When Is Personal Property Included in the Sale?

“Hi I’m buying a home and thought I was getting the washer, dryer, and refrigerator. Now the seller says she’s taking those items with her. We didn’t write them in the contract, but my agent says they’re included because the MLS specifically says the washer, dryer, and refrigerator are included. Who’s right?” Answer: Your agent
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FHA Loans on Du-, Tri- & Fourplexes

Is it possible to get an FHA loan on a duplex, triplex, or fourplex? Answer: I was recently discussing that topic with my favorite lender, Robert Geiler of Rancho Financial. Here are the relevant bullet points of our conversation: – All FHA loans are for owner-occupants – The typical FHA loan is 3.5% down –
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Canceling an Agent’s Contract

“Help! My mother inherited a University City home. She’s not real estate savvy, so she asked me to handle it for her. I hired an agent and he hasn’t called us since listing the home 3 weeks ago. I’m planning to call him to find out what’s going on, but I can already tell we
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Houses vs. Condos: Which Appreciate More

“Which do you think will appreciate more, a house or a condo?” Answer: For some reason, many people automatically assume that houses appreciate more. It’s probably because houses are generally preferred over condos. However, this preference is taken into account by the fact that a house will sell for more than a condo of the
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The Five Returns of Real Estate

No question today, but here’s some info you may find interesting: What are the 5 returns of real estate? 1. Positive cashflow 2. Appreciation 3. Sweat equity 4. Principal paydown 5. Depreciation deduction Many people only think of #1 and #2. #3 never comes up. But a benefit of rental real estate is you can
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Zillow: For Entertainment Purposes Only

“Hi Gary…I checked on Zillow and see my San Diego property is estimated at 691K, but it looks like the values listed on this site are quite high. I was thinking low 600’s. What would you estimate for the property as is?” Answer: We’re on the same page. Zillow does tend to be high. In
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Is There Rent Control in San Diego County?

“I’m considering investing in San Diego real estate. I’m from the Bay Area where we have rent control. Do you have it in San Diego? If so, I’ll invest elsewhere as rent control is an outrageous infringement on people’s rights. It’s Big Brother telling you how much rent to charge. I hate it because it
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What “Pest Control Clearance” Really Checks For

“My wife and I are looking for our first home…I heard I get something called a pest clearance with the house we buy. What is that? Do they check for ants, rats, spiders, etc.?” Answer: You’re talking about what’s commonly referred to as a “termite clearance,” but officially called a “pest control clearance.” A pest
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Where You Should Buy Multi-Unit Properties

“I see you handle a lot of multi-unit properties like duplexes and triplexes. Where do you suggest buying?” Answer: I’ve actually covered this in past seminars of mine. Where you should buy depends on why you’re buying. If you’re buying to live in one and rent out the other(s) or plan to manage the property
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Buying Up to Do a 1031 Exchange

“Hi Gary. I have 24 apartments in City Heights. They’ve been a headache lately and I’d like to get out of them into something else. Is it true that you have to buy up to do a 1031 exchange?” Answer: Almost. While you do have to buy up to do a full tax deferral, just
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