All Forum Posts by: Jairo Zapata

I just seen some listing here. Do they allow listing rentals? 

Hello, 

When looking for the perfect tenant, what are red flags you must pay attention to during the application process? I recently had to evict a tenant and that was not fun to say the least.
Thanks in advance for sharing. 

Ho all, 

A friend wants to sell me a 1/1 condo for $105k -sale by owner. HOA is $351 monthly and includes 2 parkings, Gas, heat, a/c and free laundry in the basement. Tax is $3098, and $25 monthly insurance. Potential tenant will only pay electricity. It could rent for $1200 - $1250. I am asking if he could install a W/D in the kitchen and try to get that for free. Still, I calculated monthly expenses at $1142 assuming an interest rate of 6% on a 30 yrs loan. Even if I rented it for $1250, it would only be 6% ROI. Pretty low right?

Thanks for sharing. 

All have great points @Javier Mercado is spot on. You must inform the current mortgage company of your intentions to transfer title to an LLC reason to that is there is usually a clause on your mortgage docs that could make the note due. Meaning they could ask that you pay the remaining balance of the mortgage before you transfer it. They say many banks don't enforce this, but what if they do?

@Andrey Y,

Hello,

one or two questions here. Did you have your taxes done remotely with this guy? Why would you not want to hire an accountant you can meet with face to face? I get the whole mortgage online and meeting at closing, but your taxes? That should the most transparent transaction and you should be able to read the expressions of the person you're dealing with so you know if they are ********ting you like this guy did.

REPORT HIM TO THE BBB. I hate the idea that he's got all of your personal information though and it's not responding back to you.

@Christopher V. Christopher, thanks for sharing. Looks like your are off to a good start. I am in the Chicago area myself and have noticed that when I try renting a unit on my own, it takes me longer than when I use my realtor. So I normally try renting on my own for two weeks max and if i can't rent it on my own, I will just have my realtor list it.

I would add a property walk form so you can hold tenants accountable for any damages you notice at the end of the lease.

Good luck!

@Nick C. - Good one.

@Wendy Smith - Wendy run from that broker. If your credit is good you should not pay over 3.125% on owner occupied. Also, I suggest you come up with 20% down and avoid PMI. I mean you already have 15%.

@H J.- I would just ask her what she wants maybe you both can come to an agreement. Or I would just get out of the contract. Of course you should get paid interest for the $1000 held for two years...

@JR C. - Hypothetically speaking, day 🤦‍♂️today I file for bankruptcy and next day go to the bank asking for a new loan. Is the social congress going to take care of me too. I swear these people in politics are so dumb. #realness