All Forum Posts by: Patrick Connell

@Yenlan Patton again, I would tell her you understand her situation and are more than willing to work with her, but that in order to protect your business you will at least start the eviction process. I would also explain to her that she will have to pay every late fee and that, if you're using a TAR lease, any newly collected rent goes towards any prior fees first and new ones will continue to accumulate.

I've moved due dates for certain tenants in order to help them get caught up, but case by case. Start your process as soon as possible and see what happens.

Generally a license is needed to generate loans (i.e. qualify people, match them up with products, etc). Once you buy the paper, you are the bank, you could forgive the whole loan or change the terms as you see fit; with agreement. The loan has already been generated so no license. Now if you tried to refinance it instead of modifying it, that could be an issue.

A mechanics lien is worthless until you sell/refinance the property. It sounds like what the LO is trying to do is generate a ML for 90% LTV on a free and clear property and then when the refinance kicks in, they'd have to pay that off and you'd be stuck with a 90% LTV loan and have 90% paid out. This is straight up mortgage fraud and not legal in any way, shape, or form. If it sounds to good to be true, it usually is. My opinion, this is BS and I would stay away.

Make notice and start the eviction process; you can always stop it or choose not to go through with it, but start it asap. I always try to work with tenants who are in a hard spot, but work with them does not mean provide charity. I'm running a business, my a non-profit.

Michael Biggs , cap it yes, for the higher income earning folks, but not for most folks. I think at last update I saw that this would affect something like less than 7% of homeowners in America.

No where has he mentioned getting rid of it. What has been discussed is raising the standard deduction, such that it will minimize the impact of the interest write-off because more people would benefit from the higher standard deduction.

Jim Keller do you have a track record, if so, there's your difference and one of many competitive advantages. No track record, no skin in the game, likely no rich savvy investors either.

If that's the case, I would shy away from this one...

Average*

What's the accurate price per acre for the area? Doesn't seem like much of a deal at $10k/acre.