All Forum Posts by: Robert Steele

I have used citicredit.net for years too but they recently changed their web address (smart move - not) and now I cannot find them.

My app fee usually is whatever it costs me to pull their report and do a background check (~$25). Even if there is more than 1 adult tenant I still only require 1 credit report (plus bounced check and eviction search) if that tenant has enough income to qualify and I only put them on the lease. I still do a criminal background check on the other tenants though. If they both need their income to qualify then it's 2 credit reports and 2 app fees.

I find having only 1 tenant on the lease makes things less complicated when running into issues collecting rent. They are solely responsible for the rent even if the other tenant didn't pitch in their half or spent it on gambling.

Which reminds me of my favorite saying as a landlord; "Not my problem." When a tenant tells me that they can't pay the rent because they had to spend it on their car that had broken down; "Not my problem".

There are a lot more variables to consider here. Perhaps those investors don't like being slumlords and that is why they are avoiding the cheaper cost / higher cap rate properties.

It is really tight here in Collin and Dallas Counties. There is just a little under 3 months supply of houses on the market. The last time we were at these levels was at the height of the housing bubble.

I believe Fabian. I have some anecdotal evidence of what he says is going on in the market. For instance, there is a SFH foreclosure across from one of my rentals. It was foreclosed on and the owners were kicked out about 90 days ago (I know this because the owners moved across the street into my rental). The house has been winterized and it is vacant but it is still not on the market.

Real estate expert Fabian Calvo says there’s more to the story about rising prices in the housing market than what’s reported by the mainstream media. Calvo charges, “There’s a tremendous amount of manipulation . . . Yes, prices have gone up 3%. I see it, but it’s because the inventory has been suppressed on purpose by big players . . . not foreclosing on properties.” Calvo should know because he runs a company called TheNoteHouse.us. It buys and sells $100 million annually in distressed debt and real estate. Calvo says, “Over 20 million houses, on any given night in America, are completely sitting vacant.” According to Calvo, the economy is being helped by “shadow stimulus.” It’s coming from millions of underwater homeowners who have stopped making mortgage payments. Calvo says, “Money that would have been otherwise allocated towards a housing payment is going into consumer spending.” The Fed is also propping up housing by suppressing interest rates. Calvo says the fragile real estate market would crash if rates rose just a little, and he adds, “That’s why you’re going to see low interest rates . . . through 2015 or until there’s some kind of dollar or bond crisis.” Join Greg Hunter as he goes One-on-One with Fabian Calvo.

http://www.youtube.com/watch?v=uMpaaGr6YBs

Rob K I just contacted Wells and they will only do up to 60% CLTV which is about $20K.

Kyle J. unfortunately/fortunately? I have a sweet HARP loan on that property at 3.875% and I don't want to refinance it.

Arggh! Posted in the wrong forum.

I have a nice property with about $100K equity in it - 50% LTV. I have owned it for several years. I wanted to get a Home Equity Loan on it to shuffle some of my equity around between properties but none of the big or local banks I have tried will touch it unless it is owner-occupied.

I think this is rather stupid on their part. They will give me a $40K unsecured loan but they will not given me $40K loan secured by a SFH rental. Hmm, that makes sense. *not*

/rant off

Err.. I don't know where you heard that but it is wrong. Quit claim deeds are not worth the paper they are written on in Texas. Perhaps you are thinking about a Quiet Title Action?

Check out my blog post here on BP from a few years ago.

https://www.biggerpockets.com/blogs/1028-uncommon-knowledge