All Forum Posts by: Alex Malone

The bolded underlined part is what the seller crossed out. @Sarah Ziehrat this point it's not even up to me but my broker is not agreeing to this. There's language in addendum where i agree to indemnify, and to hold harmless, seller, his broker, his brother, seller's dog, and any person who ever seller had contact with in the last 100 years. So they're covering themselves but exposing my broker!?!?

@Wayne BrooksFL boileplate standard contract has a 22 line "PROFESSIONAL ADVICE; BROKER LIABILITY" section. Most of the lines in that section are just crossed out.

So made an offer through agent on this REO that was listed on MLS. Seller's agent came back and verbally agreed to our price but asked for 0 day inspection and closing day a month away (it was a cash offer so offered to close almost next day). Very odd, still, sneaked my inspector he didn't find anything crazy so i decided to move forward and verbally accepted. Now get back our offer back from the agent with few items whited out and changed on my behalf (instead of crossing stuff out and making me initial changes). If not for agent i wouldn't even have noticed. Things were changed were under SPECIAL ASSESSMENTS "...If special assessments may be paid in installments:" he whited out my box that said

"Seller shall pay the assessment(s) in full prior to or at the time of Closing." And checked

"Seller shall pay installments due prior to Closing and Buyer shall pay installments due after Closing."

Then he crossed out the whole section of the boilerplate contract where i agree to hold brokers harmless from errors in public records and other stuff. There was also a 12 page addendum where i promise to indemnify and hold harmless seller and his broker and where i waive my rights to pretty much everything including a trial by jury. On top of that seller wanted 10% EDM wired to them today. My agent bounced it off her broker and she said that it's a boilerplate FL contract and brokerage firm can't agree to all of this additional liability. Anyone had anything like that happen?

So we fully own few SFRs rentals under an LLC (no mortgages). And we want to buy few more cash properties. Can someone give me some info on the portfolio lenders? Specifically, what are the current typical rates, LTV, max term/balloon? Do portfolio loans need to be personally guaranteed? Will personal DTI matter or will they look more on LLCs cash flow? Is there seasoning?

Is it realistic to refinance with 80% LTV cashout with a 30yr fixed 4.5% term without personal guarantee?

I realize that the numbers will vary but just throw some numbers at me. The properties are in FL St. Petersburg

So if the LLC will want to mortgage the property in the future, will it make any difference if the property was quitclaimed or warranty deeded with title insurance?? Or it doesn't matter as the lender will run a full title search anyway?

I'd definitely bump it up, and then step down if you're not getting enough interest. The tenant who can afford to pay $1250 is usually a better quality than the one that can afford $800. If you rent within 72hrs you're pricing under market

Hey @Dylan Jaeck @Account Closed@Michael Valerio i'm always interested in St. Petersburg. My target area are SFH that rent for around $1200 and generally like to stay north of 9th Ave. Please add me to your lists when you have something.

Thanks but all those action require me to take steps on behalf of the tenant. Wondering why there's no clear cut ACH pull solutions that many in other industries are using.

@Bob Ebaugh@Jeff Copeland

Bob good call about fixtures that one slipped me. Will look into property cards tonight, but enclosed porch is NOT included int living area just included in the gross areas sf along with an unfinished garage

I have some elder tenants that dial up their credit union every month and pay $25 to wire rent because their credit union claims not to do ACH!? They don't use computers/smart phones so anything they they have to set up online themselves is out of question. Is there a service that lets me do ACH pulls from their accounts? My HOA does that, but can't find out who they're using.