All Forum Posts by: Debra Grumbach
Debra Grumbach has started 3 posts and replied 190 times.
Post: My Experience with DoHardMoney
- Frisco, TX
- Posts 201
- Votes 95
After Do Hardy Money has determined that a property meets their requirements and the ARV is 70% or less, how long does it take to get the funds for closing?
Post: Tenant still hasn't paid, court date in September
- Frisco, TX
- Posts 201
- Votes 95
Originally posted by @Chris K.:
1. Don't stop the eviction action. That should continue.
2. Assuming they will actually move out on the 31st, you'll want to them to sign a bunch of papers confirming that they are in fact leaving the property, etc. Do whatever you can to document the process --- if you have the right contacts, have them witness the signing of the documents. Change the locks right after they sign all the papers. Talk to your lawyer about what they should sign.
3. If they don't actually leave by the 31st, then you proceed as usual. But I would continue to make the offer to settle or even do cash for keys.
4. Note the purpose behind cash for keys: it is basically an incentive for the tenants to do number 2. The money gets exchanged after you had the chance to review the property condition, get all the documents signed, change the locks, etc. It's kind of an on the spot process.
@Armando Ramirez @Account Closed --- recommend cash for keys is that it's infinitely simpler solution in most cases. It takes one crazy tenant to drag you all the way to the Court of Common Pleas and potentially to the Commonwealth Court and the Bankruptcy Court. Even for some one who could theoretically handle all these lawsuits for free, the potential time sink on these matters is generally not worth it.
When it comes to litigation and dealing with difficult tenants, I basically agree with what Andrew Syrios says in the article below. It doesn't necessarily have to be cash for keys, but relying only on evictions to handle trouble tenants can become a major issue down the line.
https://www.biggerpockets.com/renewsblog/2015/03/0...
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.
@Joe Papp
What @Chris K. said. Also, give them written notice that their lease is ending and they do NOT have the option to renew unless they immediately pay all monies due and new rent is significantly higher. Usually this needs to be done before the 1st of the month so do it now. Let them know they have to check their "option" and return this document to you by the 3rd(?) of the month otherwise it will be assumed they are terminating the lease at it's completion and leaving. Keep a copy. That way even if they don't sign it, you have it as further documentation when you go to court. No idea how quick an eviction actually happens in PA, maybe the judge orders them out immediately or will let them stay to end of lease. But this should help your cause.
Post: High sales price or too conservative of assumptions? (4 plexes)
- Frisco, TX
- Posts 201
- Votes 95
I have found that the "expense cost" in the MLS listings are really not honest. Without seeing the actually tax schedule for that property for expense deductions I would be very hesitant to believe the numbers. Keep in mind that multi's usually have common area electric and sometimes even water, those expenses are the landlord's to cover. And why the heck are they not listing the property taxes on most of these listings? So frustrating when the realtors are not diligent in completing all the info.
Post: Looking for good CPA and real estate agent in the Manchester Area
- Frisco, TX
- Posts 201
- Votes 95
Mark Warden with Porcupine Real Estate.
Post: Bathroom Rehab Poll: Glass shower door or simple curtain?
- Frisco, TX
- Posts 201
- Votes 95
Some people do not like doors on the shower. Will the $500 shower door increase the value of the property at all? I would say no. In a small bath like that, I would definitely keep just the shower rod. Since you are selling it, any future issues with water are not your concern.
Post: My Realitor wants a "PREMIUM" (side money)
- Frisco, TX
- Posts 201
- Votes 95
Contact the broker. The broker should immediately replace the agent on the deal. The agent will still get his commission but may well have to split it with the new agent. The broker is responsible for everyone who works for him/her. This is WHY agents HAVE to work FOR a broker. I would also consider reporting the agent to the local board of realtors after the closing. I can't imagine you are the first one s/he has tried this with and won't be the last unless s/he is stopped.
Post: An end run around the pet policy?
- Frisco, TX
- Posts 201
- Votes 95
Emotional support animals are not the same as certified service animals. They don't receive the same "protections" and exceptions.
Post: Selling a TIme share property.
- Frisco, TX
- Posts 201
- Votes 95
Yes. I deeded it back to the timeshare company. I am sure they have since resold it. I was unable to sell it for more than 2 years and was tired of paying the fees. Best decision I ever made in regards to that timeshare. I will never own another time share.
Post: Eviction notice - July's Rent??
- Frisco, TX
- Posts 201
- Votes 95
Were you actually paid the July rent from previous owner or was it the security deposits? Or both? If YOU received July rent, regardless who from, it's paid IMO
Post: Proof of Living in an FHA Financed Home.
- Frisco, TX
- Posts 201
- Votes 95
Aaron,
As long as it is your US residence you shouldn't have any issues. I think the issues come about when people then try to buy ANOTHER home via FHA, and claim it's their residence, and then do it again and again, while owning them all at the same time etc. It MAY get flagged under those circumstances. It should since we have computers and FHA could have a "check" of borrowers who apply for multiple mortgages while claiming each would be their home.