All Forum Posts by: Wilson Churchill
Wilson Churchill has started 8 posts and replied 461 times.
Post: Seller trying to back out
- Madison Heights, MI
- Posts 471
- Votes 132
Originally posted by @Account Closed:
Originally posted by @Wilson Churchill:
I would respond by saying "I am prepared to go to court, if necessary", whether that means forcing the sale or just suing for the 305. It is very easy to sue in small claims court for the inspection fee..
Here you would have the pleasure of paying $250 for the filing the complaint and $40 for serving the defendant. Very easy and a totally waste of time and money.
When you win your case, you also win costs. Even if that weren't the case, with the small claims, at least in my area, the cost would be less than $100 for filing.
Post: Seller trying to back out
- Madison Heights, MI
- Posts 471
- Votes 132
I would respond by saying "I am prepared to go to court, if necessary", whether that means forcing the sale or just suing for the 305. It is very easy to sue in small claims court for the inspection fee..
Post: I bought a Freddie Mac OO first look house now Kroger wants to buy it (can I sell legally)
- Madison Heights, MI
- Posts 471
- Votes 132
Counter offer at 3x the purchase price.
Post: Tenant Claims He Smells Mold
- Madison Heights, MI
- Posts 471
- Votes 132
If the house is on a crawl, there may be some mold under the bathroom. Otherwise, I would recommend that he buy a HEPA air filter. Any HEPA filter should technically be able to filter mold spores from the air.
Post: Would you evict a pregnant woman?
- Madison Heights, MI
- Posts 471
- Votes 132
Where is the father? Why are they wasting resources reporting on this nonsense?
Post: Conflicted with 15 vs 30 year mortgage for first investment property
- Madison Heights, MI
- Posts 471
- Votes 132
In my opinion, the only time it makes sense to pay down mortgage principal is if there are no options to use the cash flow to invest elsewhere, such as in additional properties. If you aren't planning to acquire any more properties, and you aren't planning to invest your money anywhere that you might earn a higher rate of return than the rate of the mortgage debt, than it makes sense to pay down the mortgage debt.
Post: risk associated with direct deposit to collect rent
- Madison Heights, MI
- Posts 471
- Votes 132
Originally posted by @Susan M.:
This sounds a little shady to me. The verification of the deposits is a security measure used by the banks to verify that the person giving the account information is actually the account holder. Your tenant having to ask YOU for that information seems wrong. By providing this verification information to their bank it implies that THEY are the account holder and that's not the case.
You don't need to have them set up direct deposit. Just print out some deposit slips with your account number on them and provide them to your tenant(s) who can then go to any branch of your bank with cash in hand and deposit the funds using your deposit slip. There is no risk of them being able to withdraw from the account that way, as long as your bank is doing their job
Your bank may have a different policy. This was what was explained to me by Chase. They indicated that they would only need my name, address, and account to verify the correct account. Anyone can make a deposit.
Post: risk associated with direct deposit to collect rent
- Madison Heights, MI
- Posts 471
- Votes 132
I use Chase QuickPay whenever possible. It is free, and I can see on the statement the source of the transfer. Otherwise, I let tenants make a deposit into my account by giving them my name, address, and account number.
Post: MF house with one furnace
- Madison Heights, MI
- Posts 471
- Votes 132
You could make them split the bill, based on the number of square feet or something. When one unit is vacant, you can cover that portion.
Post: Maxing a credit card for down payment on property
- Madison Heights, MI
- Posts 471
- Votes 132
Deposit the money into your account with a "balance transfer" check.