All Forum Posts by: Gautam Venkatesan

 I don't think the OP was suggesting using this product to replace a 2 prong outlet. I have not seen a 2 prong outlet are those in older houses?

Thanks for sharing your experience. Your positive attitude will carry you through this ordeal. 

I would not call your purchase a turnkey property. You bought a "lived in/tenant occupied" property from a tired landlord who probably experienced all the things you have with CHA, tenants, PM, etc. and just wanted out. That should have been your first clue to dig into the details before purchasing. 

Always have an option period in your sales contract so you can get an inspection and have time to negotiate repairs/sales price etc. You can also ask for a copy of Form 1099, at a minimum, from the PM company that will show the total rents for the previous year(s) to confirm any proforma you were provided. Better yet would be the year-end statement from the PM company / seller showing all the income and expenses for the property. 

@Rivy S. I've done a few owner finance wrap deals in the past. I would recommend going through an RMLO to qualify the buyer and using a note servicing company to collect PITI, tax reporting, etc. so you are in compliance. You also have to be comfortable with the fact you risk the conventional lender activating the due on sale clause. I'm in Irving, send me a PM if you'd like to connect and talk further. Good luck!

@Rivy S. did you get the issue resolved? Where is the property located? Can you share lessons learned...

@Brian Goodwin another thing to consider - be aware sale prices and rents have gone up quite a bit in the last few years so any A/B properties you contemplate buying at market price today will need to have the ability to cashflow in the future should there be a correction and rents go down in whatever location you decide to purchase...

@Simon McBride sorry to hear about your experience. What is the 60 day clause you refer to?

 Brett can you share more specifics on this thread as to what you did to get in-state rate?

As a principal in the transaction can @Alex S. request half the sales commission for representing himself?

Another one in Houston, TX - http://primeloanservices.com/

@Ray Agosto ask your local REI groups, ask here on BP, network, network, network to find note servicing companies. I provided you with the servicer I know in Dallas, TX. Yes, they will report to credit bureaus on wraps too.