All Forum Posts by: Richard Montoya

In case anyone is still wondering...

The issue has been resolved (dead).  It was too late for us to prove anything.  A new electrical meter was installed a few months prior to my BP posting.  Once I noticed that both building had their own meters, I just decided to move on.  I was on vacation and my time was too short to be handling my mother-in-laws mess. 

Thank you to all the folks that donated there time and energy in providing me with advice.

Take Care,

Richard Montoya

@Schyler Witt 

I too was looking for a group/meet.  I found something!  Have you tried meetup.com?

http://www.meetup.com/Texasrealestateinvestorscircle-com/

I think I might got to the event on June 9th.  Let me know if you plan on attending.

- Richard M. -

Long story short...

My elderly mother-in-law lives in Dallas (Oak Cliff... Near Bishop Art District). She's been renting a small house for a couple of years. On the front lawn - same property - there is a small commercial building (10' x10'). Throughout the years, several businesses have opened and closed. 

Here's my issue...

I have ALWAYS been suspicious of this so-called 'business space'. For years I have questioned my mother-in-law about the building. She says she has no clue what goes on in there. She was/is under the impression that the property is being sub-leased by her current property manager. 

While conducting a visual inspection of the building, I noticed that the building seems to be leeching electricity from my mother-in-laws main electrical line. It has been like this for YEARS!

When realizing this, I asked her about her 'spikes' in her electrical bill. She says that she usually sees a spike in her bill, every time there is a new tenant in the store front. 

At the moment, there is NO ONE renting the commercial space.

I whole-heartedly believe that the property manager was aware of the 'electrical leeching' that was taking place. In fact, I have a STRONG suspicion that this commercial space actually belongs to my mother-in-law.

I asked my mother-in-law for a copy of the lease... She lost it.

I plan on obtaining a copy from the property manager tomorrow.

QUESTION:

What can I do in the event the property manager was illegally placing tenants in the commercial space?

What if the commercial space was legitimately rented to a tenant but the property manager rented it on the basis of 'free electricity'? How can my mother-in-law recover her losses from several years of electrical leeching?

NOTE:

I do not live in Dallas.  I am just vacationing here.  If you are reading this and you happen to know of a lawyer that can help me with these matters, please refer them to me. Thanks.

Keywords:

dallas, oak cliff, legal, theft, steal, electric, utility, utilities, commercial, lawsuit, law, crime, criminal,

@Johnathan Butler 

Wow!  I love your break-down.  I'll be honest... I'm stealing it!  LOL!

Thanks!

@Tom McLemore 

Fantastic advice!  Thank you for taking the time to answer my question. 

Dallas - I will be less than one-year out from completing my tour in Japan.  Asking for the extension seems logical.  Problem is, I have no intention of livng in Dallas anytime soon.  Additionally, I have NO iIDEA where the Army wants to send me and my family.  I will be a 20-year veteran, come next year..  Should I stay (in the Army) or should I go?... That's still in the air.

NOTE: If someone out there on BiggerPockets is reading this post and is looking for a veteran to fill a helicopter pilot vacancy next year... CALL ME!  LOL!

VA - I plan on doing more research on the VA's regulations concerning "owner occupancy". Currently, I still owe money on a VA-backed home loan (2009). Fortunately, it's currently being rented-out. I'm pretty certain that the VA allows you to carry two (2) homes but the combined total cannot exceed "X". This total varies 'state-to-state'... or is it 'city-to-city'? Not sure.

COLA - Yep!... It sure is nice.  I've got a lump sum itching to be spent on real estate.  Problem is, I don't want to dump it on a 20% down payment.

5% Down Payment on an Investment Loan?... Rare as a unicorn?

Just listened to BP's podcast, episode 074. The last guest, Jeromie Hamann, mentioned that he financed his MFH with a conventional loan with only 5% down. Down payments of 5% or lower are usually found in FHA, HomePath, and VA loans. Generally, most of these loans (except HomePath) require an "intent to occupy" by the buyer.

Here's my problem...

Am I doing this right?

I am in the military (US Army).  I am currently overseas (Japan).  I am headed to Dallas in a few weeks to visit family.  While there, I want to buy investment property.  I've been pre-approved for a conventional loan (20% down payment).  I was referred to this lender, through a real estate agent I met on BP.

Since I am stationed overseas, FHA and VA are out of the question.

Other than HomePath, is there any other lender out there willing to accept less than 20% for an investment loan? If PMI is the issue, I am willing to pay it all up front.

BTW... To me, HomePath is a viable option but the inventory seems a bit limited.

Also... If you rather PM me, that would be perfectly acceptable. 

Thank you for your time. 

Chan,

You never mentioned what software you've used in the past. In that case...

Ummm... I'm not trying to be facetious but... Have you used Zillow (iOS)?

It's doesn't offer any special 'insider information' but it can get you in the ballpark.

To all:

Thank you for taking the time to answer my question.

Authorization to Release Information - This is what I was looking for. Thanks.

Due Diligence - That's why I posted this question here... I was doing my 'due diligence'. : )

Listened to BP episode 065 with Wendell De Guzman

In his strategy for "subject to", he mentions that in order to access loan information, without triggering the "loan due" clause, he has the current owner, add him (Mr. De Guzman) to the insurance policy. This new policy is then submitted to the bank for record, with a memo from the owner indicating that Mr. De Guzman is NOW a vested party of the property.

Question... Does this really work? Now that you've added yourself to the insurance policy, can you actually access someone else financial records (loan amount balance) without setting off alarms?

Thanks,

Richard M.

Keywords:

sub-2, sub2, sub 2, subject 2, sub-to, sub to, podcast, wendell, deguzman, de guzman, 065, creative,

@Jon Holdman

What?!... Only one person mention Mac?

LENOVO -

@Ibrahim S

Please take note... LENOVO should not be an option (or any machine running Microsoft... BURN!) (Oh no, HE DIDN'T! LOL!)

Honestly, if you want to have a 'worry-free' system, go with Apple. LONG GONE are the days of constant updates, virus intrusions and buggy glitches. Most people who love PCs have a hard time admitting that Apple is king. They are reputable company with fantastic products.

Sure... It's pricey, but what are you willing to pay for sanity?

-Richard Montoya-

iPads - 5 ea... MacBooks - 3 ea... iMac - 1 ea... iPhones - 5 ea... iPods - 4ea.

Yeah... I'm FULLY invested in Apple. : )