All Forum Posts by: Lolita Ellis

Absolutely check out PM's in the area, pick their brains as to suggestions- by all means Im sure they would be willing to share some info since they want you as a customer. Contact a couple of agents and get their input on the current market.

Having a rental becomes a pain when you have high turnover, and no money in the bank. Remember no tenant is better than a bad tenant- practice the same screening criteria- read some more posts on BP, if you are local I don't think its a bad way to get started in this experience, especially if you plan to invest.

I wouldn't think it could be all that bad in Gaithursburg- Voucher or not Screen THEM ALL! Every city has those people who like to get over. Never make decisions out of hastiness think it through- those are often the times when we see things go down hill... Being desperate.

Absolutely you never fail until you give up. Mistakes are to be made in which they do create learning experiences:

Even the unexpected setback can bring new or positive possibilities if you choose. We can all find value and fulfillment in any circumstance

- Ralph Marston

Im recovering from my own as we speak- no influences but my own. As a Broker I will tell you agents are there to get paid as well as you are investing to make money. Unless your agent can stamp their name name on it or have some sort of tie to it and go down with you- there j.o.b. is to sell. You must educate yourself. Even working with an agent I would still inquire with other agents about what they see on the mls as far as comps talk/chat with other investors get their input.

Markets.... its all up to you to find the one you are comfortable with in your backyard, neighbors yard, cousins yard- no matter what area location you choose do your own research - be a need to know type of guy "NOSEY". Learn about the intricate's of Real Estate. I learned more here on BP than ever in the last few months besides my own mistakes. Join local meet ups, if you want to know whats going on in DC join some of the blogs so you can have insight on whats developing in the area or any area where you decided to invest. An area may not be the best now, but if you clear your eyes a bit DC has undergone some serious changes and trust me as they work so hard to out the Go-Go- (no offense here- I love go-go) They are not done yet!

The lender will review their financials for a mod, but not necessarily yours as you name is not on the loan documents/deed ........ as payments are being made documents are being drafted for a perm. mod. It can in fact take longer than three months as many of us know. There is an assumptions department. Im not sure if anyone has knowledge and I hate to ask the question as this is very interesting. Would it be wise to say the file is then transferred to the assumptions dept.?

My questions is because I have clients come to me all the time due to deaths and they want to assume a mortg. that is behind and the lender asks if the persons name is on the deed. Anyone Im curious- maybe we should suggest a subject to-

But as everyone has stated always always always get a title search done. Build a relationship with other investors in area and realtors. See who they recommend for title searches and are use to working with local investors. Those that are "hungary" and receptive to forming new relationships always give more.

Get tiel insurance a must and 100% always do a home inspection.

@Jerry W. Thank you. I will def follow the advice of the attorney. He just had us shaking in our boots so I wanted to see if anyone else had experienced this. Thanks alot.

Hey BP Fam,

I have been pondering for several months on this so I decided to reach out to you and ask of you opinions. As they are always helpful and make us exercise our critical thinking skills! I am thinking of forming an Llc with a friend but in our process of discussing I was informed that they are in BK…..

We were going to combine funds but both of us were advised by an attorney that this may not be in our best interest. The attorney suggested she check with her BK attorney…. He also suggested that we consider just a joint venture as I have read b many. My friend is concerned with protection. It was then suggested that we each for an llc then do a joint venture together. Any thoughts?

Ive read many prior posts on BP and I did propose the idea of the JV because of some of the questions and answers that Holdman, Scott, Gully, Carey, and everyone else has stated. It had me concerned and almost scared in my pants and that was the purpose…

Your thoughts? Questions I should be asking or concerns I may be missing?

I strongly agree with Joel Owens. If you have not purchased a property or it has simply been a while take a moment to get an idea on the general process. To learn the basics take a Home Buyer class through a counseling agency or with the county, some offer them for free. This can equip you with some handouts etc that provide everyday real estate terms. There are even little classes online through lenders websites, bank rate.com, mtgprofessor. Search through BP for exit strategies and write it down, or store it on your MAC, Ipad, Pod, Phone whatever. You want to get your feet wet, but if anything try to gurd yourself as much as you can so you wont be victim and know whats going on. There are some who say you trust them, but when you are dealing with your money, credit whatever don't just throw it all into someone else's hands.

It may be a lot to digest Im not saying try to learn it all, because we are all still learning everyday. It helps to have a least a little pocket dictionary you jumped into and studied."Did a lil bit mo' homework."- My older brothers line to me.

I finished reading and I am floored by the response........ Truly someone would have been hearing crickets**** blink, blink**** between.

Try the letter route.

I haven't even taken the time to read all the posts, but the the owner still has their name on the utilities they would normally request something maybe the lease. I had a client who was selling but the home was tenant occupied.... well they were clever enough to put the utilities in my name. Hmmm hope this was clear and not confusing.

They may have had a stiff deposit, Im trying hard to refrain from choice words. Id turn them off and review your lease. May be time to move on. The utility co. may ask for their date of occupancy in which you can provide. Adding to the rent may not even work unless you have that in writing to, and possibly reviewed by legal.

Wait A sec.........

Itemized form showing who money goes to and services. Also known as settlement statement

http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf

http://www.karensperspective.com/hud-1-settlement-statement/

When you are making contacts with agents also ask them to suggest title companies. You will def need for title searches and then you can start to compare their fees and learn line items of the HUD 1 and average of what to expect. Im sure someone has a link on here they can refer you too.