All Forum Posts by: John Clark
John Clark has started 5 posts and replied 1531 times.
Post: Eviction Question in Illinois
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Quote from @Gina Broom:
My tenant has been a nightmare! Every excuse in the book on why she can't make rent. Finally gets caught up but the lease is coming to end June 30th. Obviously i'm not renewing and now she's mad. For May she still owe's $200 plus all of June's rent $1,200 which total's $1,400. She's pretty much said she's not paying it because i have her security deposit which is $1,200.
My question is, Do i issue the 5 Day Notice to Pay Rent or just ride out the month?
My husband drove past the house to see what activity is going on. She rented a dumpster to start cleaning up the property. We think she's going to leave at the end of the month but not 100% sure.
I'm scared to issue the notice and scared not to!
All advice welcome! Thank you!
Did you give her proper notice of nonrenewal?
Post: Trapped Equity in 3 rentals
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Quote from @Melissa S Vrobel:
@Joe Villeneuve I understand the option of getting the money out but my goal is to pay them off and pass them down after my passing with step up in basis for my heirs. I would however like to access short term cash rather than going to a hard money lender for other projects. That is my situation.
You can still sell those and do a Starker Exchange (1031) into something that puts your equity to work. When you drop off the twig, your heirs will still get whatever stepped up basis was available.
Post: Question on looking up a property on local assessors website
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Quote from @Timothy Allen:
Hello everyone!
I wasn't sure what category to ask my question so what better way than in the Starting Out thread, lol. I am in the "learning" process of becoming a first-time investor and have recently made my introduction on the welcome page.
There's a property in my local neighborhood that was been semi vacant for the last few years as I drive by it every once in a while. It wasn't until learning real estate investing strategies and hearing about sending out letters to owners of rental or vacant properties asking if they'd like to sell that this property came to mind.
So my question is this: I looked up the property on my local assessor's website as I've done a few of these already and this one showed up with two names under the owner. The first name is a real estate company followed by C/O and regular name. What is this telling me from your experience? Id figured Id reach out before beginning to possibly send a letter. Thanks in advance
Tim
Look at the last recorded deed. The grantee in that deed is the first person you should contact.
Post: Property under contract and no contractors
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Post: HELP!!! I just found out that my 12 unit condo building has lien
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Quote from @Bill B.:
They WERE earning a great return, UNTIL 5 years ago when the fines exceeded the value of the building. From that day on they started earning zero. If the building is worth $3 million and they are owed $6million, they ain’t getting $6million. They coulda foreclosed 5 years ago when they were owed $3million, sold for $3million and got $3million.
Wrong. You said "[a] 12 unit condo buidling i own has City of CS liens over $6,000,000." So you own the building (your homesteading statement later on confuses me, but that doesn't detract from YOUR claim of total ownership. That means the city could foreclose, get $3 million from the sale of the property, and then go after YOU PERSONALLY for the deficiency of $3 million. That's why I asked if you had the building in your own name or if it was in the name of a corporation. So the city is still getting a great return due to its ability to go after you personally for the deficiency.
Oh, and probably tag you for its attorney's fees and costs.
So based on what you yourself posted, you are toast.
Post: Airbnb Restrictions? How to check?
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Contact the city or town (and the county, just to make sure) and ask about regulations.
Post: Upset neighbor - looking for advice
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Quote from @Theresa Harris:
I've watched some people who deliberately don't park in front of the house where they are visiting and park blocking another person's garage across from where I live-there is no one parked in front of the house they are going to. Yes common courtesy is you park in front of your own house (or the house you are visiting) if there is space, but there isn't always space.
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Space or not, one DOES NOT block another person's garage or driveway. That has nothing to do with whether you are parking somewhere other than where you are going. I had a driveway and was on a busy street. I would be blocked, I'd take a photo, call the police, and the police would have the offending car towed, post haste. You don't block someone from his own property because there's no space for your car. P-E-R-I-O-D.
Post: HELP!!! I just found out that my 12 unit condo building has lien
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Quote from @Giovanni Cortes:
I bought these 10 years ago and did sign a hold harmless agreement. So I was privy to this but didn't take care of these issues at that time and never imagined they would blow up as they did.
When has a government ever ignored a source of funds? You knew there was a lien and you bought anyway?
And I notice you've ignored telling us what the liens are for.
I certainly hope the building is in the name of a corporation and not you personally, because what the city will do is go after you personally for what it can get, then maybe go after the building.
Am I right in assuming that there's no mortgage? I can't imagine a bank would have lent money on a liened property.
Post: My appraiser gave details to the seller
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Quote from @Justin Fox:
So is it federal law that the buyer must provide the seller with the appraisal if they back out due to the property under-appraising? Or is it only state specific?
Not statutory law, but contract law. If I sue you for some loss I suffered, I have to first show that what you did caused my loss. So if I misrepresent your appraisal to the seller and the seller says "I want to see the appraisal," contacts you, you (unethically) give him the appraisal, and the seller comes back to me and says "I caught you in a lie, so no, I won't change the contract price," did you, the appraiser, "cause" my loss? Maybe the seller's motivation for refusing to drop the price is the fact that he just plain didn't like being lied to. So causation is up in the air.
There's also public policy issues. My misrepresenting the appraisal was a fraud. One can't hide it as a "negotiation tactic." I intended that the seller rely on my false representation of a material fact (the value of the property as stated in the appraisal) when I knew the representation to be false at the time I made it. That's textbook fraud.
What is interesting is that the original poster never said whether the misrepresentation he made was about the ARV or the contract price, and whether the appraisal even had an ARV in it.
Post: My appraiser gave details to the seller
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Quote from @Brad S.:
I honestly, don't mean to come across argumentative, but I'm guessing the basis for my "conclusion," wasn't clear.
My "conclusion" is based on my 25 years experience as a professional appraiser, along with many hours of confidentiality education and professional discussion, including directly with the source of the blog you quoted, so it based on some authority. I just want to be clear for anyone that may read or find this thread in the future, there is no gray area in what I previously stated.
So, to reiterate what I previously stated and to quote USPAP: If the appraisal assignment included developing an ARV, then "an appraiser must not disclose ... [those] assignment results to anyone other than the client, [or] parties specifically authorized by the client." In other words, the appraiser must not disclose the ARV to the seller or seller's agent, unless the client specifically authorizes it. And if the appraiser did disclose confidential information, theoretically, they may be liable for damages, if those damages can be proven, and if a judge would allow the Borrower (who is not the client) to bring such a lawsuit against the appraiser. But, as always, no one should rely on faceless posts on an online platform, from people that have no responsibility for the outcome, including my posts.
FYI - John, the blog entry you unearthed, only quoted the strict definition of "confidential information," and Mr. Harris was discussing confidentiality within a narrow context (different than the OP's situation).
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Ah. Certainly superior to my brief internet search, so I stand corrected. Still the question of what constitutes "considering it" and whether the buyer opened the door, and all that other causation stuff.
So let me ask you, Brad: If the buyer "opened the door" (with, say, an e-mail stating that the ARV per the appraiser was too low) could the appraiser ethically defend himself from the buyer's charge by disclosing the ARV he generated?