All Forum Posts by: Richard Ball

Welcome!!! Finally someone from my area is active on here!!! If you need anything let me know :D

I have thought about this for my local REI group, I would see no legal reason why you could not have a Whitelist, Blacklist and Grey list database that each landlord could contribute too. Say you have to pay someone to leave without actually going through an eviction, you would simply email the REI group board members and let them know the tenants name and reason for being added to the list. The board members would then add them to the Grey list. Should multiple landlord contact the board about an individual the Tenant(s) would then be added to the Blacklist to let other landlords know. Same could be done for great tenants. I have a tenant that is currently looking for a smaller house, I don't currently have anything available but I am looking around for them. I could simply call the board and get them added to the Whitelist letting other local Landlords know I recommend them. Should something happen they could be removed from the Whitelist, should another incident occur they could be added to the Grey list and should multiple incidents occur, they could be Blacklisted. Problems would occur with people with the same names but may be re-mediated with an actual background check showing that individual never lived at that location. I would love to hear feedback on this idea whether good or bad, other possible problems and things that could improve this system. Thanks!

Lee an amortization calculator shows that 75,000 at a 4.25% interest rate should make your payment 368.95 a month. That difference is 81.05 a month or 972.6 a year which is probably your property taxes or insurance that you have rolled into your payment. You need to strip out the escrow when running your calculation because those will always be with you and will skew your numbers. I am not sure of the terms of your HELOC but if they amortized it over 30 years that would be no different then refinancing your current debt of 50,000 conventionally and dragging that out over 30 years. You may want to look into refinancing that property at a 15 year rate and then taking the additional money and putting it towards the principal every month.

a quit claim deed is a way of transferring title without going through a title search or all the associated closing costs. it would be in your best interest to do your due diligent on this property as well as get a title search as there could be liens.

http://en.wikipedia.org/wiki/Quitclaim_deed

@Jose Diaz if you could provide a little more information about yourself we may be able to assist you better. For instance do you rent or own? If you rent I would recommend purchasing a duplex. With an FHA loan that would only require 3.5% down. Get one side rented or keep it rented and stay in the other side for as long as FHA requires then pull some cash out if its available or save the money you would be paying for rent and purchase another duplex for 3.5%. Keep recycling this process until you are able to acquire enough cash or resources to purchase a rental without having to move.

Honestly I wouldn't worry about this. Join your local REI, check BP daily, keep reading, listening to podcast and watching YouTube channels and you'll find ways to get money. Knowledge and money is infinite and your only limitation to getting them is you.

I do not recommend the course of action John F takes. All it takes is for him to walk in on the tenants 15 yr old daughter or for the renter to say I had $10,000 in cash sitting on my table and now it's gone before John F finds himself in a large legal mess. He may own the property but it is the tenants home. Sylvia, it is recommended that the furnace air filter is changed every 3 months and batteries in your smoke detectors yearly. Let the tenant know (with proper notice) that you are coming in to change those as well as inspect the property for any other maintenance issues. The tenant should have no problem accommodating this and will probably be very happy that you are taking such good care of your property. 

My first question would be are you able to write them a check or do they need a cashiers check when buying these properties? If you can write them a check then yes an unsecured line of credit could work in your situation. If they require a cashiers check you may have problems because the terms often change when you write the line of credit to yourself and the process can take a couple of days. (check with your bank on this, I just know mine does) As someone has already posted above a secured line of credit might be your best option if you have equity in a house. I can send my banker a text message and have the money in my account within the hour.

Go to your counties property tax assessment website and look up the address to see who owns it.

It isn't a MI company (not sure if that is a requirement) but I am in Michigan and use Affinity Group Management (http://www.nreinsurance.com/) The actual policy is written out through Lloyds of London.

For coverage amount around 50K I pay roughly 23 a month a house and for coverage amount around 145K I pay roughly 60 a month a house.

Please do your own due diligence as I don't work for the company and am not an insurance provider just providing you with my experience.