All Forum Posts by: Carol Burns

Would love some advice on this.  For best real estate investment calculators for beginners.  

I have a tenant whom I've given 30 days notice to vacate (May 15)  because we are going to sell the property (he is on a month to month lease).  I also offered him 45 days (end of May) if he needed it and if he'll pay May's full rent on time.  I've had problems getting rent from him for a while now.   He sent me texts basically saying he is hiring an attorney so sounds like he's not going to cooperate.  From what I understand, in SC, if he doesn't leave by May 15, then I "file for the removal of the tenant in court. The court will then issue an Order to Show Cause. A local SC sheriff or Constable will then deliver it to the tenant. This gives the renter ten days to settle the case with you.  If they fail to do so, the court will set a hearing date. Generally, this will be within 21 days after the Order to Show Cause is issued."

My question is, I thought about sending him a certified letter which states basically that if he wants to cooperate I would be glad to give him some extra time, wanting only the good of all.  But if he doesn't, explaining what will happen with the sheriff's office, etc.  And that he'll eventually have to move anyway, with a big headache for all involved.  Is this a good idea or should I just plan to follow through legally on May 15 and not offer him any extra time?

I have a tenant with 2 italian mastiffs.  I only allowed the dogs if he would maintain renter's insurance with a $500,000 liability attachment.  His insurance was cancelled over a week ago and I cannot get him to respond to my request for proof that it has been reinstated.  Anyone know what right I have with this?  He is on a month to month.  TIA

I am looking for a professional with exceptional experience in real estate investing, personal finance, stock market investing, etc. Need advice about how to restructure everything I have so looking for an all-around person who has a lots of experience in all these. How is the best way to go about finding someone? Are we allowed to do that on here? If so, how do I check their qualifications?

I am looking for a professional with exceptional experience in real estate investing, personal finance, stock market investing, etc.  Need advice about how to restructure everything I have so looking for an all-around person who has a lots of experience in all these.  How is the best way to go about finding someone?  Are we allowed to do that on here?  If so, how do I check their qualifications?

Joe Splitrock, I bought the property and financed it in my name originally, then immediately put title in the name of an LLC. The bank not proceed with due on sale. It is still financed in my name with Bank of America and I am looking to refinance with another lender. That lender has said that I would need to title it back in my name in order to do the refinance. And won't commit that a due on sale clause won't be excecuted. He's just said he's never seen that problem.

I have an SFR I'd like to refi. Bank is telling me I have to take it out of the LLC, put it in my name. Won't say if this will cause a due on sale clause, will only say that I'm not supposed to put back in LLC, but he hasn't heard of any issues about it. Anyone have any experience with this?

I am NOT a sophisticate investor.  So would love some advice.  What would you do??

Primary residence:  owe $156,000,  market value  $275,000 , existing 4.375% for 30 years, 28 years left;  have a new locked in refi rate of 3.125% no points for 30 years with cash out

SFR : owe $105,000, market value $250,000, existing 6.25% 30 year loan, 22 years left; new locked in refi rate of 3.625 no points for 30 years or 3.5% for 20 years with cash out Current rent is $1600 (if I put in $10,000 to remodel, could get $1900.

I have another single wide on 1.5 acres paid off, market value $100,000.  Current rent is $575.  

Current credit card debt of $9000.  No other debt

What would you do and why??   Would you refi both?  Would you take out as much cash as you could?   ANY advice greatly appreciated!

2 mobile homes on one 2 acre lot.  Should get $1400 rent each (at least).  Price $204,000.  Going to offer $30,000 down with 8 percent on the remaining $174,000.  Costs:  mortgage 1160, taxes and insurance 300.  So the profit should be $1340, which would be over 50 percent on my 30k.  Am I missing something?

Also, is it possible to get a loan on something like this based on rental income?  I don't think I have enough personal income to qualify.  

Looking at a property that has 3 vacation rental homes on it in a resort mountain town in North Carolina.  Looking to hire a consultant who can take me through the evaluations, what to look for, etc.  Someone who is an expert at all the nuances including loans, etc.  TIA