All Forum Posts by: Mike F.

Is there still a mortgage on the property? Banks won't let you transfer a personally guaranteed property into an LLC.

Personally, I don't understand the problem, the debt is paid off, your income to debt ratio is what it shows with the debt removed. I'd let them worry about it if they can't understand it. The debt is gone, what difference does it make if you paid it off with a cash gift from your grandmother, a bag of money you found in the back of a cab or with your bit coin? 

 There is a reason they are making you correct what is a defect. 

I don't think Rigid foam insulation is going to get you to the R value you need. Consult the building dept for what you need. Old cathedral ceilings are an issue all over the country the nature of how they were build doesn't meet the new energy codes. You typically have to go to a spray foam because it has the highest R-value to the thickness, and even then you're typically furring out the ceiling below to make room for the insulation.

and all this time I thought I invested money in real estate to make more of it...

Last one I sold we listed on Wed, by Friday had 3 cash buyers, no inspections, no appraisals, no contingencies, all offers over asking, one with a beat anybody else's price up to $X.  

One offer was accompanied by a letter written by the buyers little kids in their handwriting explaining how much they loved the house and hoped their mom and dad would get it so they could live there.

It's mostly just labor, anyone should be able to do it with your supervision. 

Best way to do this is a 2 step method. put down some cheap dirt to form the initial grading then cover it with some landscaping fabric, then cover that with stones, that will move the surface water away from the house effectively. Just dirt will eventually get organic matter in it (weeds / grass) which will deter the movement of the surface water.

 One item is more powerful than anything else you can try  - a huge security deposit. Money in your hands already is a huge factor in reducing the effort to collect if afterwards.

^^ Ditto.

I'd never set myself up for failure knowing I'm signing up a short-term rental, we are averaging 5 year renters on our properties, signing up somebody knowing it would be for 7 months would be like putting hot pokers in my eyes.

Just imagine the scenario of them moving out and the place is a fricken mess, you  spend a bunch of money cleaning it up and it's off the market again longer than you  plan, really a crappy situation. 

Like Shawn said, there must be a greater reward for the risk. A massive security deposit and a large upcharge on the rental rate just to consider it.

I find it extremely interesting. It touches on many interesting themes -

don't judge a book by it's cover, where there is smoke there is fire, stereotyping, discrimination... and probably a lot more.

On gingers, no freak'n way, they are nothing but trouble!

I think there is a lot of humor in this thread and a lot of sarcasm, some people might just be missing it.

 Wait.. seriously?  They told me it was a tear from heaven, that they earned in the boy scouts for doing good deeds for the elderly... uh oh