Answers by Jim Stern

Hey Debra, Joe covered the California rules well, so here’s the practical side from property management. When a building changes hands, your lease and your security deposit should transfer to the new owner. Ask in writing for the new owner’s or manager’s name, where to send rent, and confirmation that they have your deposit on record. On the mold, a good owner wants it fixed fast too, because it only gets worse. Ask for the repair plan and dates in writing. If the work means you have to be out for a few days, get who pays and how long on paper before you leave. Keep paying rent on time so nothing muddies your position. If anything doesn’t add up, call the LA Housing Department.

Hey Carlos, to build on the financing point: a lot of condo buildings are what lenders call non-warrantable. Common reasons are too many units being rented, litigation, or thin reserves. That can rule out conventional loans and leave you with fewer lenders and worse terms. It can also shrink your buyer pool when you sell. Before you get attached to a condo, have your lender review the HOA questionnaire. Single-family skips that whole headache. For a first rental, run both through the same numbers: rent minus PITIA, HOA, and a repair and vacancy reserve. Whichever still cash flows with conservative rents wins...I have RE clients winning with both paths.

Hey Kendra, yes, do it. From the property management side, sewer backups on a duplex are some of the worst calls we get. It’s two tenants, two units of damage, and usually a weekend. Two things the other answers didn’t cover. Before you schedule it, ask the seller or listing agent for any history of rooter calls. Frequent snaking is a big tell, even if the scope looks fine that day. And make sure there’s an accessible exterior cleanout. Without one, future clogs get harder and pricier to clear. If anything shows up, get a written quote from a sewer contractor during your inspection window, not just the inspector’s note.

Hey Kathy, as a Georgia agent I can tell you this is usually an easy conversation. Call your agent first and tell them you want to wait until spring. Most brokers would rather keep a good relationship than hold an unhappy seller to a contract. You’ve basically got two options. Ask for a mutual release in writing, signed by you and the broker. Or, if you like the agent, amend the agreement to push the dates to spring so you don’t start over. Before you sign anything, read the part about a protection period. If someone who saw the house during the listing buys it later, you may still owe a commission. If the broker won’t release you, a Georgia real estate attorney can review the agreement with you.

Hey Omar, a high appraisal on a purchase usually isn’t hurting your loan, since the lender goes off the lower of price or value. What matters on a DSCR is the rent schedule the appraiser filled out, so look at that page. If the market rent they used is low, that’s what can kill your ratio or your terms. That’s the number worth challenging with rent comps. The appraisal won’t get the seller to move on price. Your five comps are a negotiating tool for your agent, and your contract decides what leverage you actually have. Have your Tennessee agent check your contingency dates.

Hey Keegan, others covered owner-occupied loans, which is the real answer if you’ll live in one side. The part I’d add: a seller who needs out fast gives you leverage. Even without seller financing, you can ask for a lower price or a seller credit toward closing costs, which frees up more of your cash for the down payment. Your lender will cap how much credit you can take, so ask them first. If you won’t live there, a common setup is a partner who brings the down payment while you bring the work. Put it in writing, and don’t drain your reserves to make it happen. Also, if the seller needs to sell you just do a Subject-To transaction and keep the existing mortgage in place.

Hey Adriana, the leftover $90k is the borrower’s problem, not yours. Whether the lender can chase them for it depends on state law and the loan. What you need to worry about is what survives the sale. That depends on which lien is foreclosing. If it’s a second mortgage foreclosing, the first can stay on the property. Unpaid taxes and some municipal liens like water and sewer can follow it too. Order a title search before you bid, not after. Read the sale terms closely: deposit, how fast you have to pay, as-is, no interior access, and whether someone’s still living there. Have a Pennsylvania real estate attorney look it over first.

Yes, you can buy and refi quickly if you have the right loan products, I have several clients that BRRRR and get their cash out of the deal within 90 days of their original purchase. I have a great lender to refer to you if that's helpful.

Hey Marisol, I've done quite a bit in Cape Coral and with how tough the market is there your On-Market sale is going to be low and you're Off-Market sale is going to be lower. My suggestion would be to price the home aggressively ON MARKET, you'll create the most urgency that way and get an end buyer in the process. Also talk to a CPA before you sell. Depreciation recapture surprises a lot of long-time landlords, and a 1031 might be worth a look if you’re buying again. Let me know if you have any follow-up questions on this,

Hey Juniper, before you run any numbers, check the condo docs for rental caps or minimum lease terms. Some buildings won’t let you rent it the way you’re planning. Florida’s newer condo inspection and reserve rules have pushed dues and special assessments up in a lot of buildings, so ask the HOA what’s coming. From the lending side, ask your lender how they’d count the projected rent on the new loan because it changes what you qualify for. Make sure your lender advises you on your DTI and strategizes with you on the best path forward. I always lean towards trying to keep property and build a rental portfolio, but there are times to sell and move on. I have a great lender that's a real strategist if you need someone to talk to.

Hey Tammy, from the lending side, here’s how this usually works. Most “grants” help with the down payment and closing costs, not the whole house. You’d still need a mortgage for the rest. The good news is Social Security income can count toward qualifying. If yours isn’t taxed, some programs let the lender count it a little higher. Tennessee’s state housing agency offers down payment help, and those programs usually have income limits and a homebuyer class. Your first step is a pre-approval with a lender who works with those programs. They’ll look at your income, credit, and monthly debts and tell you what price range fits before you fall for a house...I have a great lender in TN if you need someone to talk to.

Hey Graham, since an attorney is already at the closing table on every deal in GA the primary purpose of a Buyer's Agent is handling the contract and advising you in that realm because the attorney isn't working for you on that side. You can hire your own attorney per service, but they won’t find the house, pull comps, write your offer, or negotiate your repairs. On the commission credit, nothing is automatic, new construction builders will almost always keep that on their side. If the seller is offering buyer-agent comp, you’d negotiate it into your contract as a seller credit. Your lender may cap how much credit they’ll allow and what it can cover. Get that in writing before you go under contract, not after. Before I became an agent I bought and sold all the time without an agent, but I had my head wrapped around the contract and the process.

Hey Jordan, I’d keep your savings and retirement where they are. Here’s a quick way to frame the DSCR side: the lender divides your rent, $5,100 here, by the full PITIA. Most want that at 1.0 or better, and some want more. Two things on new construction. The current tax bill may only reflect the lot, so budget for taxes to jump at reassessment. And price insurance before you commit. Then have a lender run DSCR and conventional side by side. Conventional usually prices better, but it counts your other debts and only part of the rent. As for DSCR in general, those rates have been running lower than Conventional for most of the year...I have a great lender in NC that could brainstorm this with you if that's helpful.

Hey Eleanor, on a tract that size the timber can be a big piece of the value. Get a forester to do a timber cruise before you price it. That tells you what’s standing out there and whether to sell with the timber or harvest first. Also check with the Baldwin County tax assessor whether the land is in a conservation use (CUVA) covenant. Buyers will ask, and breaking a covenant early can carry penalties, so it affects who can buy it and how. Then pull recent large-acreage sales in Baldwin and the surrounding counties, not house comps. Happy to pull a few land comps with you if it helps.