All Forum Posts by: BrannDon Albert

Sorry, I should have mentioned in my original post that the townhouse is currently a rental. Previously our primary residence. Property currently has a first and second mortgage, I think both are ARMs so we would like to refinance completely plus pull out some cash. I will update my original post to clear that up...

Hi there! My wife and I are looking to do a cash out refi on our townhouse. Wondering if anyone has any recommendations for a good lender in Colorado.

Got something from my insurance agent today that says they added "loss payable provisions" to my rental property policy. It's making my head spin trying to understand it and I'm usually pretty good at figuring out what the heck they are trying to say! Says: The following is added tot he loss payment property loss condition in section I - property, as shown in the declarations or by an "a", "b", or "c" in the schedule: A. Loss payable For covered property in which both you and a loss payee shown in the schedule or in the declarations have an insurance interest, we will: 1. Adjust losses with you; and 2. Pay any claim for loss or damage jointly to you and the loss payee, as interests may appear. B. Lenders loss payable 1. The loss payee shown in the schedule or in the declarations as the creditor (including a mortgageholder or trustee) with while you have entered a contract for the sale of covered property, whose interest in that covered property is established by such written contracts as: a. Warehouse receipts; b. A contract for deed; c. Bills of lading; or d. Financing statements

That is more or less what I was thinking. Plus, worst case scenario i suppose would be that they think I am a jerk and don't want to work a deal. 

Are there any difficulties that are introduced because they have been served a default notice? Does that get in the way at all or make it harder for the owner to sell?

@Robert P. Good point. Though, a quick "Hey do you guys like wine?" isn't too hard, I agree that getting to know them a little better and doing something less generic would be good. Maybe I am just passionate about free wine since it has always worked on me :)

I have not yet gotten a signed lease for my first rental property, but I really like this idea. Though I am thinking more along the lines of a gift basket that says "Hey I like you and I am excited to have you here" rather than something the seems less personal like lease docs and a How to Pay Me guide (shoot I forgot to use the sarcastic font). 

I am surprised that nobody has suggested a bottle of wine or champagne for the new tenants to enjoy while they celebrate their new home.

I think this might be a relatively basic question, so please forgive my naivete if that is the case. So I can see on Zillow the loan amount for the most recent time a home was purchased (in this case $371k). I can also see that the lender has been served a notice of default. The Zestimate for this property***** (<-- those are my grains of salt that I take with any Zestimate) is ~$480k (IOW, a difference of over $100k). 

Here's me question. This person is obviously in financial straits given they are in default. Is it reasonable for me to think that I could try to get in contact with this person and make them an offer for say $390k, which satisfies their note but is still WELL below the market value of the home itself? Is that a jerk move on my part? Do I not care if it's a jerk move because the might just accept and, condition dependent, I would have ~$60-80k in after rehab equity on the property??

Had someone turn me on to Turbo Tenant. Really like it so far. Was able to create a listing from their site that reposted to several other sites. Prospects pay a an application fee to apply through their site and I get background check, credit check, eviction report, etc. so far it looks to be exactly what I was looking for!!

@Dan Mackin have you worked with them before? Good company for a newbie?

Getting ready to list my first rental. Looking for suggestions for a tenant screening and application website or service. I also just recently heard about property management companies that handle just the tenant transition then hand management back to the owner. If you know of someone good for that in Colorado I would appreciate that too. Thanks in advance!