All Forum Posts by: Lelith Walker

Hello:

One private money lender approached me on facebook and he said the only fee he charges is a loan insurance premium cost before being funded with the loan and it's the only payment made before being funded and it can't be added or deducted from the principal amount to be loaned.  I have never met him in real life which seems to contradict the definitions presented above.   Is this a fee other lenders like these charge? 

I tried to run a background check and I was unable to find any information on this person or his business.  How does one find out if the lender is legitimate?

How do you evaluate a hard money or private money lender?

What affiliate programs are available to landlords? flippers? rehabbers?

Lol Bill S.  Thanks for the input.  The price was attractive but I had a feeling there were other variables that I probably could not see.

Hello

If you inbox me I may be able to assist.

You have to check your city legislation for what is the amount of tenants you can have in a 2 bedroom apartment.  Some states will state 2.5 people per bedroom others say 1.5 per bedroom.  Some states have different rules for those landlords who live in the house as opposed to those who live in another.  For example, in NYC if you have a 4 family you can discriminate only if you live in one of the units.  You cannot if it is commercial.  However, I believe you can deny renting to a child sex offender if the building is near a school.  If you do rent to sex offenders you are supposed to report it.  Not renting to sex offenders or excons is not discrimination. Discrimination only protects sex, sexuality, race, religion, income, age, national origin, marital status, disability.  Sometimes there are leeways for religion, age and sex but normally that is for organizations that own property for example Senior housing, Women in Need Battered women, or male Veteran housing.  

I have been seeing a ghost town in Colorado that is 30 min to one hour from Denver is up for sale for in the range of $250000-350000.  I know that two of the buildings are in need of a septic tank.  The town was deserted after someone was murdered back in the 1970s.  It has a motel, gas station, store, shop, cafe, 2 homes, and mobile home. 

I am just curious what would you do with a property like this?  How would you go about evaluating it?  Don't just say numbers give me a break down.  Also what about politics, getting a police force, firemen.

I am in Riverdale and the only issues I have run into is the problem with is they only have one person who inspects the whole county and they also are slow when it comes to evicting people.  It is an up and coming area though.  My area is not dangerous so I would go visit or pay someone to look at the property and area for you.  A boots on the ground person like wegolook company or a college student.

I use Tracy Ellison for my property manager.  He is also a investor friendly realtor.

Thanks guys I am awaiting a response from the homes to see who the direct contact person is

I just found out that some nursing homes pays landlords to house nurses from the Phillipines for three years.   How do I evaluate these possible potential tenants.  They are not going to have housing court history, tax returns, bank accounts, etc because it is their first time in the US.  Is there a skip tracing tools that works internationally? 

The nursing home pays per bed.  Do I have to furnish the apartment or is each nurse responsible to buy their own bed or will the nursing home take care of that as well?  Has anyone participated in this type of program?  If so, did you have a problem tenant and how were you able to handle it since it was part of a program?