All Forum Posts by: Michael Meeks

I love late fees, just not over 30 days. I charge $25 on the 6th and $5/day after. We have a contract, and I even emphasize to the tenant at lease signing the importance of paying on time, due to the compounding of the late fees. The link below has a state by state breakdown.

http://www.landlordtenantlawfirms.com/resources/la...

I have a lot of studying to do, before having the full picture of Dodd Frank, but it's intent is governing mortgage origination, predatory lending, mortgage originators. An option to buy in not a mortgage, nor is a rental/lease agreement. 

Another thing to consider is the sale of a mobile home in most states is selling title, much like a car, if you are selling in a park with no land attached. This may be exempt completely.

@Marc C.

Not an attorney, but I think you are safe if you have 2 distinct agreements. An actual lease without money designated as purchase money, and an option agreement where you collect your hefty option payment. Their option is lost if they break the lease, or you transfer title for a predetermined amount upon successful completion of the lease agreement. 

Another major portion of the Act is verifying they have the ability to pay. This is geared toward creating a mortgage note. Credit check, verification of employment and such.

Lease versus Note - much easier to evict than foreclose.

Sticky, but I wouldn't want to be responsible for the $2k. just like the rest of the contract, the buyer and seller need to sign. If seller agrees to return the funds, its a moot point. If they don't, get the legal opinion, before proceeding with the broker's wishes. Earnest money is put down as security for the buyer to tie up the land, and to the seller as assurance the buyer follows through. The Buyer knows the risk when they put their money up. They breeched, but saved $328,000. My opinion funds are due to seller, if they so choose. Anyone responsible for releasing the funds back to the buyer without written consent of buyer and seller, likely become liable.

pm more info on the AL property, and details on what you need in a partnership.

I renovated Bent Tree Apartments in Memhis, TN. First thing we did - built guard shack and upped security. Raised occupancy from 38% to high 80%. A year before we took over night security was murdered. Crime inside the complex has dropped significantly. 10% of the units are still down. We had some trouble with an arsonist. Insurance hasn't been a problem. Expect higher than normal turnover. The renovation and lease up took approximately one year. Add 20% to your renovation budget. Leasing traffic always high. Early on there was a murder and a gang fight. Crime has trended down, and less severe. It was definitely challenging, but it is doable.

@Kenneth Hester

Is this still available. If so please send me the details. 

please pm details. Is this in Albany?

I recently completed due diligence on a large portfolio. There may be an opportunity to break it up. I will get with my owner tomorrow, see if we still have an LOI in place, and what the numbers look like. He was only interested in a portion. This could be a win-win. I will let you know what I find out. Obviously, we would like to be considered for management.

I'm late to this party, but I will add some insight. I deal with claims on a regular basis. Fires, tornados, hail storms, fires, floods and hurricanes. I've only seen one propert dropped, and it was an owner policy and not part of the blanket policy our management company has available. The subject property in two years had the office burn down, tornado and hail storm. Just over a million in claims. Deductibles on each were $25k. Now there is a new policy in place, and there is a new fire claim 2 units burned. Owner was able to get insured, but now has a $100k deductible. Fire claim $185k. All of the claims also benefited from rent loss claims. All of these claims had to be negotiated and were settled well above the initial offers from the insurance company. You need to have someone who knows how to negotiate your claim. You shouldn't have any issues with the insurer sending out an adjuster, but do not trust their numbers. If anyone ever has questions on this, feel free to hit me up.