All Forum Posts by: Ty Coutts

Hey Brett,

Dumpster Rental Options:
Dumpster Size: An 11-yard dumpster is suitable for a 750 sqft unit remodel. It typically holds about 3-4 pickup truck loads of debris. For comparison:

10-yard dumpster: Holds approximately 3-4 pickup truck loads.
20-yard dumpster: Holds approximately 6-8 pickup truck loads.
Depending on how much debris you estimate (6 doors, carpet, flooring, old trim), an 11-yard dumpster might be sufficient.

Cost Considerations: Dumpster rental costs can vary widely based on location, duration of rental, and the company you choose. $400 for a 2-day rental of an 11-yard dumpster might seem high, but it’s important to consider what’s included (delivery, pickup, disposal fees) and whether there are any weight limits.

Alternative Options:
Bagster Bags: These are large, disposable bags that you fill with debris and arrange for pickup.
Junk Removal Services: Some companies specialize in hauling away specific types of debris. They may charge based on volume or weight.
Local Waste Management: Check if your local waste management authority offers bulk item pickup or special services for construction debris.

Let me know if you have any other questions. My DMs are always open, so feel free to reach out! Hope this helped. 

Hey Farhan

Incentives available in New Jersey: SREC-IIs (Solar Renewable Energy Certificates) and the federal Investment Tax Credit (ITC). 

Financial Incentives: The SREC-II program in New Jersey provides financial incentives based on the amount of solar energy your system generates. This can significantly offset the upfront costs of installing solar panels. Additionally, the federal ITC allows you to deduct a percentage of the cost of installing a solar energy system from your federal taxes.

Long-Term Savings: Solar energy can lead to substantial long-term savings on electricity bills. Once installed, solar panels typically have a long lifespan (25 years or more) and require minimal maintenance. This stability can provide predictable energy costs for your properties.

Environmental Benefits: Utilizing solar energy reduces your properties' carbon footprint, contributing to sustainability goals and potentially enhancing the appeal of your buildings to environmentally-conscious tenants.

Regulatory and Permitting Considerations: Make sure you understand the local regulations and permitting requirements for installing solar panels on multi-family properties in New Jersey. This can affect the installation timeline and overall project costs.

Ultimately, solar energy can be a beneficial investment for multi-family properties, particularly in states with favorable incentives like New Jersey. If the financial analysis, including incentives and long-term savings potential, aligns with your goals, investing in solar could be a prudent decision. Feel free to reach out if you have any other questions. Hope this helps!

Hey Ty,

Great to have you here! I am a mortgage broker in CO but licensed in Colorado, Arizona, Arkansas, California, Florida, Kansas, North Carolina, Tennessee, Texas and Wyoming. If you have any questions or just want to talk feel free to reach out to me directly.

Hi Mohan Deep, 

General Rule: A fixed-term lease typically expires automatically at the end of the lease period without the need for a notice to vacate unless otherwise stated in the lease agreement.

For fixed-term leases, if no notice requirement is specified, they typically expire automatically.
If your lease requires a two-month notice to vacate, you must provide this notice even at the end of the lease term. Always review your lease agreement and consult local laws to ensure compliance with all regulations. I hope this helps!

Hi Carrie Whisel. Securing the necessary funds for rehabbing a fixer-upper for your future primary residence can be done through several methods, each with its own advantages and considerations. There is a lot more information to consider regarding the best way to secure a loan and finance your home. 

Simple answer: If your current mortgage rate is favorable, a HELOC can provide flexible access to funds as needed for the renovation.

Although, there are some different ways to get creative with your situation which I am happy to explore with you, as I am a loan officer. If you would like to discuss further, please schedule a time to chat using this link: https://calendly.com/tycoutts

Hi Levi Wittenberg. My name is Ty Coutts, and I am a loan officer in Denver. I appreciate your passion for real estate investing and would love to talk about creative financing options if you're interested. Please don't hesitate to schedule a time to talk below if you're interested.

https://calendly.com/tycoutts

Hi CPT Awesome! Thank you for your service and for sharing your plans. Your background and goals are impressive, and it's great to see your enthusiasm for real estate investing. I am a loan officer licensed around the United States and would love to answer any questions you may have. Don't hesitate to schedule a time below if this appeals so that we can chat and discuss creative financing options.

https://calendly.com/tycoutts

Best,

Ty Coutts

Awesome thanks. My contact info is in my profile!

Hello, John Giggy. Here's some clarification and advice regarding your client's concerns about purchasing a property with a CLTA (California Land Title Association) policy:

Understanding CLTA Policy
CLTA Policy: A CLTA policy is a type of title insurance policy commonly used in California. It insures against defects in title up to the date the policy is issued. It generally covers issues like forgery, undisclosed heirs, and errors in public records.

Lender Acceptance: Many lenders typically accept CLTA policies because they provide coverage for common title issues. However, lender policies can vary, and some may prefer an ALTA (American Land Title Association) policy, which offers broader coverage.

Impact on Future Sale:

Cash Buyer vs. Mortgage Buyer: It's true that some buyers who need mortgage financing may prefer properties with ALTA policies, which provide more comprehensive coverage.
Potential Buyer Pool: While a CLTA policy might not deter all mortgage lenders, it could potentially limit the pool of buyers who are eligible for certain types of loans or who may prefer the broader protection of an ALTA policy.

Recommendations:
Discuss with Title Company: Engage further with Chicago Title or another title company to understand the specific reasons why they are offering a CLTA policy instead of an ALTA policy. They can clarify any concerns about lender acceptance and provide insights into local market practices.

Consult with Lenders: If your client anticipates selling the property in the future and is concerned about buyer financing, consider reaching out to local lenders. They can provide guidance on their policies regarding title insurance and preferences for ALTA vs. CLTA policies.

Negotiate Terms: If feasible, negotiate with the seller or title company to potentially upgrade to an ALTA policy if it provides greater peace of mind for your client and enhances future marketability.

Educate Buyer: Ensure your client fully understands the implications of the CLTA policy versus an ALTA policy, including potential impacts on resale and buyer financing preferences.

While lenders can generally lend on properties with CLTA policies, buyer preferences and market dynamics may vary. It's crucial to gather specific information from local title companies and lenders to address your client's concerns effectively. I am here to answer your questions, so don't hesitate and set up a time to chat with the link below if you're interested in more insights as I am a loan officer. 

https://calendly.com/tycoutts

Hi, Luke Edwards. Seller financing can be a great way to acquire property, especially if the seller is open to it and favorable terms can be negotiated. I would consider these possible strategies. 

Subject-To Financing:

Definition: In a subject-to deal, the buyer takes over the existing mortgage payments without formally assuming the loan. The mortgage remains in the seller’s name, but the buyer gains ownership of the property and makes the payments.
Risk: This can trigger the Due on Sale Clause, so it’s essential to understand the risks and have a plan in place if the lender calls the loan due.

Wraparound Mortgage (All-Inclusive Trust Deed - AITD):

Definition: A wraparound mortgage involves creating a new mortgage that "wraps around" the existing one. The buyer makes payments to the seller, who in turn continues making payments on the original loan.
Structure: The new loan is typically for the full purchase price, minus any down payment. The seller benefits from the spread between the interest rates of the old and new loans.
Agreement: Ensure a clear agreement on who will be responsible for the existing mortgage payments and how any arrears or defaults will be handled.

Seller Second Mortgage:

Structure: The buyer gets a new first mortgage to pay off the existing loan and a second mortgage held by the seller for the remaining balance.
Consideration: This may require refinancing the existing loan, which can be costly and may change the loan terms.

I hope this helped. I am here to chat as I am more than happy to inform people on the industry. Please schedule a time below to chat below if you have any questions you would like answered on a call.

https://calendly.com/tycoutts