All Forum Posts by: Ann Bellamy

A hard money lender probably won't fool with it either. The closing costs will equal or exceed the loan amount, depending on rates and transfer taxes.

Speaking from the hard money side, I'd rather you were upfront about it. It is common that hard money pre-approvals are more approvals to do business, like Alice said, than approvals of a specific deal. Since hard money approves the deal and not the person, until there is a deal, it's hard to specifically approve a property.

I'm all tangled up in my own words, so I hope that made sense.

And believe me, that lender won't be shocked that you went conventional. I tell everyone that if they can go conventional, they should.

Ben, I read every word, all the way through to the end. Congratulations, persistence triumphs over all obstacles.

So keep at it, it's nice to hear that you didn't give up. Future deals will be easier, and you've discovered that commercial financing, when approached properly, is usually much easier to obtain than residential. The key is selling yourself and your deal properly.

Great story, and good luck to you.

I think it's going to depend on the local preferences, the architecture of the house, and the pricing.

To me, oak is totally dated. Even maple is a little dated. The current high end kitchens are going with darker sleek cabinets - think espresso finish or dark cherry.

If the property has some antique or reproduction characteristics, such as is common in the northest, painted with reproduction hardware is appropriate. Don't go with colored paint, like green or blue, it's too specific.

Low end houses still like oak, or home depot maple, which is not expensive.

sounds like you are living by my mantra-

Do something, even if it's wrong.

Doing something is always better than waiting to see what happens, in my opinion. Because then it will happen to someone else!

Go for it, and good luck.

I don't know the laws in Iowa, and the majority of people on this forum won't either. And it appears that you don't either. But I'd be careful if you've never done an eviction before. Find a local attorney who does evictions in your area, and consult with him. The cost of messing up an eviction can be months and months of delays, and a pissed off tenant who now has the upper hand because you screwed it up the first time.

Once you know the process in your state, you can be more confident in future processes.

We pro rate. In this area, there is no hard and fast rule about moving in and out on a specific date. We don't have much of an issue, people stay til the date they are ready to move out and pay per diem for when they are there. And if they move in on an odd date, we charge a full month, from say the 10th to the 9th. Then the next payment is the 10th to the 24th, and then the next payment is the 25th to the 24th. Not an issue.

I almost never have a vacancy for more than 2 weeks, and that includes time to paint and repair. Sometimes I have someone waiting to move in the day after the old tenant moves out.

It's just not an issue. I don't have to line up with any management company or big complex. Maybe it is what is customary in an area. In New England, there are a lot of small apartment buildings, and not a lot of complexes.

John, I didn't mean to hijack your post, but I'm hoping this information is helpful to you.

I send all my borrowers to this agent, his rates are very reasonable, and many of my borrowers have switched all their policies to him.

I like him well enough that I have posted a link to him on my website. He is very quick to respond.

Try Tim: http://www.nreinsurance.com

Good luck, and let me know what you think.

Ok, here is the opposite view:
I have been collecting rent on the 25th for years. The reason is not the same as Lou Brown's - My mortgages are due on the 1st, so in order for me to deposit the rents and have them clear the bank, I make the rents due on the 25th. And just to be clear, my rental period goes from the 25th to the 24th of the month, and all my leases are done that way. I carefully explain to each new tenant how it works and why. Once they have adapted the first month, I almost never have a problem.

It seems to me that the people who have a problem, (who are very few, by the way) are the same people who would have a problem no matter when the rent was due, because they can't plan ahead. They are also the same people who buy a new giant tv but can't pay the rent, or a new souped up Mustang just before they lose their job. They are the same ones who party at 2AM and light up the gas grill on the wooden deck right next to the vinyl siding.

So you have to make your own decision. I will say, however, that most of my tenants are paid weekly or biweekly, so that may be a difference.

I have made other arrangements occasionally for the elderly living on a social security check.

I bought an 800 number from tollfreenumbers.com, Bill Quimby. Then I transferred the number to phone.com

I compared virtual pbx's and found phone.com to be the best value for me. I get all sorts of menus, prerecorded messages, and forwards and extensions, and after buying the 800 #, I think it is less than $20/per month.

And you don't need a landline for magicjack, just a broadband internet connection and a USB port on a PC. The number comes with the MagicJack itself, and is completely portable. You can plug it into your desktop or your laptop. But the broadband connection is a must.