All Forum Posts by: Patricia Steiner

The lender does not have to allow the transfer to the LLC and there is a process at each institution for doing so. Freddie and Fannie started allowing conventional loans to include LLCs in October of this past year but prior to that date, all were required to be in the name of an individual.

More than likely it will not trigger the ugly you're anticipating - and I do know some borrowers who "just did it" - and it went uncontested by the lender.  Unfortunately, I know even more lenders who declined the request.  My recommendation is to call the servicing group of your lender and make a request. There's a form (there's always a form) and a tad of a hassle - but it will be worth it.

Hope this helps...

You cannot rent - under Section 8 - to a family member:  "The housing authority prohibits you from renting from a relative under the Section 8 program. You can't rent from your father, mother, siblings, children, grandparents, grandchildren or any other member of your family."

STOP.  Just stop.  You don't move a tenant in until EVERYTHING is done - all money is collected and proof of renter's insurance.  Let her know that she cannot move in as the conditions have not been met. 

And, when I reference STOP,  I mean STOP YOU TOO.  You're running a business so run it like a business.  No tickee, no laundry. Don't allow sad stories and promises to take you down that road to bad decisions - which come with drama - and drama costs money.  

You called her shady but the truth is she was effective.  Again, run your business.  She ran you this time...let it be her failure to execute.  

Actually, the act of closing is settlement. If the brokerage failed to add the fee to the closing statement, then they failed to disclose it. And, as others have shared, the LLC had nothing to do with the fee.

My recommendation would be to advise them that you have already settled the transaction by closing.  Any and all fees were expected to be on the settlement statement and that you would need to see where you authorized a separate and non-settlement disclosed fee.  

Bottom line: the transaction is over. 

Where is the tenant?  If the tenant is still on premises or has not departed the residence, then you cannot change the locks.  Here's the law in Washington State on the issue:

 https://www.nolo.com/legal-enc....

Please know that it isn't your non-renewal notice that makes changing the locks a done deal.  When a tenant doesn't leave at lease expiration, the tenant is then known as a "holdover tenant."  You won't want to accept rent after the expiration because it then becomes an agreement for a month-to-month rental.

Know the law so that when it's over, it's over.

I'm a former senior wealth banker - and the best time to refinance is when you need or want to refinance. The lender doesn't decide this, you do. What does matter is how you refinance during a rising rate environment. Since interest rates tend to cycle in 7 year increments, you may want to consider a 10/1 ARM that will provide you with a lower interest rate than the 30 year fixed and won't have an interest rate adjustment for 10 years.

Any lender who tells you not to refinance now is a lender you want to avoid.  Again, you decide when the time in right and then find a lender who will help you achieve your goal at the lowest interest rate possible.  

Hope this helps...

Answer to your question:  Yes.

Questions:

Did you sign a contract with the PM that obligates you for a specific term?

Are you managing the PM?  Do you have at least weekly contact with them when a unit is not rented?  Monthly otherwise?  How do your units compare to other comparable sales in the market?  Why did the tenants break the lease - and did you receive an early cancellation fee from it?

The PM works for you but you don't turn your business over to them and walk away.  The whole concept of "passive income" is nuts...there is nothing passive about running a real estate business - even with a competent PM in place.

I recommend that you schedule a meeting with the PM and have your homework done beforehand. Check the rental listing online?  Are your properties marketed well?  How do your units compare with others that are listed for rent?  Check your PM contract and pull out the fine details.  Then you'll be prepared to have a detailed conversation with the PM on what they have done, what needs to happen to better market the units for rent, and avoid over-improving the units for the market.  

This needs your leadership to turn it around.  Start there first...

This is on the owner...the plumber didn't cause the sewer line backup - especially a huge one - that then damaged the sump pump.  Welcome to the world of running a real estate business.  Hope this adventure is over for you...

Bad news here...a Proof of Funds Letter needs to be prepared and signed by an officer of a bank/financial institution who has the funds verified in account on the date of the letter.  It's not something you provide if you're the real deal.  

Here we go:  No.

Cash for keys means "I'm paying you to leave and releasing you from all obligation as long as you leave now...I want to miss you."

You sent a 10-day letter.  Don't do anything until the 10 days is up.  After that, consider filing for eviction...some people just need to see if you're serious.  Be serious.  If you try to do Cash for Keys after sending the "I'll huff and I'll puff" letter, you really have lost your leverage.  

Play it out.  Maybe they'll just exit left and you can then start the collection process while moving forward with a new tenant.  

Fun, huh?