All Forum Posts by: Bhanu P.

We closed a REO property in Texas and former owners are still living in the property and when we approached them to give 3 day notice, we learned that they are interested to lease from us for an year.

In normal situations, we do not entertain this scenario but they do qualify our rental qualification and they are so much motivated to stay in the house and wanted to buy it back in an year or so.

Note: We have not agreed to sell it or never given any option for them to buy it back from us. We anticipate these people can be potential long term tenants.

Question is, can we lease the property to foreclosed borrowers or do we face any legal challenges?

Is it going to be regular lease transaction and we can evict them in case of non payment of rent or do they still have any additional rights than the regular tenants since they own the property before mortgage foreclosure by their lender???

Like to hear from someone who did this and experienced the similar situation. Thanks in advance!!!

@Dmitriy Fomichenko @Justin Windham

Thank you for your response. I received very positive feedback on

@Kreighton Reed and Solera Bank

If I can't open account with BofA, Solera Bank would be my option.

Couple of things I have to do is (due to nature of our investment activity)

1) Go to branch personally to get cashier's checks. Note: I live in Houston, TX and nither Solera do have a brach here nor a mechanism to let me have cashier's checks.

2) I'll receive rent payments and tenants can either send rental payment via Zelle (AFAIK Solera do not support Zelle) or mail us a check, which would cause delay, overhead to take care of depositing each time.

It would be so much stright forward if BofA employee can understand what I am trying to accomplish.

@Brian Eastman

I came to know about SD 401K plan from our plan provider's advertisement at the RE networking events in Houston area and I thought they are experts and signed up with them.

@Martha Daisley, @Kreighton Reed, @Dmitriy Fomichenko, @Carl Fischer

I recently opened a SD Solo 401K account primarily to invest in SFR Buy n Hold properties and Quest IRA who helped us with the account referred to ICON bank for opening the account but we do not like them for so many reasons.

Now we need to have a bank account with capability of accepting Zelle and out option is BofA. 

We live in Houston, TX and bank with BofA; it would be convenient in multiple ways to have a bank with local branches than some out of state bank. 

I am trying to open a checking account with Bank of America. When we walk in and talk to Business Banker, we are facing a hard time to explain this particular account type. We went to 4 banks and none of them seems to understand what are we talking about.

Do any of you open SD 401K checking account with BofA, what should be the terminology that I should use? what type of the account that we need to open (my assumption is Trust account is the one that we need)?

I am confused on my next step at this point and posting here to see if you can offer any help. Please do ask me if I need to clarify anything around this. Thank you in advance!!!

Congratulation @Tony Castronovo on your Multi- Family under contract...

Ok, here is something different popped up in my curious mind.

If I were a landlord, leased a SFR and tenant is doing drug business of some sort out of the leased premises., and authorities found out/raised the house, what is going to happen to the house?

Can the insurance policy will come in handy to mitigate the losses or basically landlord is out of luck and will loose the house?

Scary situation if we have to loose the house in this situation. Please chime in and let us know how to mitigate this situation other that the obvious due diligence on the tenant before leasing. Thank you!!!

Hello BP members,

Thanks for your help in advance and recently we closed on rental property # 5.

- We (my spouse and I) live in Texas

- We do have Auto/Personal Home/Umbrella insurance through Geico.

- All rental homes insured through UPC insurance.

Issue: When I called Geico to add my 5th rental policy on Geico umbrella insurance, i was told that Geico will allow a maximum of 4 rental properties to be added on Umbrella policy.

Question: What have you done for the umbrella policy coverage on 5th property and beyond?

Bumping the thread for response.

I am in the rehab process of couple of SFR in Houston area and planning to sell them on Owner financing terms to end buyers who occupy the property as their primary residence. I never done this sort of transaction and in the process of gathering as much information/contacts as possible in this area.

At a minimum, I should at least need

1)Title company

2)Mortgage Originator

3)Attorney

@ Alex Hamilton @ wayne Brooks @ Brian Pleshek @ Fred Heller @ Wayon Gates @ Tom Mole @ Jim Cummings

We sold this property last month on Seller financing to a Primary resident and title came clean during the transaction. It looks like we are good and nothing to worry about this HOA foreclosure issue anymore. Thanks for all of you who provided your input when I needed it.

@ Alex Hamilton @ wayne Brooks @ Brian Pleshek @ Fred Heller @ Wayon Gates @ Tom Mole @ Jim Cummings

I like to give update on this.

I approached the Title company on this situation and after some research, I was asked to make a title claim.

I contacted the Owner's Title Insurance and made a claim.

Title assigned this case to an attorney and attorney sent the notice to the other party stating that they do not have any ownership in the property.

Mean while, I took the possession of the property (by changing the locks one more time) and the other person never showed up after they receive the notice from attorney. Finally it looks everythign is normal now. Thank you!!!

@Alex Hamilton @wayne Brooks @Brian Pleshek @Fred Heller @Wayon Gates @Tom Mole  @Jim Cummings

I like to give update on this.

I approached the Title company on this situation and after some research, I was asked to make a title claim.

I contacted the Owner's Title Insurance and made a claim.

Title assigned this case to an attorney and attorney sent the notice to the other party stating that they do not have any ownership in the property.

Mean while, I took the possession of the property (by changing the locks one more time) and the other person never showed up after they receive the notice from attorney. Finally it looks everythign is normal now. Thank you!!!