All Forum Posts by: Dustin Allen

Doesn't your lease hold both parties responsible, jointly and severally? 

Would you lose more in eviction costs or giving up the 1 months rent?

I used OnlineED

It was well written and easy to read.

Various packages depending on the delivery you want. (Books, online only,etc...)

Practice tests were ok although I borrowed a book from a friend with more practice tests. I would suggest doing as many practice tests as possible for the week before you test.

Best of luck!

Real Estate Agents give you the benefit of market knowledge and experience.  Many investors get their license and represent themselves and there are both pros and cons to this. Instant access as mentioned above is definitely an advantage not to mention commissions are pretty nice too. However, in certain states it can also be a disadvantage.  For example, in Nevada once you are licensed you are required for the rest of your life to disclose that you are an agent (whether your license is active or expired) and if you intend to make a "secret profit". If I go offer $100k on a house knowing full well that I can resell the house without doing anything to it for $150k, that is a secret profit and must be disclosed.  How detailed these types of disclosures need to be is a question I'll leave to lawyers. Every market/state is different and has their own rules so do your due diligence and make the best decision for you and your area.  I've heard of other investors doing the pre-licensing education and even passing the state exam for the knowledge and experience but never applying for their license to avoid the liability of being officially licensed.

I believe it would be the language that separates the two. A purchase money loan is funded to purchase a tangible asset that already exists and the asset is typically the collateral for the loan. The construction loan is not paid out all at once up front but the borrower is approved for an amount to build the project. Lenders will typically pay out in predetermined phases after certain parts of the construction have been completed and inspected. Construction loans are usually higher rates, shorter terms and sometimes can be written as an all in one where it converts to conventional financing after all work is completed and approved. Hope that was what you were looking for.

Hi Kevin,

Sounds like a rough situation all around. Also sounds like hiring the lawyer and taking the course of action you described would be the best way be totally clear of the property/problem.

Did the family that lives there get it rent free because they had no income and can't afford housing? Is all the anger merely because they see this as their house and want to stay forever? Assuming they can afford it, maybe seller financing the house to the current residents could repair the relationships and provide a stream of income for the new owner and save any major repair/rehab costs.

Would still hire that lawyer even if you go that route.