All Forum Posts by: John Clark
John Clark has started 5 posts and replied 1535 times.
Post: Seller refusing to release earnest money

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Quote from @James Thomas:
@John Clark No one told us it had been signed. And no one told us it hadn't been signed.
Ah, you made the mistake of trusting someone and not verifying independently everything. An understandable faux pas, but a faux pas nonetheless.
In the future, take to heart what my wife’s friend said: “The last time I trusted someone, I had twins.”
Post: Seller refusing to release earnest money

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Quote from @James Thomas:
We were under contract for a property and the seller went into arbitrage due to an unknown lien on the house. We filed an extension for the inspection so they could figure it out. When that cleared, we completed the inspection. The house had some significant electrical issues, so we decided not to move forward. After we cancelled the contract, we found out the seller had never signed the inspection extension and are now refusing to release the earnest money. Do we have any recourse here? They still allowed the inspection past the original date. Would that be considered implied consent?
Post: Tenant credit criteria

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Quote from @Paris Scroggins:
Hey gang! I was wondering, is it common to have issues finding tenants who meet your credit criteria? I'm a new landlord and it seems every candidate is lower than what my fiancee and I are looking for. Also, should I consider compensating factors? I don't want to reject EVERYBODY because their credit scores are low. We just bought our duplex a month ago and we're not in a rush to fill the vacancy because we make enough for the mortgage and bills, but at this point I'm feeling like at least a 600 seems like a lot to ask for and I just never thought it was prior to being a landlord. Advice is appreciated!
What is your market? 600 is very low. I won’t consider under 720 without a guarantor, but I won’t touch under solid B neighborhoods if I am not house hacking.
Quote from @Clay Lyddane:
What you guys do call this listing agent on Zillow and they refer you to your buyers agent? I have a real estate lawyer. I really don't need a buyer agent. I don't even know what they really do.
Post: What happens when a mechanics lien is filed.

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Quote from @Ned Carey:
I saw a recent post about a mechanics lien. I have often heard the phrase 'file a mechanics lien" but what does that mean/ Wouldn't a court have to rule on the motion before the lien becomes valid? Can a contractor simply make a filing and put a lien on your property without a court hearing?
Do banks need a court hearing to put a lien on your properties? No.
the lienor records (files) a lien. In most states he has a certain amount of time to file suit on the lien (foreclosure) or else he loses it. In some states the owner can order the lienor to file his suit immediately or lose his lien — as states recognize that filed liens can make it impossible to sell, so sue-or-die options belong to the owner.
It is imperative that you have specific, detailed, contracts in place before any work starts. I turn glad-handers away.
Post: Help! Massive Water Bill Mystery in My 3-Unit Building

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Quote from @Mario Morales:
This morning I tried to get to the bottom of my insane water bill.
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Shut off the main water supply to my 3-unit building.
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Checked the meter — it stayed completely still.
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Turned the water back on — meter started moving right away, so it’s working fine.
Here’s the history: my water bill used to be about $475/month. Then it suddenly jumped to $700. I called the city, and they came out and installed a brand-new meter. After that, it went down slightly to $500… but now my latest bill is a whopping $1,500.
From my test this morning, it seems there’s no leak between the street and the building — the extra usage is happening inside. One unit has 1 tenant (rarely home), the second has 4 tenants, and the third has 5 — but the total usage is way above normal.
Has anyone dealt with something like this? How did you figure out which unit or appliance was causing the spike?
Ask the water department to check the meter and make sure it didn't install a defective meter. If needed, call a plumber who can locate leaks,
Post: Mechanic’s lien filed under wrong name.

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Quote from @Augusta Owens:
A contractor filed a mechanic’s lien against me but misspelled my name, so the lien doesn’t show under my legal name or the property in the Dallas county system. Only my counter-affidavit, filed under the correct name, shows up.
The lien is flawed:
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The work was unauthorized (he admitted this both in writing and over the phone).
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He agreed multiple times to be paid upon sale of the property (made in writing).
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He declined a good faith payment plan I offered multiple times on work he did by mistake, and even turned down the option to list the property for commission as he is also a realtor. At the time I wanted to salvage the relationship as I saw him as a potential mentor.
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He stated in writing there would be no additional fees, then added fees and demanded immediate full payment.
I documented all of this in my counter-affidavit visually with texts, emails, and a timeline.
Has anyone had a title company search a lien like this? Wondering if it would even flag, and how they'd treat something this sloppy. The house is edging towards completion and I want to offload it and move on to the deal as soon as possible.
Thanks in advance.
Get an attorney NOW. You may need to file suit to quiet title.
Post: Pondering on 1st commercial Apt Blding. Any advice? Either Dayton, OH or Chicago, IL.

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Sorry Aaron, but you conveniently left out some facts, thus proving the old adage that “figures cannot lie, but liars can figure.”
You stopped population counting in 2020. Why? Could it be the fact that Chicago has lost 65,000 people from 2021-2023, and is now below its population of 2010?
See biggestuscitiesDOTcom
It’s bad enough being a local landlord. Encouraging inexperienced, out-of-state investors is just commission grubbing rapaciousness in my book.
Post: 🥋 Seller Concession Jiu-Jitsu: Investment Leverage & Submission Techniques

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Huh?
Post: 🥋 Seller Concession Jiu-Jitsu: Investment Leverage & Submission Techniques

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You cannot “anchor” the price and then negotiate concessions because concessions are price changes. If you and I agree on a price and then you want concessions, then you and I haven’t agreed on a price.
What buyers want to do is allocate costs so that they can be financed. Hence the custom of seller pays broker commissions and the price is increased so that the buyer can finance his side of the broker commission with his mortgage.
Ditto closing costs and repairs, etc.
No martial arts. Just trying to figure out how the buyer can finance his expenses through his loan.