All Forum Posts by: Sky Mikesell

That could be the longest post in the history of BP.

It doesn't appear you are getting any responses I would try out thumbtack or home advisor or Angie's list for finding contractors. Each of them have their pros and cons. It is tough finding someone great to work with. Good luck

How far away is closing date? If 5 days I understand the buyer wanting to keep it convenient if 30 days he HAS to put down EM that is too long to wait to see if he is telling the truth. If he is lying it doesn't matter what title company he doesn't end up closing with.

Yes most landlords give up the likelihood of collecting in the near future is bleak. Recently we have started turning out over to collection group who just harass them and eventually get something out on their credit and if one day they ever clean up their act to buy a house we may get paid. Warning Shameless plug coming up next: The best way to protect your income on your rental property is by have a Rentsure membership. This protects you if the tenant doesn't pay you won't lose any rental income at all and it won't cost you the eviction and you won't be chasing them for the next 10 years hoping for a few scrapes of their money. As a disclaimer i run Rentsure in the U.S.

I personally was not trained by them .... I don't believe they are considered a joke at all. Their prices are what they are and you will hear all about that from all on here , I have a few friends that work for them and unlike the other "employed" people I know they don't complain about their employers so I think there is something to it.... In fact one of them talks highly of the leadership there. There have been a lot of speakers/ self appointed educators hit the circuit in the last 19 years I have been in real estate and very few of them have had the success of FB and anytime I see success like that there is something to it. As John Maxwell says "everything rises and falls on leadership" I don't have any personal experience with their education and I don't work for them.

If they did this work with out your knowledge or authorization it was done on their own accord. you are under no legal obligation to reimburse them for crap.  now if a water heater had gone out and they called you for 3 days straight and you ignored them then they would have a compelling case.  that said my experience is in the interest of keeping the tenants happy you could negotiate it out with them informing them they did not get your approval and you would not have approved any of those things or you would have got your own repair team to get it done much cheaper..  then again you are in california where the tenants are always right :) good luck. 

Yes i highly doubt you will run into any issue. appraisers are not looking for permits and realistically if you run into an issue you can pay a roofing company a very small fee to come "certify" the roof and the expected life remaining on it.  now if they had built an addition on the house w/ out permits you may run into an issue with the square footage not matching tax records but a roof... not likely.

there are a number of portfolio lenders out there that can help you if you have surpassed your conventional 10 properties on your credit. they will loan as many as you need. you simply need to have an entity set up they can loan to... down payment will be higher, interest rate will be higher, terms not as favorable but you maintain 100% control of the real estate w/ out bringing on a partner or heaven forbid take a w-2 position :)    lima one capital is a portfolio lender we have done a number of loans with and there are others too. if you want to PM me i can tell you my experience with the other portfolio lenders which is generally not good. :)

really the rates are not going to adjust a lot between lenders but fees will. due to dodd-frank and MLA (mortgage lending act) lenders have become a lot more accurate on their (TIL's) Truth in Lending disclosure. you can hand over basic info to each lender you are shopping and request a TIL and look at them side by side to see where they are at.. again your rates will change very little when getting conventional financing.  once you like one you can then and only then have them pull your credit. 

I love these sorts of deals... 

If there is a current 1st position loan making sure the owner is current and stays current. During renovation i would stipulate you get to pay their lender directly. obviously control. If you owner finance you can get the deed moved to your name.  If you lease option then recording the option agreement on county records. in my lease options i like putting a clause in there preventing the current owner from trying to leverage against it and lastly for any money your putting in you can also record a loan against the property. this usually is not necessary if you have the other parts done right but adds a belt and suspenders protection for you. 

if property is in charlotte area i can refer you to an attorney that actually knows and understands lesase options.