All Forum Posts by: Daniel Pearson

We're in Utah. This is for a friend. They tried cash for keys, etc. Eviction notice was served, property to be vacated by Oct. 30. There is a strong suspicion of illegal activity. The police have been there several times for domestic violence complaints. The man has been arrested for DUI. But nothing has been tracked back to the actual apartment. They have definitely been breach of contract. 

When is someone considered moved out? When is it legal to change the locks? If they leave and the landlord shows up and sees it vacant, can they assume they've moved out? Extremely frequently, in my experience, problem tenants leave all their junk behind (I've handled this from the flipping side, so never the eviction side). What can my friend do? They're trying to sell the house, it smells strongly of smoke (no smoking allowed). It's just a nightmare situation.

We're just trying to provide as much help as possible. 

Thank you for the replies. 

If the mortgage requires the home to be our primary residence, though, if we're not "living" on the property after a certain threshold of days in a year, are we committing bank fraud? Is it like 6+ months of the year for it to be considered our primary residence? 

How much time do you have to live in a property to fulfill the requirement to live there for a mortgage? We have a house we're considering buying. It would be our primary residence. But we also have a camping/RV trailer and would like to airbnb the house. At what point are we considered not to be living there if we spend a large portion of time in the trailer instead of the house?

How much time do you have to live in a property to fulfill the requirement to live there for a mortgage? We have a house we're considering buying. It would be our primary residence. But we also have a camping/RV trailer and would like to airbnb the house. At what point are we considered not to be living there if we spend a large portion of time in the trailer instead of the house? 

Hi all. There's a home in our neighborhood with a basement apartment being sold by a friend who really needs to get out. We would assume the loan, but would need to get a loan on top to match market price (minus a discount). The upstairs would rent for $2,400, the downstairs would rent for $1,700. Upstairs has 5 bed, 3 bath and is about 2,000 sq ft. Downstairs is 3 bed 1.5 bath and 1,500 sq ft. Loan details are $500,000 assumable at 2.875% and an additional $175,000 at current rates (probably close to 7%). 

I can't seem to be able to wrap my head around this using the tools here (tools don't allow for multiple loans that I know of, and numbers have never been my forte'). Anyone willing to help crunch the numbers for me? We would manage it ourselves, so for the time being there would be no management fees. And the home is only a couple years old, so repairs and other things would be very low. 

 I didn't, but a lot of scammers will bundle the identities they get and sell them in bulk, and many times your identity can be compromised for years before any activity is taken. 

@Cherie O'Riordan yeah we figured it was a scam. In the email communications she used an "Indianism". I work in technical support, dealing primarily as an escalation engineer for our India team. Highly intelligent, extremely hard workers, but definitely not the same English as American speakers use. They like to put "kindly" in the wrong places. "Kindly send us" etc. No American says that.

That was enough to suggest that it was a scam, and when I googled the company I found a major company named Garret Capital but not the same one based in SLC, UT. That Garrett is a financial advisor for major investments. Not a lender.

I put the pieces together and eventually concluded that we were better off going elsewhere.

Too bad I was working while my wife filled out our application and gave then my social, employer, net income, etc. etc. etc.

So now I have my identity monitored and credit frozen and a fraud alert out. Good times.

We reached out for lenders on a duplex we have under contract that is a pretty good deal if we can get funding for it. We were contacted by someone named Rita McGee for Garrett Capital offering loans from $20,000 to $100,000,000 at really good rates (4%-6%). Just want to know if anyone has heard of them. 

@Alecia Loveless so I spoke with a bunch of realtors after this and one said that they're finding that townhouses can cash flow positively if purchased at the right price from a builder, and sometimes they can cash flow very positively. The reason is because they're new so your capex is very low, vacancy is nearly 0%, and the HOA takes care of the landscaping, etc. So you never have to deal with any issues of exterior appearance, pests, etc. The downside, it sounded like, is you'd want to be local and manage it yourself because a pm will take too much 0% out of your cash flow initially. Or you'd want a PM that will take a lower 0% or something.

One investor I spoke to is selling all his 4plexes, duplexes, and SFRs to do townhouses instead because they're less of a headache to own. He also said prices on 2-4unit buildings are skyrocketing because in Utah's market right now they're the collectible cars of real estate. No one is building them, they're historically very lucrative, and Utah is extremely heavy on investors so they all want one, and seem to all be counting on rents increasing to make them profitable over the long term.

My wife and I are considering them. But we're also still looking elsewhere. I recently started up several conversations in the Atlanta area.

What are your thoughts on Pocatello? There's a triplex there we've had our eye on and are wondering why it hasn't been picked up yet. 

edit: looks like it's off market now, so that might be why :)