All Forum Posts by: Dan Perrott

@Christopher Petrillo - try the truth. Looking for potential properties that the owners want to sell. I have worked with them on other issues and they have always been helpful.

@Nica Ferrante - it is important that you document your minimum requirements and share this with tenants. We share the document with each applicant prior to showing the property. They must agree to the requirements prior to the showing. What this has done is eliminate showings to tenants that wouldn't pass the background/credit checks. We charge an application fee for everyone 18 years and older because they would be on the lease. Our process has reduced our efforts and provides candidates that pass the checks.

Finally, we have a roommate addendum that is used for unrelated/unmarried tenants that will share the property. This addendum document outlines additional information as to how the lease will be handled should a person want to leave. It enforces that each is liable for the rent alone or as a group. It just clarifies how this special situation lease is handled.

Note that I am not giving legal advice but just sharing how our business is run.

@Aaron Moayed - it's a seller's market and there is more demand for houses then there is inventory. Competition is high which is forcing prices higher.

@Elina Solaita - checking into it further, the seller will provide clear title and provide the title insurance even if they are using a trustee deed. The Trustee deed does transfer ownership, clear and insured.

Offer was submitted today. We now wait on a response which may take a week (corporate bank overhead as they will need to have a Trustee board meeting to review the offer).

@Victoria Church - the key to using a quick claim deed is finding out if your title insurance will still be valid. Not all title insurance policies transfer with the quick claim deed. If you don't care about claims (taxes, liens, etc.) not found during your purchase title search, then go ahead and quick claim.

I am not a lawyer and I am not giving you legal advice.

@Cameron Riley - what is a move in fee and what value does a tenant get from this fee? What is a move-in fee used for?

I'm confused. In my market, this fee doesn't exist.

@Sarah Present - make sure you bleach the garage floor. It is most likely where the ashes went.

@Steve Rozenberg - investing in rental properties will generate long term passive income and wealth. It is hard for most investors to get to stable passive income in the short term so you need to get started as soon as possible. Take action now as life is short.

We are looking to submit an offer on a SFH held in a trust. One of the statements seller has said must be in our offer is the following:

"Conveyance of this property shall be by TRUSTEE DEED subject to taxes, easements, restrictive covenants and encumbrances of record unless otherwise agreed"

Questions are:

1. Does the Trustee Deed transfer ownership of the property?

2. Does the Trustee Deed provide clear title like a warranty deed?

3. Can I get title insurance to protect us? Or how can we protect ourselves from missed taxes, loans or liens as I understand that trustee deed does not provide the protection.

The property is in Indiana and the Trustee (Regions Bank) is located in Wyoming. They are saying we can select a title company to close but they are using Dominion Title for trust related manners. Buyer may chose to close elsewhere but then we will have a split closing.

Any information that can be provided is appreciated.

@Matthew Otero - we use QB 2019 desktop as our choice was not to put the business accounting books on the Intuit cloud. We keep all of our books local.

Note that the intuit business model is to get you to use the internet version and charging you a monthly fee to access your data versus one time software cost. There are advantages to being online (for example, online backups to the cloud, credit card services, bank integtation) but we did not feel that we needed the extra services at this time. Also note that you will need to upgrade the desktop version every 4-5 years.