All Forum Posts by: Brian Louderback

We were in negotiations with Christiana Trust and one of their foreclosure properties. We were planning on making this a primary house so we really wanted it but it needed some repairs. We made an offer, they countered, and then we countered back. They immediately rejected our offer and put the house Temp Off Market. This was back in July. The house is still unoccupied and still listed as such on the MLS.

I called the listing agent but they said that the banks do this from time to time and they have no idea when the house will go back on the market. 

Any ideas on what i can do in this situation? We've been looking for other houses but haven't found anything comparable in the same price range and location.

Their reports are horrendous though! So hard to read.....

When i had a realtor do a background check for me they used a local tenant screening company to do it and it was 100x better than myrental.com as far as readability goes.  

I had a horrible experience listing my rental by myself. I posted it on rentlinx, postlets and craigslist and only had 3-4 calls in a month. My property is located in a very desirable part of West Palm Beach, it was priced comparably, i had just renovated the house and it had all new everything, and i took awesome photos of it! I didn't understand what was going on so i contacted a realtor and had them list the house using all of my photos that i used previously. Right off the bat i had 3-4 showings a week and received multiple applications.

So in my opinion i would never do it again without a realtor. I guess people in this area only use realtors for their rental search? The only bad thing is you they will charge you 1 month rent for commission. Good thing for me i just got my real estate license.

I'm confused do you put yourself as additional insured or additional interest?

Also my rental property is in my personal name and insured in my personal name. But my LLC is doing the property mgmt, collecting rent, ect... So would the additional insured/interest be my name or my LLC's name?

Wow just goes to show that it can and does happen.....

I knew when i asked my bank and they said no to me transferring the deed into my LLC's name that i wasn't going to do it. But so many people told me that the bank would never issue a DOS on a performing mortgage...

What is the benefit of that? I'm not familiar with those?

I was thinking the same thing. I started an LLC but my mortgage provider said i can't put the house in the LLC's name. So i was thinking about still keeping the LLC but just to use it to collect rent and to pay bills, like a mgmt company.

Well now that i asked i might be on their radar? Ughhhhh....

All expenses. Supposedly there is an income limit, which we exceed, for any write offs if the rental is in my name vs being in a LLC name.

lol i know.... But i spoke with a real estate attorney and he suggested that i should ask them since if the bank finds out they will require payment in full for the balance of the mortgage. I really don't want to worry about that.