[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]

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.

[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.

[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.

[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.

[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.

[bearishgurl]

UCGal, thanks for your out-of-the-box suggestions. I did not actually see this thread until early evening yesterday and could not respond until now.

Yes, patience is my middle name. My timeline for selling my personal residence is 4+ yrs. from now. Essentially what your co-worker did here was give the (sr. citizen) owner a “life estate” in their own (former) residence with a 10-year cap on occupancy.

I could see where this could be attractive to a sr. citizen owner because the up-front and sometimes separate “draw-down” fees on a reverse mortgage eat up too much of the equity. I could imagine that these fees would be even higher now, because the RM lender may be worried about future value and saleablility.

You mentioned that your co-worker charged a “nominal rent.” I wouldn’t mind charging a bit less than market since there would be no move-outs but “nominal” would not even cover half the carrying costs and landscaping svc. I would also be concerned that my new “greatest-generation” tenant has not paid rent/mtg. in decades and also had Prop. 13 tax treatment so is not USED TO PAYING THESE THNGS. Wouldn’t they tend to feel that even a reasonable rent I would be asking for was exorbitant?? Due to the advanced age of the tenant, I would probably feel more comfortable if their rent was paid to me automatically every month from their bank or trust acct. I also don’t see them maintaining the property as tenants don’t normally do this.

Do you know the extent of maintenance that was performed by the seller/tenant in your co-worker’s property performed? How old were they when they finally vacated and why did they vacate early??

I’m also skeptical that there would be any heavy or cosmetic fixers available anymore whose backyards are facing dtn. SD with an unobstructed, sit-down view within the house. I would have figured they have all been bought up, rehabbed and flipped by now or their “rehabbers” are still enjoying them.

If I try to do this in this day and age and cannot drive the price down far enough, I would probably have to get a passive equity-partner or a (temporary or for the life of the contract) “silent second” to make a deal like this. I would not want to buy a “keeper” property as tenants-in-common with another party on title for a variety of reasons.

Thanks again for the interesting idea, UCGal! I think it might be doable if the mechanics of the “life-estate rental-contract” were properly spelled out.

[bearishgurl]

UCGal, thanks for your out-of-the-box suggestions. I did not actually see this thread until early evening yesterday and could not respond until now.

Yes, patience is my middle name. My timeline for selling my personal residence is 4+ yrs. from now. Essentially what your co-worker did here was give the (sr. citizen) owner a “life estate” in their own (former) residence with a 10-year cap on occupancy.

I could see where this could be attractive to a sr. citizen owner because the up-front and sometimes separate “draw-down” fees on a reverse mortgage eat up too much of the equity. I could imagine that these fees would be even higher now, because the RM lender may be worried about future value and saleablility.

You mentioned that your co-worker charged a “nominal rent.” I wouldn’t mind charging a bit less than market since there would be no move-outs but “nominal” would not even cover half the carrying costs and landscaping svc. I would also be concerned that my new “greatest-generation” tenant has not paid rent/mtg. in decades and also had Prop. 13 tax treatment so is not USED TO PAYING THESE THNGS. Wouldn’t they tend to feel that even a reasonable rent I would be asking for was exorbitant?? Due to the advanced age of the tenant, I would probably feel more comfortable if their rent was paid to me automatically every month from their bank or trust acct. I also don’t see them maintaining the property as tenants don’t normally do this.

Do you know the extent of maintenance that was performed by the seller/tenant in your co-worker’s property performed? How old were they when they finally vacated and why did they vacate early??

I’m also skeptical that there would be any heavy or cosmetic fixers available anymore whose backyards are facing dtn. SD with an unobstructed, sit-down view within the house. I would have figured they have all been bought up, rehabbed and flipped by now or their “rehabbers” are still enjoying them.

If I try to do this in this day and age and cannot drive the price down far enough, I would probably have to get a passive equity-partner or a (temporary or for the life of the contract) “silent second” to make a deal like this. I would not want to buy a “keeper” property as tenants-in-common with another party on title for a variety of reasons.

Thanks again for the interesting idea, UCGal! I think it might be doable if the mechanics of the “life-estate rental-contract” were properly spelled out.

[bearishgurl]

UCGal, thanks for your out-of-the-box suggestions. I did not actually see this thread until early evening yesterday and could not respond until now.

Yes, patience is my middle name. My timeline for selling my personal residence is 4+ yrs. from now. Essentially what your co-worker did here was give the (sr. citizen) owner a “life estate” in their own (former) residence with a 10-year cap on occupancy.

I could see where this could be attractive to a sr. citizen owner because the up-front and sometimes separate “draw-down” fees on a reverse mortgage eat up too much of the equity. I could imagine that these fees would be even higher now, because the RM lender may be worried about future value and saleablility.

You mentioned that your co-worker charged a “nominal rent.” I wouldn’t mind charging a bit less than market since there would be no move-outs but “nominal” would not even cover half the carrying costs and landscaping svc. I would also be concerned that my new “greatest-generation” tenant has not paid rent/mtg. in decades and also had Prop. 13 tax treatment so is not USED TO PAYING THESE THNGS. Wouldn’t they tend to feel that even a reasonable rent I would be asking for was exorbitant?? Due to the advanced age of the tenant, I would probably feel more comfortable if their rent was paid to me automatically every month from their bank or trust acct. I also don’t see them maintaining the property as tenants don’t normally do this.

Do you know the extent of maintenance that was performed by the seller/tenant in your co-worker’s property performed? How old were they when they finally vacated and why did they vacate early??

I’m also skeptical that there would be any heavy or cosmetic fixers available anymore whose backyards are facing dtn. SD with an unobstructed, sit-down view within the house. I would have figured they have all been bought up, rehabbed and flipped by now or their “rehabbers” are still enjoying them.

If I try to do this in this day and age and cannot drive the price down far enough, I would probably have to get a passive equity-partner or a (temporary or for the life of the contract) “silent second” to make a deal like this. I would not want to buy a “keeper” property as tenants-in-common with another party on title for a variety of reasons.

Thanks again for the interesting idea, UCGal! I think it might be doable if the mechanics of the “life-estate rental-contract” were properly spelled out.

[bearishgurl]

UCGal, thanks for your out-of-the-box suggestions. I did not actually see this thread until early evening yesterday and could not respond until now.

Yes, patience is my middle name. My timeline for selling my personal residence is 4+ yrs. from now. Essentially what your co-worker did here was give the (sr. citizen) owner a “life estate” in their own (former) residence with a 10-year cap on occupancy.

I could see where this could be attractive to a sr. citizen owner because the up-front and sometimes separate “draw-down” fees on a reverse mortgage eat up too much of the equity. I could imagine that these fees would be even higher now, because the RM lender may be worried about future value and saleablility.

You mentioned that your co-worker charged a “nominal rent.” I wouldn’t mind charging a bit less than market since there would be no move-outs but “nominal” would not even cover half the carrying costs and landscaping svc. I would also be concerned that my new “greatest-generation” tenant has not paid rent/mtg. in decades and also had Prop. 13 tax treatment so is not USED TO PAYING THESE THNGS. Wouldn’t they tend to feel that even a reasonable rent I would be asking for was exorbitant?? Due to the advanced age of the tenant, I would probably feel more comfortable if their rent was paid to me automatically every month from their bank or trust acct. I also don’t see them maintaining the property as tenants don’t normally do this.

Do you know the extent of maintenance that was performed by the seller/tenant in your co-worker’s property performed? How old were they when they finally vacated and why did they vacate early??

I’m also skeptical that there would be any heavy or cosmetic fixers available anymore whose backyards are facing dtn. SD with an unobstructed, sit-down view within the house. I would have figured they have all been bought up, rehabbed and flipped by now or their “rehabbers” are still enjoying them.

If I try to do this in this day and age and cannot drive the price down far enough, I would probably have to get a passive equity-partner or a (temporary or for the life of the contract) “silent second” to make a deal like this. I would not want to buy a “keeper” property as tenants-in-common with another party on title for a variety of reasons.

Thanks again for the interesting idea, UCGal! I think it might be doable if the mechanics of the “life-estate rental-contract” were properly spelled out.

[bearishgurl]

UCGal, thanks for your out-of-the-box suggestions. I did not actually see this thread until early evening yesterday and could not respond until now.

Yes, patience is my middle name. My timeline for selling my personal residence is 4+ yrs. from now. Essentially what your co-worker did here was give the (sr. citizen) owner a “life estate” in their own (former) residence with a 10-year cap on occupancy.

I could see where this could be attractive to a sr. citizen owner because the up-front and sometimes separate “draw-down” fees on a reverse mortgage eat up too much of the equity. I could imagine that these fees would be even higher now, because the RM lender may be worried about future value and saleablility.

You mentioned that your co-worker charged a “nominal rent.” I wouldn’t mind charging a bit less than market since there would be no move-outs but “nominal” would not even cover half the carrying costs and landscaping svc. I would also be concerned that my new “greatest-generation” tenant has not paid rent/mtg. in decades and also had Prop. 13 tax treatment so is not USED TO PAYING THESE THNGS. Wouldn’t they tend to feel that even a reasonable rent I would be asking for was exorbitant?? Due to the advanced age of the tenant, I would probably feel more comfortable if their rent was paid to me automatically every month from their bank or trust acct. I also don’t see them maintaining the property as tenants don’t normally do this.

Do you know the extent of maintenance that was performed by the seller/tenant in your co-worker’s property performed? How old were they when they finally vacated and why did they vacate early??

I’m also skeptical that there would be any heavy or cosmetic fixers available anymore whose backyards are facing dtn. SD with an unobstructed, sit-down view within the house. I would have figured they have all been bought up, rehabbed and flipped by now or their “rehabbers” are still enjoying them.

If I try to do this in this day and age and cannot drive the price down far enough, I would probably have to get a passive equity-partner or a (temporary or for the life of the contract) “silent second” to make a deal like this. I would not want to buy a “keeper” property as tenants-in-common with another party on title for a variety of reasons.

Thanks again for the interesting idea, UCGal! I think it might be doable if the mechanics of the “life-estate rental-contract” were properly spelled out.

[bearishgurl]

[quote=Scarlett]And I like that there are no cookie-cutter houses. Of course, nothing beats seeing them in person.[/quote]

Scarlett, they *were* “cookie-cutter* houses at one time, because they are on a tract. This is the beauty of a mature subdivision. The plans that ARE alike don’t LOOK alike anymore because of the aged trees, tall foilage, and extensive remodeling of previous and current owners.

The building of the *two-story* model on tract was not common until the mid-late seventies. Before that, the one-story “ranch-style” was the most common tract home, very often built on generous lots.

When you begin to view property in your price range, many properties will have windows which are 4-5 feet from the floor. Don’t worry so much about that because you can change some or all of them later. Remember that the std. 8′ ceiling will not waste utilities like the “vaulted” ceilings commonly built beginning in the mid-seventies. And you may need to overlook outdated appliances. The good news is, Sears Outlet has a huge warehouse of overstock and slightly (inconspicuously) damaged appliances, some top-of-the-line and is less than 10 mins. away, west of Morena Bl. at Sherman St (open to the public). And you can install round skylights in the dark hallway.

Keep an open mind and remember, LOCATION! And keep us Piggs posted if you are able to view any good lots along the canyon rim.

[bearishgurl]

[quote=Scarlett]And I like that there are no cookie-cutter houses. Of course, nothing beats seeing them in person.[/quote]

Scarlett, they *were* “cookie-cutter* houses at one time, because they are on a tract. This is the beauty of a mature subdivision. The plans that ARE alike don’t LOOK alike anymore because of the aged trees, tall foilage, and extensive remodeling of previous and current owners.

The building of the *two-story* model on tract was not common until the mid-late seventies. Before that, the one-story “ranch-style” was the most common tract home, very often built on generous lots.

When you begin to view property in your price range, many properties will have windows which are 4-5 feet from the floor. Don’t worry so much about that because you can change some or all of them later. Remember that the std. 8′ ceiling will not waste utilities like the “vaulted” ceilings commonly built beginning in the mid-seventies. And you may need to overlook outdated appliances. The good news is, Sears Outlet has a huge warehouse of overstock and slightly (inconspicuously) damaged appliances, some top-of-the-line and is less than 10 mins. away, west of Morena Bl. at Sherman St (open to the public). And you can install round skylights in the dark hallway.

Keep an open mind and remember, LOCATION! And keep us Piggs posted if you are able to view any good lots along the canyon rim.

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