All Forum Posts by: Robert T.

@Julius Vincent thanks! The banking issue might be a problem as that bank account was created under my WY LLC before the FL one existed. I'll have to deal with that before dissolving. Thanks!

@Chris Seveney Thanks. I'm not sure which LLC owns the property. I never specified WY or FL when purchasing the property. My assumption would be the FL one owns it being I purchased it in FL and I never specified a particular state, I just gave them my LLC's business name. I don't believe I registered as a foreign LLC when I created the FL one . Based on your response I think I'm going to close it as there is no reason to believe the Wyoming LLC is the one that owns the property.

Hi,I am a small real estate investor with 6 properties that are all in Florida. I started about 7 years ago. When I started, I lived in NY and chose to create an LLC in Wyoming. I moved to FL about 3 years ago and created a new LLC in FL. I used the same exact business name as my LLC in Wyoming. Is there any reason why I need to keep the Wyoming LLC that I created when I first started my business? Keeping the Wyoming LLC active costs me about $62 per year and I'd like to eliminate that expense if there is no reason to keep it. 1 of my properties is listed under my LLC's name.

@Account Closed  Thank you for the advise.  I think I am going to pass on him with a generic reason.  Its a shame  because other then seeing that his application was mostly good.

Hi Everybody,

I've been looking for a tenant to fill a vacant property.  For one applicant, when I looked up his court history, I saw that he once initiated a negligence lawsuit against a pizza place because he slipped on their floor.  He was requesting $15,000 from them in the lawsuit.   For the purpose of this question, lets say everything else about his applicant was perfect.  Do you feel this sole issue is a good reason to deny a person's rental application? 

My thinking is if he did it to this pizza place he could try to slip on my ground and then do the same $15,000 lawsuit on my rental property one day.  

@Tyler Huntington  Thank you. I was thinking the 5.25% is high as well but I was at least ready for that.  Its this $1000 that came as a surprise and is making me regret going with this company.  The last loan I did with this company they only charged me a $96 lock in rate for 5.125%.

Hi,

I am in the process of getting a 30 year mortgage for a rental property(20% down).  The current closing date is 4/21/2017.  Today, I was asked if I want to lock in my interest rate.   I was told it would cost $1644 to lock in a rate of 5.25%, and that the mortgage company would cover $650 of that amount.    I have bought 2 other rental properties in the past from this mortgage company and the cost to lock in a rate was no where near $1000.    I understand that rates can fluctuate and that interest rates are going up, but $1000 seems unusually high to me.   Is $1000 now the standard lock-in rate?

 Paying $1000 is so high I feel like I'm better off paying a little higher of an interest rate.  I asked what I would pay to lock in 5.5% and the person told me that it would be a violation for them to price that high an amount.   Is that really a violation?

Is this company overcharging me with this $1000 lock-in rate? Does anybody have any advice on what I should do?  Should I actually pay the $1000 to lock this rate in for 10 days?

Thank You

@Derreck WellsThanks Derreck.  Unfortunately I already edited and signed the document.    I didn't realize it at the time but now that I'm comparing 6a to 7, I think my edits to 6a(changed full months rent to half) are now going to conflict with #7.

@Daria B.I agree that there shouldn't be a lease renewal fee.   I've read that many don't charge one but I've also seen others that charge 25% to 35% of first months  rent.  So I offered $150 for the renewals, which is about 15%, and she accepted it.  Maybe she would have accepted $0 for the renewals but now I'll never know.

@Patrick LiskaThank you for reviewing it Patrick.    I agree with you that I should be looking  for a new PM.  My reasoning for staying with her is that up until now, I felt she has been good.   I started with her in September when I was first looking for a place.   We found a place in October, it was mine in January(the loan process took awhile), and it was fixed up in February.    I felt  she has been great the entire time up until yesterday when I reviewed the property management contract.

So I'm going to stick with her under the better terms that I was able to get from her(10% monthly, 1/2 of first months rent, $150 renewals) and hope there aren't any more problems from her.  This may seem foolish but I don't want to leave her after things had been going so well.