All Forum Posts by: Ravi P.

@Nicholas Jose

You should omit #2. Application contains false information.I dont think you want to accuse someone of lying. You are better off stating you are unable to verify .....

Also, I think less is more. Keep it vague and to the point.

@Renata Johnson

I had trouble following the numbers on your post. I did not read all the other post, so apologies if this was already said.

First, you stated this was structured as a rent-to-own with no deposit. How much are you into this deal? Did you excercise your option to buy? If you are still renting. Stop making improvements and fulfill the the term of the lease and then back out. You may lose the money for improvements you have made. However, better than being stuck with a bad deal.

If you did excercise your option. And you are now the owner, is this currently owner occupied? Any time of lending on Owner occupied homes are a PITA. They should comply with the Dodd Frank act. The Dodd Frank affects consumers of residential properties. Hence why many Hard Money lenders require an LLC to be the buyer of an investment property. However, If I'm not mistaken, if you only lend on a few homes a year you may be able to get away with it. Not sure why there are 2 prices? Seems predatory to me. I would consult an Attorney, that is familiar with lending laws. If the Attorney feels that the Seller violated the law he would have no problem taking him to court. There is also a good chance it may spook your seller, and he may let you out of this deal.

@Jayson Robinson

Pay off your mortgage or get private money that may not require flood insurance.

@Katie Ritter

I have never gotten the Estoppel letter notarized, always accepted it in good faith. I have requested the letter as part of my attorney review. Anything in question, I requested clarification. Never had a discrepancy, similar to yours. But it's not a bad idea to get it kotarized.. The current pandemic doesn't help.

@Katie Ritter

Good job on getting an estoppel letter. So many investors don't bother with one, or are aware what it is.

But why did you have the impression that the tenant was paying $650.00/month in rent.

You should also request a proof of payment typically 3 months at minimum 1 month. Maybe once the seller had it under contract. He may have informed his friend/tenant that he will drop the rent.

@Nyan Reid

You could try to get more frequent pick ups. That should help. But you will still have problems with the large items getting dump next to the dumpster.

@Jennifer Pauyo

The successful women are busy grinding. Closing deals, too busy to post on forums.

Would anyone be able to provide some insight in regards to a Short Sale Seller Agent obligation to the bank/investor of the loan.

I attempted to place an offer that would be above list price for a SFR. Not much more, but it's still above the asking price. The seller refused to even consider an offer since they seller agreed to another offer the day before. The accepted offer was below the asking price.

Based on a conversation with an individual that works in the loss mitigation department of another mortgage lender. She stated the Listing Agent should present all offers and does have an obligation to the investor (fannie mae). She said if it was a property for her bank, she would want to know and possibly black list the agent.

My question is does the agent have to present all offers, even if it complicates the deal?

@Nick Rutkowski

I remember looking at McDonald's balance sheet back in college and they are the largest or one of the largest owners or real estate in the world. I believe their real estate holdings was based on economic value. This was also early 2000's. I can see some large REIT or PE group owning more these days.

Most franchises use this concept in some way. I know companies like Dunkin and Subway charge their franchisees 110% or more of the negotiated lease. This is primarily because the franchisor are able to negotiate lower or below market lease rates due to their guarantees and credit rating.

@Dan Collins

Take a look at a company called Indow Window. It is a window insert that is removable. It has an acrylic window like you mentioned but has a a sponge foam border around the perimeter of the acrylic. They are all custom and made to size, so the foam allows the window to fit snug.

It helps with insulation and noise. I never got that far, but the cost is based on the size but comparable to a cheap builder grade window. I was informed about $125-$150 a window.

Good luck