All Forum Posts by: Matt Anderson

Hi Jide,

Feel free to give me call we maybe a good fit.

Matt Anderson

Hi Robb

I sent you a private message. 

Sent you a private message.

It’s very hard to collect on rent when so much time has gone by. What changed between when they were paying on time and when they stopped? Are they good people or not? If good then try and get them on a payment plan. If not good luck collecting! If no luck with payment plan yourself might as well turn them over to a collection agency(lawyer on contingency might be an option too)and if they collect something great. The reality is you should never have let them get more than a month out. Hindsight is 20/20. Sounds like you just learned an expensive lesson! You mentioned time...if you don’t have time to manage your property then hire someone to do it. This is one way that I end up with my management clients. It’s not funny but the reality is that if you don’t know what you are doing it’s common to end up in situations like this and that is when I hear about the real estate horror stories.  In the future feel free to private message message me when you run into a situation and don’t know what to do...sooner than later. 

Hi Scott!

I may be able to help you out! What are you looking for? Feel free to private message me.

Sent you a private message. 

Hi Janie,

Looks like other agents have already reached out to you as well but if you haven't found the right fit I'd being willing to sit down with you and see if it might be mutually beneficial. 

link to limited brokers lic. 

http://mn.gov/commerce-stat/pdfs/re-license-guide....

LIMITED BROKER'S LICENSE If you will engage in transactions as principal only, or if you will solely engage in negotiations of mortgage loans other than residential mortgage loans as defined below, you can apply for a limited real estate broker's license. For the purposes of limited broker licensure, "residential mortgage loan" means a loan secured primarily by either: (1) a mortgage on residential real property; or (2) certificates of stock or other evidence of ownership interest in and proprietary lease from corporations, partnerships, or other forms of business organizations formed for the purpose of cooperative ownership of residential real property. A salesperson may not be licensed to act on behalf of an individual holding a limited broker's license. A responsible person of a business entity licensed as a limited broker may act on behalf of that business entity without being subject to the licensing requirements. Fee The fee for an initial limited broker license totals $180 ($150 plus $30 for the real estate education, research and recovery fund). Applying for Your License There are no prelicense education, prelicense examination, or continuing education requirements for a limited broker's license, but you must apply for a business entity license (as an individual proprietor or some other type of business entity) and pay the associated fee. You can submit an application by following these steps: ▪ Visit pulseportal.com. Make sure the pop-up blocker in your browser is turned off. ▪ Select "Minnesota Department of Commerce" from the "Choose a Program" dropdown menu. ▪ Select "Real Estate" from the "Choose a Board" dropdown menu. ▪ Select "Submit License Application" from the list under "Licensing Services." ▪ Select "Organization" from the "Entity Type" dropdown menu. ▪ Select "Limited Broker" from the "License Type" dropdown menu. 46 ▪ Select the entity's resident state from the "Resident State" dropdown menu. ▪ Enter the entity's Federal Employer Identification Number in the "EIN" field. ▪ If the company was previously licensed, enter the requested information in the "Previous License Number" and "Previous License Type" fields. ▪ Enter the entity's full legal name in the "Company Name" field. ▪ Click the "Next" button. ▪ Continue entering the requested demographic information and answering the background questions for the company. ▪ On page 8, read the Attestation and the Tennessen Warning. ▪ To continue with the application, click the "I Agree" button. ▪ Read the information in the "License Application Additional State Requirements" pop-up window. ▪ Click the "Close This Window" button. ▪ Review the information on the Fee Summary screen and click the checkbox next to the statement about your credit card being charged. ▪ Click on the "Submit" button. ▪ The Credit Card Information screen will appear. Enter all requested information. (Note: If your mailing address is in the United States, you do not need to enter anything in the "Country" field.) Click the "Continue" button. ▪ Verify your information on the next screen. If something needs to be added or corrected, click the "Back" button (the one on the page, not the one for your browser). If everything is correct, click the "Submit Credit Card Info" button. ▪ The confirmation page will appear. Please write down the Confirmation ID number and print the page for your records. The Confirmation ID number can be used to check the status of your license application.

Matt Anderson

Hi Chris,

I recently went out on my own and started my own real estate company. I would imagine we might have a few things in common. If you need help finding a piece of land or any other questions I might be able to help you out with feel free to reach out to me. 

Thanks,

Matt Anderson

I know the ship has already sailed on this one! I have had this situation happen and it never seems to work out well (I learned my lesson). I have a tendency to try and help people which is why I had (in one particular instance) grandma cosign and also required a double deposit. The girl caused nothing but problems for the tenant below her because she was nothing but inconsiderate(young and immature). The rent always got paid on time but I now had a new headache to deal with.......upset tenant below and trying to get her to be respectful of her neighbors.

 If you pick good tenants 99% of your problems go away!

Hi Larry,

In the past banks would not do a short sale on a loan that was performing. I haven't been doing short sales lately so unless something has changed the answer is no in terms of a short sale. Short sales also typically require a hardship which by the sounds of it is not applicable in your situation.

Logically speaking what would be the banks motive to discount their note? Banks sell notes all the time so it could be possible that they would take less then currently owed if interest rates have increased from your original loan rate. I'm not sure I see that happening though. 

Seems like this might be a good learning experience for all the newbies out there to double and triple check their math before purchasing an investment.  Not trying to throw stones I just think that we can learn from others! Has it always been underperforming? Are there any expenses that you could lower or boost income? Maybe lower property taxes? I wonder what the interest rate is and if you could or would it make sense to refi? I would love to hear if anyone else has another idea. Additionally I would also like to hear what went wrong with this investment if you're willing to share.  Any lessons that you learned from it? You know teachable moments?! 

Thanks in advance and if I run across a solution/idea I'll be sure to let you know!  

All the best!