All Forum Posts by: Craig Smith

Another option is last resort (if your lender is willing to wait) have the seller acquired the quiet title. Then you can clear the title and close. 

What specifically is the back tax? IRS (clears in 8-10 yrs of filing), property tax, personal? How much?

I agree with Paul. You need to be careful. The toilet should easily accommodate a person twice your tenants size without any issues except maybe the seat ( the cheap ones that come with the all inclusive toilets are worthless. If your worried about the nuts coming loose from the flange bolts you can use maybe a dab of silicone to keep them from loosing. However, a toilet installed correctly on sound flooring will not move. I have had tenants much larger and never had an issue with the wax seal. (My 100yr old steps thats another story LOL)

This is not a weight issue and you want to be careful not to ruin your relationship with your tenant. Remember cash flow is your problem not your tenants. Don't look to automatically blame them for every issue. 

Good luck

Hi Michael,

   Yeah, I've been investing here for 20+ years

Hi, 

Here in Pa a partial payment doesn't stop the eviction process. I love it having the tenants make the deposit. A couple of keys to managing it. 1) use separate accts at different banks ( use the same bank and if they don't know your acct number it can wind up in the other acct) 2) use a smaller bank. I use a credit union so they tellers have learned to add their names or address to the deposit. 

Wow, never heard of this. I often mention that I have partnership properties but I don't want to consider them in the consideration of my loan and they just disregard them so long as I don't have any loans. Even my other properties, I might have one or 2 held for rehab with on rental income and they have never included taxes and ins. Only for properties that I show rental income for will they take a portion of the rent for taxes and ins. 

If they found cast iron, it is likely (based on my experience in Pa. though you say out to the street) that during the upgrade of the sewer system (smashing out the old pipe) it was dropped down the line. I say this because once it leaves the house I have found it to typically be clay pipe. You don't want to disturb the soil around old clay pipes unless you understand what your doing.

A camera will tell you if its iron or clay and the condition of the pipe. If its broken cast iron from the sewer upgrade the (existing pipe is in good condition) toliet paper and those pesky moist wipes, will catch on broken cast iron and can cause a clog. Your plummer that did the demo and work might help clear out the line. 

How much old pipe did you leave in the house? I typically replace it to the trap before leaving the house but leave the trap if it's in good condition, thought if it's a concrete floor I replace up to where it enters the concrete. 

From my personal experience, me and a partner purchased a 2 unit in '95 for cash, put the house in our names and couple of years later added his wife's name. In 2005 I took a loan on the property from B of A. No information was asked about him at all. (We did this to keep our debt ratios down, intent was he would get a loan on another property down the road, but he got sick and stopped expanding our partnership) He and his wife had to sign an agreement to encumber the property, but they are not on the mortgage document or on the mortgage in any way. We used the proceeds to purchase a property in the Poconos (very bad investment). I even refinanced the loan 2 years ago. Same process.  

One other thought is for a traditional loan the bank wants to see the $ in your account for 30-60 days. You will need to consult with the bank to see how to work out the funds coming from your partner. They might want to see where he got the funds. 

Just curious, Is anyone else having issues accessing the PA State website for online filing / search of an Pa Corporation?

I applied for an LLC on July 23rd. Everything seemed to go fine until I tried to pay. Kept coming up that my cards were being declined and to wait 2 mins before trying again. Spoke to someone and they said someone call me back (thus was a Thursday) Tuesday I finally received a call back and they reset my account. (July 28th). I called to check the status on Thursday and I was told it would be a max. of 5 days but likely 3 days to complete, but check the website to see if it appears in the search. Well, sometime on Friday the site has been down. As of this morning it is still down. I am going to call but was wondering if anyone knew anything?

List it on Craigslist. This way you can be at the property prior to the neighbor seeing your potential tenants

Hi Joe, 

  Don't know much about the area you're in, but $1800 for interior painting seems a steep for a 3Br.