All Forum Posts by: Account Closed
Account Closed has started 75 posts and replied 5714 times.
Post: We've Redesigned the Forums!!!
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
Originally posted by @Jeff S.:
You guys have gotten pop-up crazy and it's very annoying. To the left of each post is a photo of the user, their number of posts, and votes earned. When accidentally I drag my mouse near these a large box opens with a photo of the user, their number of posts, and votes earned. Same info. What additional value or info does this box add other than to cover the thread? This happens now as I'm scrolling thru the threads on the main page. Does each thread now have to pop out at me as I scroll thru?
I have a headache.
Now, I also see a box on the bottom that covers about ¾" on the bottom of the screen, allowing me to add to the thread. This is a message board. I know I'm able to add to a thread. This box adds nothing other than to take up screen space.
With the headings at the top, wide advertisements on the right, pop-ups on the left and now a box on the bottom, there's not much left for content. As much as I appreciate the programming skills of your development team, there is no shout out from me. Content is why I'm here.
Good thing the moderators are happy but this is not about keeping things fresh. I'm sorry, but your website is getting very difficult to read.
Whoa. Hard to see, hard to read. It feels like the content is being squeezed by boxes at both the top and bottom and from the ads on the right. (And why do I have to see a picture of myself while I'm writing?)
The Format Bar doesn't make sense to me at the bottom of the writing box. I can't think of a single program I use, on my computer or on the internet where it's below the text. What was the rational for that?
The color of the text seems lighter. Maybe that's just the new font?
Back in the day owners of free sites could just tell forum participants that they were getting what they were paying for. But some of us are paying customers. Less inclined to pay as of today. :)
Post: Diary - Buying a non-performing note NPN from start to finish
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
@Mark Gallagher Thanks for the update. So if you go to sale in June and the property sells to a 3rd party bidder, you'll have been in for 10 months, correct? Only one small repair/maintenance cost so far is fantastic. Keep it boring, keep it profitable!
Post: You Pick! Existing White or New Stainless Steel?
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
IMO mis-matching appliances usually a signify a rental. One SS appliance out of three does not scream high end or better quality nor attract a better tenant. It looks like bargain shopping, even if it wasn't. No offense, but the picture you posted of the kitchen doesn't warrant anything other than the cheapest, working appliance. if you rented it with those cabinets, counters and appliances, I wouldn't spend anymore than necessary to replace a non working dishwasher.
Post: Putting Money into Escrow w/o Title or Attorney?
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
Originally posted by @Austin Faux:
So I'm looking into buying a property in another state in which I don't have any title co or attorney contacts yet. I want to put only $10 down so as to bind the contract but I don't know where to put it. How do you escrow when you don't have a title co or attorney?
Thanks,
Austin-
What state is the property in? Your $10 isn't what makes the contract binding. Consideration is what makes a contract binding. Consideration doesn't have to be money. It can be the promise to buy. All purchase agreements I sign are binding, with or without cash consideration, with or without an "earnest money deposit".
Post: Visible vs Non Visible Tattoos on Tenant Applicants
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
Originally posted by @JD Martin:
It would be highly unlikely that any of the face tattoo guys could make 3X the rent at any of my units, so I wouldn't have to worry about it. The police officer is rejected because she doesn't have the deposit. If you have a place that rents so low that the Aryan nation guys could qualify, you would probably want to reconsider your demographic target, because I can't imagine those guys making more than 10 bucks an hour without doing something illegal.
Face tattoos are extremely rare where I live so it's not something I have really thought about. I don't worry too much about it because it's not much of an issue here.
I live in So Cal. Every town has drugs and gangs, some more than others. My farms are mostly inland and desert towns. I work some pretty bad areas. I've seen LOTS of tattoos. My locksmith team is tattoed to the max and they carry guns. I have tattoos, my friends and neighbors have tattoos. Yes, we all go to Burning Man and dream of retiring to Portland. Yet I've seen maybe only one face tattoo in person in my life. For sure it wasn't Aryan nation related. I'll take the gang guys over the Aryan nation guys any day.
Post: Visible vs Non Visible Tattoos on Tenant Applicants
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
Originally posted by @Mindy Jensen:
@Mark B., I think it is a judgement call about denying someone based on tattoos. Being tattooed is not a protected class, so you don't risk court. It is always safer to use a concrete reason to deny an application, such as low credit score or not having 3X rent.
I have 8 tattoos, and an 815 credit score. There is no 100% correlation between tattoos and a willingness or ability to pay rent.
Screen your tenants carefully. If they give you the heebie-jeebies, trust your gut.
A teardrop near the eye is supposed to symbolize having killed someone. I'd discriminate against that tattoo...
I have 2 tattoos and my credit score is only in the 700s. Must get more.
Post: Visible vs Non Visible Tattoos on Tenant Applicants
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
Originally posted by @Gail K.:
Other than meeting an applicant who has "I killed my last landlord" tattooed on their face focus on other, more important factors when screening an applicant for your rental.I
Gail
I think I'm non-discriminatory and unflappable, given what I've seen in my markets and as a landlord. I also have tattoos. But gotta agree the "I killed my last landlord" tattoo would give me pause.
Post: Are we reliving 2006 in 2016?!
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
Originally posted by @Wayne Brooks:
As far as a bubble like 2006, I don't think so. Other than low interest rates, the market was greatly fueled by the 80/20 no down payment loans, BS arms with 2% beginning rates (which made people think, if they couldn't pay the real rate when it reset in 3 years, who cares, I'll just sell at $100-200k profit), no doc liar loans using the same rationale, etc. Inflated prices, with no equity, no margin for error. We don't really have those today. A big part of the great stock market crash of 1929 remember was the huge percentage of individuals who bought in with 90% margin loans. When the stocks moved down 10%, it was a never ending cascade of sell orders. While we still have low down payment system no houses, least there is some, and hopefully competent underwriting.
Those loans are such an important factor in the Bubble story. I'm fascinated by all the drama and documentary films about all the crash. I've seen quite a few of them twice. While the mortgage backed securities and credit default swaps are hard for this layperson to fully understand, the underlying loans are not. Just yesterday I looked at an ARM loan made in 2005 by CW. Initial interest rate of 1.3%. With adjustments at 2.9% per leap. With max rate of 10%. Total BS loan. Anyone with enough credit or equity would be out of that loan by now. So, yeah, maybe we are in a Bubble, but it isn't being created by the lenders and Wall Street to the same extent this time.
Post: Do $2,000 mobile homes still exist?
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
Originally posted by @Todd Fithian:
I myself just came across a few for $500 to $3000 in decent neighborhoods in southern California believe it or not. You can definitely find them, but i was having much better luck talking with the owners face to face. One owner was selling his for $5k, and just by shooting the breeze with him he said he'd get rid of it for $2500 if someone came along. Without even haggling him! So yes I'd definitely keep lookin :)
No shortage of cheap mobiles in So Cal, but they come with high space rents and/or bad areas. Curious about your strategy with these mobiles. Resale is difficult when buyers willing to live in them can't qualify for the park.
Post: Do $2,000 mobile homes still exist?
- Investor
- Central Valley, CA
- Posts 6,037
- Votes 3,729
Originally posted by @Steve Vaughan:
Just wanted to say thanks for the reminder of this niche, everyone!
How quickly we forget our roots. I started with a couple mobiles, then went to single-family, then a plex, a commercial mixed-use.....
Will keep an eye out for more mobiles! Is anyone still buying cheap for cash and carrying the paper? @Bill Neves?
Dodd Frank and the CFPB regs have made seller financing to owner occupants way more challenging and risky, with some investors completely eliminating this strategy. There are now servicing requirements, limits on balloons, and qualifying the buyer's ability to pay. That being said, if you only plan to do a few a year there are some exemptions from some of the requirements. There are lots of threads here on BP about seller financing in this new era.