All Forum Posts by: Lynn Z

In South Carolina, if you use the language in the Landlord Tenant Act for the Five Day Notice you don't have to post -- It is their only notification.

The magistrate's office did accept an email with reply from the tenant telling him the rent was late as adequate five day notice--I didn't get a lease because I didn't want one.

It is going to take 22 days from the 6th (filing date) to even get to the end of this eviction process. Have a tenant who wanted to move in mid month and now will have to wait into May for the eviction, cleaning and dress up.

Who says that's fair?

SC attorney tells us to add in the lease security deposit stands for cleaning left undone at the time of tenants' vacancy and any damage and for unpaid rents. He states one must consider both the lease and the landlord tenant act together.

They owe if they break a lease until the lease ends--one or all of them. We plan to evict as we lost Jan-April rents and the apartment was damaged (over $1000) and dirty. Must have invoices and then will file eviction on all tenants. Service is a quesion still in my mind as many students are from out of state and leave for another state right away.

Due to Obama's $8000 incentive we have had many lease breaks and if we were notified and the tenant helped in renting the apartment (left it clean and undamaged) we compromised.

I'm OK. I rented it two years over two tax periods. In addition to the five year holding you now have the 2008 housing act requiring no rental past Jan. 2009 if you want no subtractions due to the new formula subtracting nonresidential use. After 3 1031's rolled into this house the depreciation recapture is, of course, terrible. At least I can ease the pain on the capital gains which will be going up as well. I just want to get off the 1031 roulette wheel.

You have got to own something outright or have equity or blue chip stocks to put up as collateral for the down (20%) equivalent to cross collateralize with a commerical lender. I've never gotten off with 100% financing on investment property or residential.

i know someone who had alot of blue chip stock (that's all they would use) and borrowing $300,000 to buy various properties as a line of credit against the real estate loan.

Otherwise, save up 20% cash and get a small commercial lender to do a deal on a great property in a great location. One bedroom houses, for example, NO WAY.

They want someone that's going to hold up. If you borrow fix up money you'd better the money to pay the contractor because they want to release it after the work is done. That's all very hard to do without cash.

You have got to own something outright or have equity or blue chip stocks to put up as collateral for the down (20%) equivalent to cross collateralize with a commerical lender. I've never gotten off with 100% financing on investment property or residential.

i know someone who had alot of blue chip stock (that's all they would use) and borrowing $300,000 to buy various properties as a line of credit against the real estate loan.

Otherwise, save up 20% cash and get a small commercial lender to do a deal on a great property in a great location. One bedroom houses, for example, NO WAY.

They want someone that's going to hold up. If you borrow fix up money you'd better the money to pay the contractor because they want to release it after the work is done. That's all very hard to do without cash.

You have got to own something outright or have equity or blue chip stocks to put up as collateral for the down (20%) equivalent to cross collateralize with a commerical lender. I've never gotten off with 100% financing on investment property or residential.

i know someone who had alot of blue chip stock (that's all they would use) and borrowing $300,000 to buy various properties as a line of credit against the real estate loan.

Otherwise, save up 20% cash and get a small commercial lender to do a deal on a great property in a great location. One bedroom houses, for example, NO WAY.

They want someone that's going to hold up. If you borrow fix up money you'd better the money to pay the contractor because they want to release it after the work is done. That's all very hard to do without cash.

Last quote from my experienced bank appraiser "Nothing is appreciating" --- and he'd be right.
Just had a very low appraisal on a rental property refi. Nothings selling and the comps have to be 1.5 miles from your property and go back no further than 3 months. The sales just aren't there and, in my opinion, won't be there for 4-5 years.

Agents all want to do email or verbal counters. I hate them but have done them in the interest of time and if the agent knew the sellng agent (in their office etc.)
Otherwise, every time it was used to help out the selling agent to buy more time than I would have allowed in writing. It's a scratch your back business and we, the buyers are really outsiders no matter what anyone tells you.

You can do a cross collateralized loan with a commercial lender if you have a relationship and your money is kept in that banker's bank. Loan loss ratios are high right now and they are more cautious than ever.

Don't forget the new rules on having reserves for each property you own as well as a down payment. They all want 20-35% down and if you give them a first mortgage on a property you own outright they might take that instead of the cash. Has worked in the past but very tight now.

Large bank I'm in process with now 75% LTV, full doc, six months reserves on all properties and the subject property. They want one year leases not month to month as well.

Credit Unions are great but will not loan you any investment money. Small commercial lenders at small wealthy little banks are best but ask someone with a track record with them.

Today the loan loss ratio is steep with small banks and our lender states they will only make investment loans to those with money with them and long histories of loans.