All Forum Posts by: Daniel H.

That is unbelievable!

Thanks for pointing me in the right direction guys.

So if I had a 200k property 100% financed and it went to foreclosure auction and sold for 50k, that is all I would get?? 50k?

If I take deed in lieu it is same as receiving full payment!?! Even though I am just getting my former building back and maybe did not even collect much on it yet?

Looking for more details on offering seller financing with the sale of my property. I would set up the loan to be secured by the property I am selling and if the buyer got behind in payments by a certain amount, I could take back the property correct?

How difficult is that process and how long does it take?

Are the loan payments taxed as income? Will I pay more taxes by seller financing than the capital gains from a straight sale?

Yep, now I get everything moving right away. No late fees allowed in MA. I call a constable and they file/serve all papers and save me trips to courthouse. Pain to drive to court 1hr plus away and after working all night but sort of enjoy throwing out the scummy tenants. I enjoyed sitting in the courtroom and listening to all the tenant vs landlord stories. All tenants had same sad story basically. Some landlords really had their stuff together and some not at all. Some tenants were behind over a year in rent!!

I just can't bring myself to do cash for keys. The principle of it.. I'd rather eat a $1000 loss than give these people one penny.

Amen

I have learned my lesson and I would never have waited so long if it weren't for the PM constantly telling me he would work it out. I still did not lose the case just delayed it. I am 2/2 in court w tenants so far. Will be much more selective in the future and am planning on managing the property myself from now on. Things are already much improved. A little more work but well worth it. Plus an extra $3000 a year in my pocket.

You are right. I surely have learned that lesson. He even charged me half a month's rent to find this "quality" tenant and tried to double charge me on the last month's fee. This is my first investment property and I have learned a lot of lessons in a year and a half.

Tenant, moved in, paid first month rent, paid second month, paid some of third, then stopped paying for two months. At the time I was still using a property manager and he kept saying he was going to work it out and get the money so I delayed sending out notices.

Finally sent the 14 day notice, then the summons. Tenant did not show up and I won by default. Tenant filed a motion to overturn the default. Had to go back to court for 3 hours, listening to everyone's sad stories and then her motion was denied. Judge said we could talk in hall and maybe work something out.

I told tenant that I would accept one months rent and she could stay until end of the month. This was on the 8th. We had an arbitrator draw up an agreement that said she had to pay the rent by the 11th and she could stay.

Sure enough the 11th came and went and no rent. I called the court to see what my next step was and they said since we had an agreement, I had to file a new motion for the next week and would have to corme in again. The clerksaid I could also wait until the 31st and just file for the execution then. That is what I am going to do since I work and live an hour away and it is not that much more time.

I felt like a real fool for setting up the agreement and delaying the whole process when it was a done deal. I got greedy and didn't want to pay $300 to evict plus storage costs and thought I could get some money and let them leave on their own. The tenant definitely knew what they were doing by accepting the agreement.

Lessons learned:
Serve papers right away.
If you already won, do not file an agreement w court.
If you want to do an agreement, let them pay you and then decide if you want to keep your word or not.
Tenants may be stupid but when it comes to screwing landlords, they know how to play the game.

So if I want a simple offer with no contingencies, just say 1 week from acceptance to sign p&s, and 1 week from that time to close. That would give me enough time to have title work done right?

Looking at making a cash offer on a property. How should I set up the timeline on the purchase offer? It should be able to move faster than if I had to obtain financing but want to make sure I have enough time to get everything I need to done before closing.

What exactly needs to be done differently with a cash offer? Still do all the title stuff, etc..

Never done it before.