs later coming back and telling a probate judge or DA investigator that I “defrauded” their parent out of their home, esp. if the area escalates in value again DURING or at the END of the seller/tenant’s occupancy. I’ve been in hundreds of courtrooms and seen a lot of STUFF in my day.

As far as your termite concerns, tent fumigation is not an issue with me. I have gone thru it several times in my life. I am also unconcerned with termite eaten beams, trusses or framing wood. To take apart and fix is small potatoes in the grand picture.

I would want to be appraised of all maintenance problems immediately and have control over and make all the maintenance decisions. It would have to be managed like a rental. The laws state that a tenant is entitled to a pest-free living unit with no broken glass, no roof leaks, working fixtures, working built-in appliances, hot water, tall weeds cut down, sanitary carpeting upon move in, etc.

[bearishgurl]

[quote=Aecetia]Bearish,

Good information for many here. I would also be concerned about repairs and their costs. My father paid for some plumbing repairs and because he wanted to make his own decisions, he got ripped off a couple of times. We were able to step in on a roof repair and the job was done right by a licensed contractor. I would also be worried about termites with some of the older homes. What would you recommend to take care of some of those issues including the competency of the person selling their house. Has that been challenged? Thanks.[/quote](emphasis added)

Aecetia, the “competency” issue is why I would have the seller present in the law office along with their “heirs” either telephonically, virtually or in person. I would not want any “quiet title” lawsuits or any heirs later coming back and telling a probate judge or DA investigator that I “defrauded” their parent out of their home, esp. if the area escalates in value again DURING or at the END of the seller/tenant’s occupancy. I’ve been in hundreds of courtrooms and seen a lot of STUFF in my day.

As far as your termite concerns, tent fumigation is not an issue with me. I have gone thru it several times in my life. I am also unconcerned with termite eaten beams, trusses or framing wood. To take apart and fix is small potatoes in the grand picture.

I would want to be appraised of all maintenance problems immediately and have control over and make all the maintenance decisions. It would have to be managed like a rental. The laws state that a tenant is entitled to a pest-free living unit with no broken glass, no roof leaks, working fixtures, working built-in appliances, hot water, tall weeds cut down, sanitary carpeting upon move in, etc.

[bearishgurl]

[quote=Aecetia]Bearish,

Good information for many here. I would also be concerned about repairs and their costs. My father paid for some plumbing repairs and because he wanted to make his own decisions, he got ripped off a couple of times. We were able to step in on a roof repair and the job was done right by a licensed contractor. I would also be worried about termites with some of the older homes. What would you recommend to take care of some of those issues including the competency of the person selling their house. Has that been challenged? Thanks.[/quote](emphasis added)

Aecetia, the “competency” issue is why I would have the seller present in the law office along with their “heirs” either telephonically, virtually or in person. I would not want any “quiet title” lawsuits or any heirs later coming back and telling a probate judge or DA investigator that I “defrauded” their parent out of their home, esp. if the area escalates in value again DURING or at the END of the seller/tenant’s occupancy. I’ve been in hundreds of courtrooms and seen a lot of STUFF in my day.

As far as your termite concerns, tent fumigation is not an issue with me. I have gone thru it several times in my life. I am also unconcerned with termite eaten beams, trusses or framing wood. To take apart and fix is small potatoes in the grand picture.

I would want to be appraised of all maintenance problems immediately and have control over and make all the maintenance decisions. It would have to be managed like a rental. The laws state that a tenant is entitled to a pest-free living unit with no broken glass, no roof leaks, working fixtures, working built-in appliances, hot water, tall weeds cut down, sanitary carpeting upon move in, etc.

[bearishgurl]

[quote=Aecetia]Bearish,

Good information for many here. I would also be concerned about repairs and their costs. My father paid for some plumbing repairs and because he wanted to make his own decisions, he got ripped off a couple of times. We were able to step in on a roof repair and the job was done right by a licensed contractor. I would also be worried about termites with some of the older homes. What would you recommend to take care of some of those issues including the competency of the person selling their house. Has that been challenged? Thanks.[/quote](emphasis added)

Aecetia, the “competency” issue is why I would have the seller present in the law office along with their “heirs” either telephonically, virtually or in person. I would not want any “quiet title” lawsuits or any heirs later coming back and telling a probate judge or DA investigator that I “defrauded” their parent out of their home, esp. if the area escalates in value again DURING or at the END of the seller/tenant’s occupancy. I’ve been in hundreds of courtrooms and seen a lot of STUFF in my day.

As far as your termite concerns, tent fumigation is not an issue with me. I have gone thru it several times in my life. I am also unconcerned with termite eaten beams, trusses or framing wood. To take apart and fix is small potatoes in the grand picture.

I would want to be appraised of all maintenance problems immediately and have control over and make all the maintenance decisions. It would have to be managed like a rental. The laws state that a tenant is entitled to a pest-free living unit with no broken glass, no roof leaks, working fixtures, working built-in appliances, hot water, tall weeds cut down, sanitary carpeting upon move in, etc.

[Author]

Posts