All Forum Posts by: Reid Mayo

Originally posted by Bienes Raices:

Brian, can't he find out if a lis pendens has been filed to know if it's in pre-foreclosure or not? I believe realquest and sitex-data have the information, although I don't know how up to date it is. I think they also have the mortgage info. too if you're willing to pay for it.

aha, just read this. Are realquest & sitex-data free? I'll do some googling and see if I can answer my own question.

Yeah, like I said I'm not worried whatsoever. We're just some college guys living together so it's not like there's a family or anything to worry about if we have to move at a moments notice :-).

Plus, though this guy is probably losing money hand over fist, I think he has a pretty good paying job and will probably try to hold the property for a while. Though in my humble opinion, I foresee a higher chance of them allowing the house to go into foreclosure than seeing it out the next 27 years (they also own the house next door which I'm sure is in just as much trouble). These aren't tycoons, just people that got in over their head like I'm sure I would have if I had graduated 3-4 years ago before the crash and not had BP as a resource (hell I still could knock on wood).

Jon said: "You should be able to find that [pending-foreclosure] in public records"

How would I do this Jon? I'd like to know this for both my current situation, as well as hunting for my own real estate in the near future.

Thanks
Reid

Originally posted by Brian Levredge:

Just make sure that your landlord is actually paying his or her mortgage and not just pocketing your rent. I get calls all the time from people who are looking to move because the place they are renting is being foreclosed. Best of luck.

Actually Brian, the same thought came to our minds. How would I even go about finding that out? I'm guessing that pre-foreclosure isn't public record but if he actually did go into foreclosure we would be able to look that up online or by calling somewhere. Is this correct?

Also, would we have any legal protection from not paying rent if he was in foreclosure?

Though I must say, my guess is we would just continue to pay rent as long as we live here and just move when they told us to in order to avoid any legal headaches--this place is so cheap relative to value anyway that rent is better than any legal mess!

I've noticed that most Nashville prices have gotten out of control, I'm about to graduate college next week and I've been saving up an egg the past 2 years to buy my first property out of college and prices to rents are outrageous everywhere (in the metropolitan area).

Thanks,
Reid

I just moved into a new place (I'm renting) at an amazing price. From my knowledge gained on these awesome forums, and of the local market in general I knew that my landlord had to be hemorrhaging cash on this rental.

Finally, my curiosity got the better of me so I decided to figure out just how much.

It surprised even me...

Purchase price in 2006 = $220,000
Rents from my roomates and I = $715

50% rule expenses = $357

30 year Mortgage at 5.4% interest = $1235

-$877 cash flow per month
-10524 cash flow per year!

Ouch, It could be worse guys...

Reid :wink:

Originally posted by R Jenkins Joshua:

MaxI

what the web address for Lexis Nexis

Is their fee to use Lexis Nexis

Is it very dependable (nationwide / local information only)

Check out all your local libraries (including local colleges/universities). You will be surprised how many subscribe to database websites such as lexis nexis. Librarians at top tier universities still are the go to people to find a lot of information.

Reid

What I would like to know is, what the heck was this dumba** doing out of prison just a few years after vehicular manslaughter as a result of drunk driving?

Reid

Well if he has money waiting already for new properties, he would need to find enough good opportunities to spend that money first in order to justify selling his micro-cash flowing property to move it into a better opportunity. Am I right? Sounds like Kevin's got his work cut out for him before he even needs to bother thinking about selling the cash flowing property to release funds for better investments.

Reid

Another thing,

PNW you do bring up a great point about noting his history of screening tenants. He did a credit and background check on us, so that should be enough to deter anyone who I was thinking of earlier.

Again, hopefully the problem will just be "in our heads" and never even come close to occurring. This is the most likely outcome, but I do like to be prepared.

PNW thanks for the point. However, I do think that we have a little more control over our environment than you say at first. More so than at least just giving up per se.

I'm looking into the legality of the conversion. If it is illegal, I think that would give us strong ground to get out of our lease should unacceptable tenants move in.

We are pretty laid back guys and will more than likely get along smoothly with any other tenants, but obviously if our safety becomes a concern, we'll not roll over easily.

If we did "call the county inspector" on the landlord (which I doubt we would ever have to, the threat if need be should get us out of our lease if necessary) what would be the legal repercussions? Would he simply be unable to rent it out and have to convert the house to a 5 bedroom after we left (losing a lot of cash flow in the meantime).

I'd feel bad if this were the case, but not that bad. There really isn't an excuse for knowingly breaking the law to make a house cash flow, if you catch my drift.

Thanks for your feedback guys.

All good points. Thanks guys. Also, I might point out that we are literally just moving into this new place (I'm actually still moving my things from my current place) so we don't have any relationship equity with the landlord.

If i check the legality of the downstairs section? What would be the next step if it is in fact illegal? We just signed a 9 month lease with this guy, and can't afford to break it. Also, we don't want to sour our relationship with him immediately. Would the illegal division give us rightful cause to breach our lease if crackheads mov ein downstairs?

Thanks