“Hi Gary. I rented a place and the seller also gave me an option to buy it. He said I could buy it any time in the next 18 months. Do you have any advice?” ***ANSWER: Yes. Get it in writing! I’ve got a sneaking suspicion that your option is verbal and likely not enforceable

“We bought a new condo a year and a half ago. We just had a baby and want to sell and get into a house. We’ll make 0K profit after expenses. My question is whether we must wait until the two year mark before we sell so that we can avoid paying taxes on our

“We’ve just started looking for a home. I found out that some newer homes have that extra Mello-Roos fee that can cost several hundred dollars a month. I definitely wouldn’t buy a home with Mello-Roos. Why would anyone buy one?” ***ANSWER: Basic economics. Assume you have two identical homes side by side. One has Mello-Roos

“We’re looking to buy our first home. The only way to buy what we want is to find a cheap house that needs a lot of work. Our problem is we’re cash strapped and won’t have money left for fix up. An agent told me we could offer more and have the seller write us

“Hi Gary. I wanted to get back to you and let you know that we’ve decided to have you sell our rental at XXX XXX Street. I heard about some new law where you have to give the tenants more than 30-day’s notice to move. How does that work?” ***ANSWER: As of January 1, once

“We’re buying a condo built about 10 years ago. It looks like it’s in great shape. Do you think we need to get it inspected?” ***ANSWER: There are many types of inspections: – pest control (aka termite) – home inspection – mold – structural / engineering – plumbing, heating, electrical, roofing – and more I’m

“Hi Gary. I’d like to start investing in real estate, but I don’t have a lot of extra cash. Is it possible to buy zero-down as an investor?” ***ANSWER: Zero-down investor loans are hard to get, but not impossible if you have good credit. They’re available on condos, houses, and (if I’m not mistaken) duplexes

“Hi Gary. I want to figure out how much my home will sell for. Can you email me some comps?” ***ANSWER: I’d be happy to, but… By themselves, comps (sold homes comparable to yours) aren’t enough to correctly determine your home value. They need objective interpretation and adjustments. I can’t tell you how many of

“Hi Gary. How much is a typical deposit on a home and who holds the money?” ***ANSWER: Deposits vary greatly and many people have different opinions on what’s normal. For me, it’s about 1% of the sales price. Typically, when you write your offer you give your agent a personal check made out to the

“Hi Gary. I hear some agents say that open houses are a total waste of time and others say they work. Who’s right?” ***ANSWER: It depends on the home and how the open house is run. Some homes don’t make good open houses, often because they’re just plain unattractive, too far from main drags to