All Forum Posts by: Account Closed

 Banks buy and sell mortgages all the time.  How do you think 2007-2008 happened?

The due on sale clause is a mythical beast like the Yeti and the Lock Ness Monster.  They are talked about a lot, but little evidence actually exists for them.  If you pay the mortgage on time nothing is likely to happen.  Even if they call you on it, call their bluff and ask when you can expect to be served.  Institutional lenders have tens of thousands of active foreclosures from people who don't pay.  They don't want to mess with someone who is actually paying.  If you had $500K in equity, maybe a greedy banker might consider it, but it is unlikely.

A HELOC on your home? Why are you using a hard money lender?

^^^^

I allow my peeps to rent out a room if they like, but my lease specifically says no to this.  If you decide to do it, you will need to approve anything they find with a full credit and background check.

See if nevada is one of the states that allows you to freeze your credit in cases of ID theft.  Get a police report.  Look up the owner's name in the county's registrar of deeds and contact that person to let them know.  

I recoup the rehab costs through higher rent.  I put most of the materials on the Home Depot Commercial card which allows me to defer paying for them until it is rented out (mostly).  I also aggressively pay down the smaller mortgages so I have the cash flow to finance my rehabs.

You need to establish this as your company standard.  In the end, it is irrelevant if you are not willing to file for eviction.  I have the following guidelines I give to all my tenants.  I can usually have them out of the house within a couple of weeks of filing unless they appeal.  I also have everything ready for the eviction and don't have a problem doing it.

Please note that as per the lease, we do not accept partial rent payments. Partial payments will be returned and we will charge a $25 partial payment return service charge.

As a reminder:

• Rent is due on the 1st of the month
• Rent is late on the 2nd of the month
• A 10 day pay or quit letter will be mailed out on the 3rd of the month if you have not paid your rent in accordance with NCGS §42-3, but is not required as per your lease
• If you have not paid by the 5th of the month, there will be a 5% late fee added to your rent in accordance with NCGS §42-46(a)1 and your lease.

On the 16th of the month, we will file the beginning paperwork with the Mecklenburg Country Clerk of the Civil Court to start the process of eviction. As per your lease, you are responsible to pay for the court filing fee of $96 and an additional $30 Mecklenburg County Sheriff process service fee per adult living in the house. Should it go to court, an additional court-appearance fee equal to 10% of the rent will be charged in accordance with NCGS §42-46f. 

It is done county by county and not the state (as far as I know).  The larger countys should, but the smaller ones just don't have the sophistication.

get 3 bids for everything.  Never EVER pay without inspecting the work first.  NO MATTER WHAT!!!