All Forum Posts by: Nicole Bryan

Hello team,

I have a rental property that burned down to the ground recently. Adjuster called this morning saying that he was going to request a payout for the 200K cash value. I owe about 125K (mortgage, demolition work, etc) so stand to have 75K left after everything is taken care of. 

My question is - will this 75K be taxed? If so, how much of it, what are the implications, etc...

If helpful, I put about 25 to 30K to purchase it and have spent 10-15K on it so that's 40-45K out of the total 75K.

Thanks so much.

Hello team!

Wondering if anyone hear has lost a building to a fire. My six unit building has been totally destroyed by a fire. I am about to jump on the phone with the insurance company. 

Anyone have experience with this? Who is in charge of making the decisions? How do I know if I rebuild (if that's an option) or just pay off the loan? I owe 71K on the property and I believe the cash value of the insurance is 200K.

Any advice that may help in understanding the process is greatly appreciated. Thanks so much.

Even in Maryland?

It was a single asset cash out refinance through Finance of America. I meant the closing/settlement sheet. The lender refused to add it as a line item. Thanks.

Hi everyone!

I have an agreement with a broker in Maryland to pay them 2% for a deal that I just closed. I however learned later that he had charged the lender 1.5%. I read somewhere that mortgage brokers cannot legally be paid by both the buyer and the lender. Is that correct?

Am I doing something wrong for writing this guy a check? The lender refused to put the broker's 2% on the HUD-1. Should I request a w-9 form?

Thanks!

Hi everyone!

I have an agreement with a broker in Maryland to pay them 2% for a deal that I just closed. I however learned later that he had charged the lender 1.5%. I read somewhere that mortgage brokers cannot legally be paid by both the buyer and the lender. Is that correct?

Am I doing something wrong for writing this guy a check? The lender refused to put the broker's 2% on the HUD-1.

Thanks!

Hi everyone!

I have an agreement with a broker in Maryland to pay them 2% for a deal that I just closed. I however learned later that he had charged the lender 1.5%. I read somewhere that mortgage brokers cannot legally be paid by both the buyer and the lender. Is that correct?

Am I doing something wrong for writing this guy a check? The lender refused to put the broker's 2% on the HUD-1.

Thanks!

Scranton, Pennsylvania

Investors,

Check out this amazing deal. Fully occupied turnkey duplex in Scranton PA for only $60K (2K assignment fee). Possible owner financing option - email me for more details.

Seller says 20% down with 7 to 14 percent interest rate depending on credit.

Property management already in place - no work, just keep collecting income!

DETAILS

Lower unit rehabbed approx 3 months ago; some cosmetic work also done to upper unit

Unit no 1 (lower) is 745, just rented. Unit no 2 (upper) is 600, tennts been there for 8 years and will have a rent increase later this next January.

Taxes: $1900 and paid up for the rest of 2017

Lower Level Unit Details -$745

• 2/3 bedroom ground-level apartment with a finished basement that could be a 3rd bedroom.
• “Rear” property with access from Hartman Place, complete with assigned off street parking spot
• Unit has new paint, new carpets and floors, new cabinets so it is very clean and ready to be lived in.
• Washer/electric dryer hook ups in the basement and property has plenty of storage space.
• Owner Pays: Gas for heat, Water, Sewer, Trash and Maintenance.
• Tenant Pays: Electricity

Upper Level Unit Details - $600 (can increase to 650 or 700)

• 2 bedroom
• 1 bathroom
• Cosmetic updates - paint, carpet, etc
• Tenant been there for 8 years
• Owner Pays: Gas for heat, Water, Sewer, Trash and Maintenance.
• Tenant Pays: Electricity

Trulia Crime Rate - yellow

Thanks so much for your responses! Does Leadtec do a pre-inspection then or is that the official inspection? I think I may need a pre-inspection first because I don't want to fail the actual inspection. Does that make sense?

Hello team!

I have a property in Baltimore that I'm preparing for a lead based inspection. I'm not familiar with the process however. Is there some kind of a pre-inspection list? Or a way to get a pre-inspection to be as prepared as possible for the actual inspection?

If there's anyone out there who is willing to do a 5-10 minute call to provide some counsel or mentorship on this I would really appreciate it. Thanks!

Nicole