All Forum Posts by: Robert Renne

Wholesale Saginaw County

Jason Cobb put it best. Going from personal name to a trust is just to protect you from the due on sale clause. You can always contact your lender to be sure they are aware and will allow the transfer with out enacting the clause but make sure you have everything in writing. I would also look for a different attorney who is a little more savvy in real estate as they should understand this. ( I am not an attorney these are just items I have heard about.) I would do whatever I needed to do in order to get he property out of your name and under an LLC in order to protect yourself and your assets.

Could you send me some more info please? Hope to hear from you soon. Thank you.

We recently had an appraisal come back at $5000 below our offer. (Offer $119,000 and appraised at $114,000.) our agent and selling agent think this is to low. I like the numbers better. Agents say they want to challenge the appraisal or get a new appraisal. I'm ok with a new appraisal I think, but I don't want the price to go back up to our original offer either. Any advice on challenging the appraisal or getting second appraisal? Thank you.

Today my lender sent me an email asking for the purchase agreement on a new duplex. He said that the appraiser has asked for this document in order to complete the appraisal. Is this standard practice? I see no reason for the appraiser to need this information. They should make the appraisal on the property alone not influenced by what the agreement says. Any input would be greatly appreciated. Thank you.

I also use a criteria before I meet with potential tenants. Look for landlord association in your area they can help you with credit reports and background checks at a good price. I have heard of sites and ways that people can create false credit reports so I would be cautious with potential tenants bringing reports to you themselves. Charge a fee and do your own due diligence.

Has anybody ever used Realty Trac to find deals? If so is it worth it? Thank you.

Saginaw landlord association is a good source of local information. I just became a member about 2 weeks ago. They do background checks for $15 and also have an internal check with information shared among the members throughout the years. There's many of good tips and such that they can help with in the mid Michigan region.

I am going to buy my first duplex but I was wondering if anyone had any advice on whether to use a mortgage with a 5 year balloon or just use a credit line offered by a different bank. The credit line allows 3 years of interest only payments and as much on principle as I wish. After which I would need to refinance the house for a standard loan. Does anybody have any advice as to why one would be better than the other? Or experience with a similar situation? Any advice would be appreciated. Thank you in advance.

Thank you for the advice it was great going in there and have a little direction in where to go with my questions. He is actually going to set up an appointment with his brother who is an avid real estate investor.