All Forum Posts by: Rod Hanks

I won an auction on a house and the contract consist of a Quit Claim Deed.  I did research at the county clerk office and the property seems to have no liens, but from what I understand, there is not only no warranty on the deed but no title company will insure a QCD.  In addition, from what I understand, once a QCD is issued on a property, the property can no longer have a Special Warranty Deed if I sell it.  This means that I may have difficulty selling in the future.

So my question is this. Does anyone recommend buying property on a QCD or should that be something to avoid at all cost?

Hello all - Thanks in advance,

I have a tenant that moved in in September and I made the rookie mistake of looking past some red flags that occurred right before move in (I know, foolish).  Now this tenant is allowing many people on the property (5-15 people daily) and they hang out all day every day drinking and doing drugs on the porch.  The cops have been out to the property for disputes and I just found out there was recently a fight where one of the tenants guests hit another guest over the head with a brick amongst other fighting and the cops had to tase these people.  I asked the police to trespass these offenders from the property and they said that the tenant is allowed to have whoever they want on the property.  I have tried to reason with the tenant and they are unwilling to work with me.  I have previously spoken with my attorney and his comments on evictions in Wisconsin are that it is near impossible to evict for anything other than non-payment of rent.  They are on Section 8 so I have no problems collecting rent and I have tried to reach out to the housing authority and they have told me there is nothing they can do.  I'm at a loss right now and feel like there is nothing I can do to stop all this criminal activity from occurring on the property.

Is it typical to have to pre-paid a full year of insurance on a portfolio loan? I was told my closing cost would be 5% but after receiving the itemized list of everything included it’s more like 15%. 

Hello 

i am owner of 3units Multifamily home in Connecticut. My property manager is asking copy of my social security card for new Section 8 tenant paper work. 

I am kind of new in this MF investment and want to check if it is common procedure for Section 8.

(title is under my personal, not LLC)

Thanks in advance.

Please talk with an eviction attorney.  Some of the ideas you have here can get you in trouble.

You should have no trouble getting rid of this tenant cleanly if you follow the law.

Hello BP brain trust.  I've got a lead on an off market coastal beach house property that the owner wants to sell.  The house is a fixer upper from a hurricane last year.  I'm being told there's currently litigation going on between private insurance adjuster and the insurance company for the hurricane damage and that they wont be able to sell until after the litigation is complete.  But they're open to any loop holes.   Does anyone have suggestions how I can buy this property sooner?  Any suggestions are appreciated. 

Thanks,

ND

Taxes are $315 a year, management is 7% ($126).  I did however miss the vacancy at $90.  Still comes in around $300 a month.  There is also room to raise rent.  There is currently one listed on the section 8 website for $1900, as soon as it's rented I can use it in my comps. 

(I just noticed in the photos it has a new/newer AC)