All Forum Posts by: Account Closed

Quick update for everyone. I had the hearing and it went well. I was awarded the judgment for back rent and possession. The squatter has 10 days to move out or I can get the constable to come out with an additional filing. 

Anyone have any recommendations on how to collect the money this guy owes me in the judgment?

@Freddy Hernandez Great questions. 

1) Do you have to wait for a refi - Most banks will have a seasoning period of between 6 months to 12 months where you cannot refinance or only can refinance at the purchase price of the property.

2) There are two limits on mortgages - Some banks will cut you off at 4, which is typically a Freddie/Fannie restriction. However, if you go with a bank that portfolios loans (does not sell them) like a community bank, you may be able to get more loans. However, keep in mind you will have to keep a 40% Debt-to-Income ratio and banks typically discount rent as income to (80% of the gross amount). Your hardest challenge will be keeping the Debt-to-Income ratio for refinancing. There are some asset-based lenders that do not keep this rule, but they have lower LTV ratios and require a greater percent down.

Hope this helps.

One piece of advice. Although it is generally a given that the lease will transfer to you at closing, you need to make sure. I recommend two things: (1) read the lease to make sure there is not a clause the prevents assignment and (2) create an assignment of lease document and have the tenant and the owner sign it. If you follow these steps you can increase your certainty that everything will transfer as you expect it.

@Alex Silang My recommendation would be to make it a two part strategy. Part one would be to create an online training course on udemy or your own website so you can teach people at scale what you learned. Part two would be to offer tours of properties you are working on and neighborhoods that make sense. You could partner with real estate agents or property managers who could help give tours to get clients. Then you would just charge to people a ticket to take them on the bus to the area. Just a thought, I have seen it done before in the Philadelphia area.

@James Orr Nice analysis. It seems that even if there is a correction it is not a big deal in the long run. What is the software that you are using to produce those charts?

@Joseph ODonovan and @Paulette Midgette thanks for your help. I filed for Eviction / Ejectment in the Magisterial court, I should have it resolved soon.

@Roy N. I already spoke with my attorney. He suggested ejectment would be the correct approach as there is no lease and it is not a holdover tenant. However, I was looking for someone with experience in the matter that could tell me about their story and what they recommend for personal experience. I know if I speak with an attorney they are just going to recommend something that maximizes their fees.

I am looking for some advice on the best way to remove squatters. Is it better to file for eviction or to file for ejectment? Also, will I be able to sue the squatter for the back rent that I could have collected and damage caused to the property and HOA fees for them living there? Thanks in advance for your advice. Also, how much capital is required to formally do an eviction?

I am looking to start a property management company focused on individual investors in the Mid-Atlantic. My goal is to manage duplexes, triplexes, and quads for investors that do not live in the area. Does anyone have any ideas on how much seed capital I will need to start the business? What are the best ways to get seed capital for this type of business? What are the best ways to get new clients?

@John Knisely I will check out list source. The only thing, I did not specifically like about it is that you pay and only get a list once. I would prefer a system where you can search the database on an on-going basis and then just export a few at a time. Are you able to use the MLS in this fashion?