All Forum Posts by: Account Closed

The potential for a due on sale is always there if it's in the loan terms (most of them). Right now with interest rates near zero, the lenders are usually just happy to get paid on time. BUT if interest rates go up, I can see lenders calling DOS's to force a refinance at a higher interest rate. All banker's have to do is a simple records search, and start scooping up piles of money through higher interest rates. Personally I don't think the Government will ever raise interest ratesmuch, because they wont be able to pay the interest on the national debt. But if I'm wrong, and you transferred title, look out.

Laws vary by State. Contact your Attorney Generals Office. They usually have helpful information regarding tenants rights laws for your State. 

 I'm in Phoenix, AZ

"But the neutral finishes that I am seeing on the shows reminds me of the cookie cutter McMansions I see everywhere."

Do you know why you see these finishes in the cookie cutter McMansions everywhere? Because it sells. Home builders spend large amounts of money on design research to find out what is attractive to home buyers. An old sailor once told me "It's easier to adjust your sails, than to change the wind".

"I don't mean to criticize those who do this, as it is probably why you are successful and I am spending weeks to pick out the trim color on the exterior of my house. (Sidebar: we are in no rush on our house, and I do realize that time is money in the biz.)"

Unless you are independently wealthy and rehab homes for fun, and a community service, you better be in a rush. Carry costs will eat you alive. If you ever use hard money, you'll be working like a meth addict! Then there is opportunity cost. Those weeks spent picking colors will probably result in less profit than if you spent that time rehabbing more homes. 

I don't mean to come across harsh, I fall into the same trap. I love art and design. Often I catch myself going "Wouldn't it be cool to..." Then I have to real myself in and ask "Are you willing to donate this feature to the home buyer?". Because while they may like it, they probably are not going to pay as much for it as it cost me to put in. Whatever features that you install must pay for themselves though a higher price and/or faster selling time.

Good luck.

Today I noticed a family walking though the backyard of my rental. She and her kids drove all the way across town, and were so excited to finally find a nice home at a great price in this tight market. I hated to tell her that it was a scam. She was crushed. But fortunately I was there to warn her not to send anyone money. I now have a warning sign on the front door.

 That's a good idea. I have a program that will batch add a watermark to photos.

I found a Craigslist scam that may be related. Tonight I posted a rental to CL, and almost immediately the advertisement was duplicated several times, with a lower price, and a Google Voice number [REMOVED] with a request to text them. It was so quick that they must be using an automated program. 

I'm sure they ask the victim to wire money to them for the rent/deposit. Hopefully a moving truck doesn't show up in front of my house.

I have tried CL, small carpet discounters, and the big boxes. I found the big boxes to be as cheap or cheaper than even the unlicensed CL idiots, and if something goes wrong, HD or Lowe's deals with the installer. There is one caveat, if your padding is in good shape, the big boxes will not install carpet over the old pad. 

Land is probably not the best way to start. It is generally more complex than residential. Here are some things that a buyer may need to know about the property, besides liens and comps (comparable sold properties): zoning, setbacks, easements, utility length/connection cost, phase 1/2 soil assessment, survey, legal access, and flood zone. Being that a previous building burned, I would also check to make sure there will be no problems insuring a new structure.

A Realtor probably wont want to help, unless you are doing business with them. For some reason, they don't like to work for free. If you do acquire the services of an agent, make sure that they are a land agent. Your average residential agent knows little about land. Your assessors office may also have sales info. Check their website. A title company can search for liens or other clouds on the title. They will probably help you with some of the property research if you use them for the transaction. 

Good luck.

Be careful acting on LLC advice here. LLC laws vary by State. LLC's are also expensive to form and maintain in some States, but here in Arizona they are cheap. Here generally they are not used as an end all form of protection, but another layer of protection, in addition to insurance and other strategies. I would spend a couple hundred bucks to speak with a local attorney.