All Forum Posts by: Michael J.

Probably doesn't address your question but i am not too sure about anywhere else however, in my part of Queens, NY, the listing agent pays the buyers agent from their negotiated commission with the seller. 

@jerrybruckenheimer @russellbrazil both of you make valid points that what's important is the overall detailed report. 

I don't see how this bill would benefit either party. 

This bill could potentially lead to other states following suit and expanding upon a problem for a solution we already have. 

I'm not sure if fellow investors based in NY are aware but; there was a new bill introduced that may dramatically hinder how potential tenants are screened. 

I cant see how this is beneficial to an investor considering this is a major indicator of not only tenants being responsible by paying their bills, but also paying on time (Dave Ramsey's opinion would differ).

 Read below

“Ludicrous” new bill would prevent landlords from checking tenant credit scores

The city government may soon make it harder for landlords to screen potential tenants.

Council member Mark Levine introduced a bill that would prevent building owners from using FICO credit scores – as well as information about medical debt, consumer debt judgements and debts sent to collections – in selecting tenants to rent to.

“We don’t want people who have had tough times financially to be blocked out of the housing market. If that happens they’re going to end up in homeless shelters” Levine told the New York Daily News. 

He also cited difficulties faced by affordable housing developments in finding qualifying tenants. 

The bill would still allow landlords to obtain proof of income, as well as detailed credit reports that include information on total debt owned, bankruptcy and foreclosure history and delinquencies on current debt, the Daily News reported. 

Those caveats weren’t enough for the Rent Stabilization Association’s Frank Ricci. 

“It’s a ludicrous idea,” he told the Daily News. “An owner has to have some ability to screen a tenant’s ability to pay the rent.” 

The bill doesn’t specify a fine for landlords who fail to abide by the proposed rules, but tenants would be able to bring complaints under the city’s human rights law. [NYDN] – Ariel Stulberg - See more at: http://therealdeal.com/blog/2015/11/11/new-bill-wo...

you sir, reinforced the fact that there are millions to be made outside of working a 9-5. 

i plan to take the same path and (hopefully) will leave my current job within the next 10-12 years. 

great job

Thank you all for the responses. As a beginner. i'm currently searching for a lender that would fund my small loans until i am able to afford more house. I thought Quicken may be a good fit considering they finance loans $50k and up. 

Thank you again. 

Hello everyone, 

I did a search on bigger pockets about Quicken loans and was unable to find a thread.

My question is, have you ever used Quicken loans for financing deals? If you did, how did it go and what is your opinion. Thanks. 

Wow, i started reading this thread at 7pm EST and just finished at 950 pm. I was expecting a conclusion on page 28; however, now it seems as if there is still no resolution in sight.

I would hate to see a concession from you on this even though legal costs are mounting. This is unfortunate and unfair that someone can abuse the system with little to no recourse from the petitioner. Considering I've been a party to legal matters from 2012 till 2015, I completely understand your frustrations and i will continue to tune in. Good luck to you sir 

I went to NYREI in Syosset, NY. I had a voucher from Rapid Realty and didn't have to pay anything out of pocket. I'm not sure if they still offer that option providing you sign with them as an agent. However, Groupon always have deals on real estate courses.

Buying a house is one of the biggest purchases you will make in your entire life. As such, there are contracts involved and a ton of paperwork to sign. This is no simple task and should not be taken lightly as if you were buying a car.

Aside from having an inspection done, and the title company present, an attorney is essential to the process. 

can someone elaborate a bit on utilizing a LOC for a small business to purchase real estate? i was not aware that this was possible.