All Forum Posts by: Cliff T.

Update: FCI will not service a wrap or subject to deal anymore. 

Gotchya! I needed that clarification... "Call the Underwriter" is a company, not a suggestion to call an underwriter at a lending firm :)

Thanks so much! I think FCI will work perfectly.

Should I just have my regular Loan Officers for their underwriter's phone number? I feel like normally they (underwriters) aren't allowed to speak with us directly... 

I'm selling a property with a wrap around mortgage. 

I've been told I need a RMLO to write the mortgage for me, but loan officers around here seem to think that's crazy talk. They don't write mortgages for individuals, it seems.

I also need help finding a Loan Servicer. 

Before anyone says it - I already tried to Google it :)

@Keith N. Luckily for me the tenant hasn't even been at the property in over a week. Their rent is up at the end of the month, but all of their life's belongings are in the house. 

It doesn't seem like they are making any attempt to get their belongings... I will likely have to evict, then spend a lot of time getting rid of all the stuff in the rooms. 

They are essentially using my house as free storage as of October 1st... And I already have another tenant ready to move in, so long as they can get in by the 10th. Biting my nails...

House was my primary residence, then rental. When I sell it, I will keep my mortgage on the property and owner-finance it to the buyers.

This generates at least an extra $50k+ on the deal in interest, but even my own insurance company isn't sure how a claim would be handled.

I HAVE to keep my insurance policy on the property according to my lender. Should the Buyer get a 2nd insurance policy on the house?

Or should I charge the Buyers the amount I pay for the policy, instead of them getting their own policy?

My insurance agent has no idea how to deal with a wrap around mortgage... Who here knows the best way to proceed?

@Keith N. I believe I will be filing for eviction for "tenant holdover" on the first of next month. However, I was really hoping what I had read all these years about it being easy to evict someone who is MTM in your primary would be true...

The tenant is not a friend, just someone who is mentally ill and did not disclose that on their application. I've only had two problem tenants over the past 6 years and both suffered from mental illness without being upfront about it.

It's as sad as it is frustrating. Tenant is also very litigious, so I want to be extra careful to do everything by the book. At the same time, I shouldn't need to pay an attorney $1k+ to evict someone on a MTM lease in my own primary residence, lol.

I also don't want to resort to putting their belongings out on the porch because there is SO MUCH STUFF... It would take many hours and the HOA would NOT be happy about the eyesore. Fines would certainly ensue.

Right... If they stay after their lease is up, that will be the problem at hand.

So if they are "squatting illegally", how should one proceed in my shoes? I figured eviction would be the next step...

Hello,

Tenant is on a month-to-month, written lease.

I have informed tenant with appropriate notice that their lease is up at the end of the month. 

I have no reason to expect the tenant to be out or have their property out at the end of the month.

Books have led me to believe that evicting someone that's m-t-m and living in your own primary residence is the easiest thing to do.

However, I'm not seeing any information on this process.

I'm in North Carolina. This is my primary residence. They are renting 2 rooms for $1k/mo. 

Do I have to go through the normal eviction process, or is there really an easier way??

Thanks in advance!

I've read on several occasions of a certain type of residential real estate appraiser who will tell you how much value certain improvements will make on a given property. This allows you to assess the cost to improvement value of various options on each property. They come out and assess how to add the most value for the least amount of cost! I just can't for the life of me recall what this type of appraiser is called. Can anyone help me put a name on it?