All Forum Posts by: Phil Z.

I came across this 'FREE' Tenant Credit Check from Experian today while putting together a Tenant Screening Check List.

http://www.experian.com/screening-services/tenant-credit-check.html

- Has anyone used it?

- Is it missing important information?

- Are they going to want money for some 'additional' feature that is critical to screening?

.. Also what other Credit Check sites do you use?

1. Real Estate Attorneys need to handle closing.

2. Use standard Board of Realtors contact. You may want to cross out the 'may NOT be assigned without seller authorization' and change it to 'MAY be assigned'. (then initial). You may also cross out the 'Broom Clean' wording if you're ok with the property being sold with everything in it. Or you can add the acceptance of the sellers jump or other terms to the additional terms section.

3. Inspection period is usually 7-10 days.

4. The new buyer will take over the contract, so they should close by the closing date on the contract.

Keep in mind .. if you have a contract that requests the property be broom clean but your ok with buying it with junk .. but you assign it .. and your new investor decides he wants it broom clean as per the contract .. you could be in a bad possition.

Email me at [email protected] and ill send a contract

- I want to advertise (probably out of state also), so non of the exemptions apply that I am aware of.

- Also, I know an investor who had an attorney do his SEC filing and it cost him $20k. I plan to put everything together and then just have it reviewed for final corrections.

- As for 10%, it will be interest only payments and the property will be fully rehabbed so I wasn't planning on a large repair fund for most cases and I planned on managing the tenants/rent myself using Quicken Property Manager. To be honest I didn't get into too much detail yet with the figures as I'm fairly new to the landlord game, but I did do a quick test run and it looked really good. I'm trying to keep the business model simple (10% across the board) but if needed I can change that.

"not to be disrespectful" ... aka I'm about to be very disrespectful.

Long story short .. I'm not a mortgage broker/lender, and I'm not a closing attorney, and my partner handled all the financing documents. I have had little/no reason to get into details of mortgage documentation. I knew there was a promise to pay that was secured by a lien, but I didn't realize they were two separate documents. Now is the time where I need to research this subject in detail and this is the beginning stages. Most of the replys have been very helpful thus far in moving me closer to my goals. Thank You! :)

I was looking at the 'Notes' section. Whats the difference between a 'Note' and a 'Security Instrument'?

Those Fannie Mae Agreements look good, but short. My hard money lender has like a 50 page agreement. Obviously all of that protected the lender, not the real estate investor. Do you think a 2 page mortgage agreement is sufficient to protect every ones interest?

I am looking for a standard Mortgage Document to use (I will edit it).

I will check out the Fannie Mae documents ..

Are there any Loan Terms Agreements available to use when securing private money on a property?

I'm filing with SEC to advertise for investors, so the terms need to be somewhat spelled out in advance. I want to keep things simple, so 10% annual return sounds good for short and long term investments. It should be appealing to an investor (double digit) and it works great for me.

The total investment for a buy and hold will be in the range of $100-300k depending on the area. The benefit of the long term loan would be that the money is constantly accruing interest, while the short-term flip loans will be on and off repeatedly.

I'm now thinking a 10-yr / 10% investment for my long-term deals. I would plan for an investor payoff via a single/bulk refinance or a new private lender replacement.