All Forum Posts by: David J.

If it were me, I would just use the land as much as possible for my personal use and not spend a penny on upkeep or building on the land.  You are using some pretty specific terms that have specific meanings (some differ even by state), but the general idea is that:

Step 1 - Define what they have...

• Tenancy in common means that while each "tenant in common" owner may own only a percentage of the land, every "tenant in common" can use the entire property. The ownership shares in the property do not have to be equal, and each owner can sell or bequeath his/her share in the property without the other owners’ consent.

This means that each of the three original tenants in common owners had a % ownership and the right to use it all.  This is exactly what would be passed on.  The individuals % ownership and the right to use it all.

Step 2 - How is it passed at death....

• This completely depend on state law and I know nothing about Illinois except #23 used to play there.  Generally if the property is left pursuant to a valid will, the will determines who get the property of the individual defined in step 1 (i.e., % ownership and right to use it all).  If no valid will exists, you have to look at state law.  It will be very state specific, so just google "Illinois die intestate".  That means died without a will. 

With that many people involved you are pretty much screwed. No matter who owned it, someone owns it now, and it can be traced though either a will or the intestacy laws of the state.  Just be glad Illinois is not a community property state or you would be adding another 12 people to the ownership count to sort through.

@Bill Gulley 

How about a profile pic that looks more like you?

@Bill Gulley 

I think if you they did a podcast on the due on sale clause it would be about 3 minutes.  Here is the one my commercial lender puts in.

12. DUE ON TRANSFER

If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender’s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law.

Then we could get Dewey, Cheetam and Howe to spend the remainder of the time speculating on what every bank would do in every situation with their rights (if triggered) under the clause.

What I have always wondered was who makes the decision to call the note pursuant to the due on sale clause at one of these national banks?  So many loans, so few people.  It is hard to get anyone to any kind of a decision at one of those places, so unless they create a computer program to automatically pull and call the notes........ Hope they are not reading this.

Can't fault the 2012 law grad for drumming up some business.

@Bill Gulley

is correct that, in Texas, if the insurance company declines a settlement inside the policy limits they can be responsible for the entire judgement even if is is greater than the policy limits.  Encourages settlements. 

@Ben Leybovich 

@Aaron Ramm said...

"Some of the best teachers in my lifetime have been total A-holes"

I can't tell if he is calling you a "best teacher" or a "total A-hole".

HFs are all over Houston. They make offers on every one of my listings. Mostly buying 1980 or newer 3/2, 4/2s in suburban A, B and C areas. What I like is they are willing to list rentals at 110-120% of market rents and let them sit for 60-90 days to fill. Really helping push rents up on their dime. We have been unloading our inventory to them when the homes meet their criteria for quick cash.  They don't appear to backing off, but there isn't much inventory here for them to buy that meets their criteria. When we flip entry level homes they are still selling very quickly. 

If they are paid off there is no debt to include in the ratio.

http://en.wikipedia.org/wiki/Debt-to-income_ratio

50% rule came from Mike Rossi from Ohio. 

http://www.biggerpockets.com/users/MikeOH

He used to defend that 50% rule and cite to a study he could never find.  I think someone eventually found it and posted a link.  It was a study for large apartment complexes across the US. He defended it so hard that he eventually gave up and quick contributing to the forums.  His last post was 4 years ago.

BP has really changed over time (like any community will do) and some of my favorite contributors from back in the day couldn't handle the masses of newbies and forum trolls providing unpure advice.  Sad really, because I can think of a few that were great to follow.  Really taught me much of what I use to be successful now.

These guys are underwriten by Fidelity and use

ALTA policy

I do not think your agent is at fault.  Maybe a way better than average agent would know someting like this, but agents are not responsible for your financing and the limitations your financing put on a deal.  There are a million ways to finance a house and you chose to use a product that limits concessions.  Just my opinion... and another reason I don't use agents.