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All Forum Posts by: Account Closed

Account Closed has started 30 posts and replied 853 times.

Post: HUD-1 Statement Help Please

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

TOTAL PRICE OF HOUSE

$132,000.00 was the sale of the house (purchase price to you)

Plus $6,931.17 Settlement Charges to Borrower (Commission)  3%?  6%?  

Plus $353.77 for Non-Ad

Plus $31.01 for HOA dues

Total of the purchase of the house $139,315.95 to you. 

LESS CREDITS 

Minus $1,000 Earnest Money

Minus $125,400.00 New Loan amt.

Minus $1,000.00 the Seller paid closing cost

Minus $735.00 Seller paid owner's Policy

Minus $150.00 Lender Credit

Minus:  Additonal Buyer Deposit   $3,000.00

SO YOU RECEIVE A CREDIT OFF THE $139,315.95 making the total price of the house to you now $131,463.63

BOTTOM LINE

Total Price of House:  $139,315.95

Minus Credits          -  $131,463.63

Equals Cash you put down on the house

$7,852.32

You don't take $7852.32 and minus your credits of $6,931.17.  

Post: HUD-1 Statement Help Please

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

It sounds like it could be an appraisal fee?  I always double check that when closing on a house, because I usually pay up front and somehow I find them charging me for an appraisal fee on the closing statement, so keep an eagle eye out for that.  You don't want to pay for an appraisal fee twice!

Title search, any type of expense.  Whatever the closing statement says, you should have an expense account or a deduction so that your data matches the closing statement.

Nancy Neville

Post: Detroit Current Events

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

This is my last post on this topic, and perhaps I won't discuss Detroit again on here because I really don't need such accusations made about me based on an article I posted called Detroit Current Events and then posted a link.  

I didn't expect such a response.  It just goes to show the injustice there is in this world.  

You know, it's pretty bad when Detroit is in the news all the time. Not just local but nation wide.  It wasn't me taking anything out of content that Greg Gutfield reported on. I said nothing, I just posted a link.  

To be quite truthful with you, I don't like hearing about Detroit, but my husband listens to the radio everyday about Detroit, so I listen to it when I'm cooking dinner.   And on a daily basis all I hear on the news is a murder here, a robbery there, a break in here, and a child murdered there.  How can I say nice things about Detroit, when there is nothing nice being reported about Detroit?

My generations of family have lived in Detroit all our lives.  It was once a proud City!   I want to see it again be a proud city.  I'm also in Real Estate (Real Estate Sales Person) and I wont' sell in Detroit.  

Yes, I retired 6 years ago, and progress is being made, but they work on everything else but the CRIME!  So I was happy to hear about the  gun permit thing, but it also proved my point, that something was needed to help fight the crime and that was allowing the residents to carry.  (And yes they carried anyway to protect themselves, but now it's legal) 

And that's what Detroit needs.  People who are able to fight back! Once the bad guys see that they have a fighting army against them armed, they won't be so brave, and then one day, maybe, Detroit will come back, but not until then!

What do I have to gain by telling people to wait till Detroit gets better before investing there? Nothing, absolutely nothing.  I do it because I care about you young people with families, with hopes and dreams.  I don't want you to lose your savings!  You out of state investors, I know you don't know the reality of it all.  I only do this because I care.  I don't want you to lose what you worked so hard for.  But if my 2 cents is not worth it and it makes me sound bitter to speak the truth, then I will refrain from doing so and let the chips fall where they may.

But what a shame for me to have so much experience in landlording in the City of Detroit and in Real Estate for you not to listen to what I have to say or believe me.  But I can't make you believe me!  And then, you will always have the  Rays  or a Joshs  that will say everything is peachy creamy and I've taken things out of context or am implementing fear!

It's pretty bad when one goes on vacation, takes a cruise, sits at a table on the Ship and the people who live in France, who barely speak English, who is also sitting at the table, asks where you're from and you say Detroit, and they say "Oh, bang bang shoot em up", and you hang your down in embarrassment and say yea.  If we have a reputation that is known all over the world, how can you blame it on Nancy Neville taking everything out of context?

What I say about Detroit is not out of being bitter, it is out of PASSION!  Because I want it to come back, but it's not ready and I don't want anyone investing without knowing the score!  I'd want someone to tell me the good, bad and the ugly, don't you?

But I know that you Josh will be back to respond or you Ray too, and you'll say something else to discredit me.  But there is nothing I can do about that.  I have to leave it up to the readers of this post.  I've done all that I can.

So that's all I have to say.

The floor is yours!

Nancy Neville

Post: Detroit Current Events

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

Joshua:  Says of me...

"I think it was a backhanded way to try to slander the city. Everyone knows that Detroit has high crime rates and there are issues in the city."

Well...I wasn't going to be drawn into the bait game, but the word "Slander" did it for me.

My husband was a Landlord for 30 years in the City of Detroit.  We owned 40 properties.  I had been a landlord for 13 years in the City of Detroit. 

I handled all my own cases and never lost one!  And if you ever have been to the District 36 courts system you would be in awe that I can say this!

My husband has been shot at and I have come too close for comfort from being beaten and robbed.  If it wasn't for people coming into the open house at just the right moment, I might not be here today.

I can't tell you how many bullets II have dug out of our homes and they weren't in the Ghetto. 

We have had our Furnaces Stolen, Copper Pipes, Siding off the houses, and water heaters in between renters.  

We paid  $36,000 a year in property taxes to have a slow Police response time or Fire Dept response time.   Thus the reason I posted this thread to begin with. It hasn't changed since we retired in 2009.

I have seen more stuff then most of you guys will ever see in a life time.  I was fortunate though, I had good tenants.  I had a long term relationship with them. WE respected each other and I feel good about that!

Slander the City?  Give me a break.  I lived it.  I spent every day in the City of Detroit, doing repairs, or court cases and I know how people live there.  I rented to people who lived there,  so I really know how people live there. 

Neighborhoods would dump all their junk on your yard if your home was vacant.  $1,000 it cost us to remove all the furniture and crap, TV's, Washers and Dryers, dumped on our rental lawn just before an open house, after we just spent $1,000 on removing the junk the last tenant left behind.  Crap all over the city of Detroit, laying on the streets everywhere. 

There are many things that I could tell you that I can't mention on an open forum, but believe me exists.  

So yea, you baited me, and I jumped in.  But I'll never go down without a fight.  

When you have seen and experienced all that I have seen and lived to tell it, then I'll say okay, I'll listen to you, but I don't think you would ever last as long as my husband and I did.

As I said, I receive many e-mails from people wanting to know about Detroit.  That is the reason I posted this, and for no other reason.  Let THEM  decide if they want to invest, but at least allow them to know the SCORE!  

You guys that trash me about talking about Detroit, if it's so darn good, why aren't you living there?  Lot's of beautiful houses there.  I don't see you knocking down the doors to move there.  And their cheap too? 

Just sayin!

Nancy Neville

Post: Detroit Current Events

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

It was the Police Chief and not the Mayor who spoke, so I do apologize for the error of thinking it was the Mayor. 

Nancy Neville

Post: New Landlord Seeking Advice!

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

I have written several blogs on here that may help you.  Just click on this link.

http://www.biggerpockets.com/blogs/4498-words-you-cannot-use

Nancy Neville

Post: Detroit Current Events

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

Investors are interested in purchasing property in Detroit.  The crime is so bad that even the Mayor now is allowing residents to carry guns to protect themselves due to the slow response time of the police department.

Nancy Neville

Post: Tenants complains about slamming doors

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

What an excellent response Mark.  Thank you for sharing!

Nancy Neville

Post: Presumption of Retalaition

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

If it is in writing  in the lease as you stated above, then clearly the tenant is at fault, UNLESS it was an EMERGENCY, that had to be taken care of ASAP, and the tenant tried to get in touch with you, but you never responded or took care of it immediately.  Other than that, the tenant hasn't a leg to stand on. 

Plus they have to provide you with a genuine receipt of the repair and it must be on an actual company invoice that did the job.  They just can't say, this is what it cost and I paid them.  They could have done the repair or their friends.

I've had this happen to me several times.  They tried to produce a receipt from a Receipt book from the store.  It had no company name on it, or logo's, so it didn't hold up in court. 

My lease states that all emergencies will be taken care of Immediately, or within 24 hours depending on the type of emergency.  All other repairs are taken care of in the order they are received in my office.   I always tried to take care of even the smallest repairs as soon as possible.  They pay their rent, they should have their repairs taken care as soon as possible.  They appreciated that and they stayed for many years.

Nancy Neville

Post: Removing a Lessee from a Lease

Account ClosedPosted
  • Retired Landlord/Author
  • Commerce Township, MI
  • Posts 1,252
  • Votes 1,038

Well, that is a good question.  Normally I would recommend never removing someone from the lease, however this is not a normal situation.

To remove someone from a lease without their consent you would have to evict them.  And, I'm sure this guy has violated the lease in some way or another, but if he has you will have to go through the process.

I'm sure this gal has a restraining order against him, so he can't come near her and that is good.  That helps you not have to make this decision.  The guy goes to jail if he continues to come near her or gives her grief.   

I think I'm correct in my reply to you, but I would feel better if you contacted a LANDLORD/TENANT lawyer, not a regular lawyer, they don't know Real Estate Law, and get a solid answer that will help you sleep tonight, and your tenant too.

I have had many of these situations, and always left the creep on the lease.  However, I kept an eye on the situation and was ready to evict the creep  if things started to get out of hand. 

Good luck.  I'd like to find out the end of your story so please keep us posted as to the results of your case.  

Nancy Neville