All Forum Posts by: Raphaela Todd

Thank you all for the positive feedback!!    I am looking to not only continuing to learn, but to forge relationships with so many creative, intelligent and interesting people.

@Ryan Inman   Look forward to meeting you as well.   I am so determined and excited to begin implementing all that I have been learning.   :-)

@Louis Davis   Sounds great!!!   Feel free to message me with anything I can analyze!!   Thanks!

@Brian K.  Although the recession hit Las Vegas especially hard, are on the rise here.  There are plenty of foreclosures available.  I'm really enjoying all the networking I've been doing, there's sooooo many interesting people in this field!

I have learned that one method of creative financing is to simply "take over" the loan payments on an FSBO deal. Exactly how would you do this? What specific contract could be used for this situation? Would the seller do a Quit Claim over to me at the time of sale? Would a Title Company still oversee the transaction?

I understand that the majority of mortgages out there are not assignable and the bank can call the loan if done without their knowledge.   However, I have heard that most banks really don't care WHO is making the payments, so long as they are paid.  

I would like to be ready for a situation like this should it arise.   Thanks for your much-appreciated assistance!

Thanks so much!!   Very excited to have found such a wonderful and intelligent community.

Hi:

My name is Raphaela Todd, an Investor who just formed my new business, K.C. Frank Properties, LLC in Las Vegas, NV. I am a Legal Assistant for over 26 years, with my career beginning in the Wall Street area of New York City. I have resided in Las Vegas, Nevada since 1998 and can't imagine living anywhere else!

In addition to experience in various types of Plaintiff/Defense law, I previously owned and maintained rental properties.   I have been researching anything and everything I can get my hands on with regard to real estate wholesaling; rehabbing; creative financing; buy-and-hold with rental properties.   I am fascinated with everything I have learned about asset protection and was excited to personally form my own corporation. 

I have been doing extensive networking, and am very excited to meet so many intelligent and interesting people.  

I am working on forming my "dream team" so that we can build successful and profitable relationships with eachother. 

BiggerPockets is a wonderful source of education and networking.   I'm so excited to be a member.   Thanks!! 

I agree with Antonio Samperi.   Luckily, you have a short time left on the lease.  If I were you, I would give them notice (about 2 months before) that you are not able to renew the lease.   I would keep it as NICE AS POSSIBLE, and fib a little bit.  I would say that it's nothing personal, but your need the house for a family member or something along those lines.

I suffered at the hands of a nightmare tenant once in a duplex I rented out.   Problems started with consistently-late rent; until after about 8 months of this ... the nightmare tenant skipped out of the apartment.  (Good riddance!)  However, they left countless holes in the walls; stained carpet which had to be replaced ... and here's the kicker--- they used Liquid Nails to glue every single window shut in this 2 BR apartment!  It costed me a small fortune to replace every window frame.    Had to be done because this was a fire hazard and my realtor wasn't allowed to show the apartment to prospective tenants until this was repaired.    So ... the moral of my story is to ride out the remaining few months and get rid of them without making them become spiteful, which will cost you a lot more money.    Good Luck to you.

Hello:

If I could add my two cents, I would strongly suggest paying the extra expense in the beginning of owning rental properties as it may cost MUCH MORE if you are not properly protected from tenant lawsuits.  (especially those from "Career Plaintiffs" -- people who make a living from suing everyone for any reason) 

I have worked both sides of the legal fence for the past 26 or so years (Plaintiff/Defense) and I know how lawsuits work.   I have been working in the defense field for the past 10 years, and I can tell you about a case I worked on:   An inexperienced landlord rented out a single family house that had a built-in swimming pool.  The tenant decided to have a small party, which resulted in a drunk 22 year-old college student doing a swan dive into the short end of the pool.   He suffered a broken neck amongst a myriad of other injuries.  It is likely he will never walk again.  So ... the landlord got sued, with allegations that the pool decking surrounding the pool was not maintained properly and therefore caused the drunk guest's traumatic injuries.    It doesn't matter that he was drunk and decided to do a swan dive into shallow water (even though he tried his best to convince our client and firm that he "slipped" on the poorly-maintained pool decking and "fell" into the pool.  Plaintiff lawyers LOVE these cases because they settle about 95% of the time because of the outrageous expense of conducting trials.     It is much better to set up your rental property(ies) defensively so that you are better prepared for any "Career Plaintiffs" you might rent to, or who may be a guest in your tenant's home.   Hope this helps!!   

Hello:

I am a real estate investor who just started my own LLC business. I intend to do wholesaling, flips, and obtain many buy and hold rental properties. I am excited to network with like-minded people, and work hard to make my business grow. Thank you.