All Forum Posts by: Candace Ellison

Looking to buy my grandmother’s home built in 1930 2-story 2200 sq ft

Sits on close to an acre lot in an area that is being heavily revitalized.

80k purchase price

After research with zoning, I plan to split the lot into 4 and apply for zoning that allows a multi-family up to 4 units per lot.

I am more interested in the potential for the lots verses the home as it’s in extreme disrepair and has structural issues. With the reno estimates I received for $200K I would rather demolish and build new. Who knows what other surprises I’ll find once opening up the walls.

Limited on funds and need ways I can purchase home and fund demo (18k)

Seller financing is not an option. Any thoughts and strategies on how to approach this are welcome. 

Looking for a bookkeeper who knows the rentec software and can reconcile statements each month. 

I am looking for bookkeepers who are familiar with my property management software Rentec Direct. Any suggestions would be helpful. 

Hi guys,

I recently obtained my brokers licensed in Tennessee and I am launching a property management business in June. In Tennessee, brokers are required to maintain an operational account and trust account. The only thing I am unclear on is which account does owner reserves belong? 

Also, which method for setting up bank accounts seems less complex as it relates to accounting and reconciling.  I hear some say they have separate accounts per owner and others who just keep it simple with 1 operating and 1 trust account. I guess either would be fine as long as the bank statements are matching up to the balance statements. Please chime in on how your company is set up.

Thanks!

The PM company was awarded a judgement against a former tenant. The Pm later went out of business. I then filed a motion to substitute party so I could collect from the tenant. The tenant was notified of my filing, failed to appear in court and I was awarded the motion to substitute party. The next month the tenant files for bankruptcy which I did not find out about until trying to garnish wages via her employer.

Prior to attempting to garnish wages, I was successful at levying her bank account. When I learned of the BK I called the court and was told I could still levy her account just not her wages. 

I make a 2nd attempt to levy her bank and her attorney sends me a violation of automatic stay. I have to appear in court next week and the former tenant wants lost wages, return of NSF fee and attorneys fee. I then look up the creditors she has named in her bankruptcy and see it's the PM Company and not me.   

Am I in violation of the automatic stay since I am not named a creditor? Just wondering how this will be looked at and if it's worth it to obtain an attorney. I am in TN.

I am not a wholesaler but in my opinion, this sounds like a very attractive deal. Your MAO according to your numbers is $127k. So someone buying between 110k-115k would be within range. Wish you well with it.

The law is very gray as to if the notice needs a signature or just proof it was sent certified. I would hate to file the detainer warrant and get a court date and the judge tells me I have to start the process all over again because my tenant didn’t sign the eviction notice. 

Someone who is familiar with the law in TN (Hamilton Co.)

I am in TN and sent tenant a 30 eviction notice nov 16 via certified mail. I received it back as return to sender on dec 20th. 

Can I now file a detainee warrant and start the eviction process through courts - OR- do I need to re-serve another 30 day notice since tenant never signed for the eviction?

The address on the eviction notice was correct. The law is not clear as to whether they have to actually sign for the letter. Hopefully just receipt that it was mailed is good enough. 

Ooohkay , So are we all just going to ignore Jim K's comment ummk. "Produced one bastard to stain the good earth" 

So distasteful to say about a child and coming from a Christian at that. That entire paragraph was so unnecessary Sir. 

The quitclaim deed I received shows the correct legal description. He signs and I sign. Is this not the right fix? 

In your opinion, how should this matter be handled?