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All Forum Posts by: Greg Raymer

Greg Raymer has started 24 posts and replied 24 times.

Post: How Does the Foreclosure Process Work?

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

The foreclosure process is the legal process by which a lender or creditor can seize and sell a borrower’s property in order to repay the outstanding mortgage debt. The process typically begins when a borrower fails to make mortgage payments as agreed upon in the loan contract. The specific steps of the foreclosure process can vary depending on the laws of the state where the property is located. However, in general, the process typically follows these steps:

Default: The borrower defaults on their mortgage by failing to make payments as agreed upon in the loan contract.

Notice of Default: The lender sends the borrower a notice of default, which informs the borrower that they are in default and that the foreclosure process has begun.

Right to Cure: Depending on the state, the borrower may have a certain amount of time to “cure” the default by catching up on missed payments.

Notice of Sale: If the borrower is unable to cure the default, the lender will then file a notice of sale with the county. This notice is typically published in a local newspaper and the notice will state the date, time, and location of the foreclosure sale.

Foreclosure Sale: The property is then sold at a public auction to the highest bidder. The proceeds from the sale will be used to pay off the outstanding mortgage debt.

Eviction: If the borrower is still living in the property, they will typically be evicted by the new owner once the sale is final.

Post: What Are The Ways To Avoid Foreclosure?

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

There are several ways to avoid foreclosure, including:

  • Loan modification: Borrowers can work with their lender to modify the terms of their loan, such as extending the loan term, reducing the interest rate, or forbearing a portion of the loan. This can make the loan more affordable for the borrower and help them catch up on missed payments.
  • Refinancing: Borrowers can refinance their loan to obtain a lower interest rate or a longer loan term, which can make the loan more affordable.
  • Short sale: Borrowers can negotiate with their lender to sell their property for less than the outstanding mortgage debt. The proceeds from the sale are used to pay off the outstanding mortgage debt, and the borrower is released from any further obligation.
  • Deed in lieu of foreclosure: Borrowers can voluntarily transfer the ownership of the property to the lender in exchange for the release from the mortgage debt.
  • Bankruptcy: Filing for bankruptcy can provide temporary relief from foreclosure proceedings and may provide a way to discharge the outstanding mortgage debt.
  • Foreclosure Mediation: Some states offer a foreclosure mediation program, where a neutral third-party mediator will help the borrower and lender to reach an agreement on an alternative solution to foreclosure.

It’s important to note that not all of these options may be available for everyone and that the best solution will depend on the individual’s circumstances. It’s important to consult with a housing counselor or an attorney to understand the options available in your state and to help evaluate which option may be the best for your situation.

Post: How to Deal with Tenants Who Cause Property Damage?

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

Dealing with tenants who cause property damage can be a difficult and stressful situation for landlords. Here are some steps that landlords can take to address and resolve the issue:

  1. Document the damage: Take photos of the damage and make a detailed list of the repairs that need to be made. Keep all documentation, including receipts and estimates, in case legal action is needed.
  2. Notify the tenant: Send the tenant a written notice informing them of the damage and the cost of repairs. Provide a deadline for them to pay for the repairs or vacate the property.
  3. Give the tenant an opportunity to fix the damage: Give the tenant the opportunity to fix the damage themselves and have it inspected by a professional. This can be a cost-effective solution for minor damages.
  4. Take legal action: If the tenant fails to pay for the repairs or vacate the property, landlords may need to take legal action. This can include filing a lawsuit for damages or eviction proceedings.
  5. Consider security deposit: If your lease agreement allows it, you can use the tenant’s security deposit to cover the cost of the damages.
    It’s important to note that before taking any legal action, you should consult a lawyer for legal advice, and always follow the state’s laws and regulations.

It’s also important to remember that, as a landlord, you have a responsibility to maintain the property and make any necessary repairs, so you should always inspect the property regularly to detect any issues early on and avoid further damages.

Post: How To Interview Tenants And Know When You’ve Found The Right One

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

When interviewing tenants, landlords should follow certain steps in order to determine if a tenant is the right fit for their property. These steps include:

  • Reviewing the tenant’s application: Review the tenant’s application, including their credit report, employment history, and rental history. Look for red flags such as past evictions, unpaid debts or any criminal records.
  • Conducting an interview: Schedule an in-person or virtual interview with the tenant. Ask questions about their rental history, employment, and reasons for wanting to rent your property. You can also ask for their references.
  • Verifying their information: Verify the information provided by the tenant, including their employment, rental history, and references. Check with their previous landlords and employers to confirm the information they’ve provided is accurate.
  • Assessing the tenant’s personality: Pay attention to the tenant’s personality during the interview and ask yourself if they seem like a good fit for your property and community.
  • When you’ve found the right tenant, you should have a feeling of confidence and security that they will be a responsible and respectful tenant. They will have a good credit score, a stable job, good references and they should have been able to answer all your questions clearly and honestly.

It’s important to keep in mind that, even the most thorough screening process can’t guarantee that a tenant will be problem-free, but it can help you to minimize the risk of having issues with your tenant in the future.

Post: How To Work with Contractors and Sub-Contractors and Get Them to Finish Work on Time

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

Working with contractors and subcontractors can be challenging, especially when it comes to getting the work done on time. Here are a few tips to help ensure that your renovation project stays on schedule:

Set clear expectations: Clearly communicate your expectations for the project, including the timeline and the completion date. This will help the contractors and subcontractors understand what is expected of them and give them a sense of accountability.

Create a detailed schedule: Create a detailed schedule for the project, including specific deadlines for each task. Share this schedule with the contractors and subcontractors, and make sure they understand the importance of sticking to the schedule.

Communicate regularly: Regularly check in with the contractors and subcontractors to ensure that the work is progressing as planned and address any issues or delays as soon as they arise.

Be flexible: Be willing to be flexible if unexpected issues arise, but at the same time make sure that the contractors and subcontractors are aware that delays will not be tolerated without proper communication and explanation.

Hold them accountable: Hold the contractors and subcontractors accountable for any delays or issues that arise. If they are not meeting the agreed upon deadlines, discuss the reasons why and come up with a plan to get back on schedule.

Provide incentives: Consider providing incentives for the contractors and subcontractors to finish the work on time, such as bonuses or other rewards.

Use a project management tool: Use a project management tool to track the progress of the work and keep all of the information in one place. This will help to ensure that everyone is on the same page and that the project stays on schedule.

By following these tips, you’ll be better equipped to work with contractors and subcontractors and ensure that your renovation project stays on schedule.

Post: Top Tips For Rehabbing A House

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

Here are some top tips for rehabbing a house:

  1. Set a budget: Before you begin the rehab, set a clear budget and stick to it as closely as possible. This will help you avoid overspending and keep your costs under control.
  2. Prioritize repairs: Focus on the most important repairs and updates first, such as structural issues, plumbing and electrical work, and safety hazards. These are the repairs that will have the biggest impact on the value of the property.
  3. Research the neighborhood: Research the neighborhood and find out what similar houses in the area are selling for. This will help you determine what upgrades and renovations will be necessary to make the house competitive in the market.
  4. Hire professionals: Hire professional contractors with good reputation but be sure to get multiple quotes and compare.
  5. Choose materials wisely: Choose high-quality, durable materials that will last for a long time. This will help you avoid costly repairs down the road.
  6. Keep it simple: Avoid over-improving the property or adding unnecessary features. Stick to a simple, clean and neutral design that will appeal to a wide range of buyers.
  7. Plan for contingencies: Be prepared for unexpected expenses that may arise during the rehab process. Having a contingency plan will help you stay on budget and on schedule.
  8. Focus on curb appeal: The exterior of the house is the first thing potential buyers will see, so make sure it looks good. A fresh coat of paint, new shutters, or landscaping can make a big difference.
  9. Consider the after-repair value (ARV): The cost of repairs should be in proportion with the potential value of the property after it’s fixed. If the renovation cost exceeds the potential return, it may not be a good investment.
  10. Stay organized: keep track of all the expenses, progress and deadlines. This will help you stay on top of the project and make sure it is completed on time.

Post: What Will Rehabbing A House Cost You?

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

The cost of rehabbing a house can vary greatly depending on the scope of the project, the location of the property, and the materials and labor used. Here are some general estimates for common rehab costs:

Minor repairs and updates: This can include things like painting, new flooring, and minor repairs to the plumbing and electrical systems. The cost for these types of repairs can range from $5,000 to $30,000.

Major repairs and renovations: This can include things like a new roof, new windows, and major structural repairs. The cost for these types of repairs can range from $30,000 to $100,000 or more.

Kitchen and bathroom remodels: These can be some of the most expensive and time-consuming projects. The cost for a kitchen remodel can range from $10,000 to $50,000, while a bathroom remodel can cost between $5,000 to $25,000.

Landscaping: This can include things like new lawns, trees, and flower beds. The cost for landscaping can range from a few thousand dollars to $15,000 or more.

Professional Fees: Depending on the scope of the project, you may need to hire an architect, engineer, or a project manager. These professional services can add 5-15% to the total cost.

It’s important to keep in mind that these are just estimates, and actual costs will vary depending on the specific project. Be sure to get multiple quotes from contractors and get a detailed breakdown of costs before starting any work.

It's also important to factor in contingencies for unexpected expenses, and always consider the After Repair Value (ARV) of the property to ensure that the renovation costs are in proportion with the potential return on the investment.

Post: Should You Use A Contractor To Rehab a Flip?

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

Using a contractor to rehab a flip can be a good idea for several reasons:

  • Experience and expertise: Contractors have experience and expertise in construction and renovation, and they know how to get the work done quickly and efficiently. They can help you avoid mistakes and ensure that the work is done to code.
  • Timesaving: Hiring a contractor can save you time, as they will be able to handle all aspects of the renovation, from obtaining permits to coordinating with subcontractors.
  • Cost-effective: A good contractor can help you stay within your budget by providing accurate cost estimates, identifying cost-saving opportunities, and helping you make informed decisions about materials and finishes.
  • Legal compliance: Contractors are familiar with local and state building codes, and they can help ensure that the work is done in compliance with all laws and regulations.
  • Access to resources: Contractors have access to resources that you may not have, such as specialized equipment, skilled labor, and materials at wholesale prices.

However, it’s important to note that hiring a contractor also comes with some downsides, such as added expenses, potential delays, and the need for proper communication and coordination.

It’s essential to do your research and find a reputable contractor with a good track record of completing similar projects on time.

Post: Checklist To Prep Your Home For Sale 🏡✔️

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

Here is a step-by-step checklist that a home seller can use to prepare their home for sale:

Clean and declutter: Start by thoroughly cleaning and decluttering the entire house. Remove any personal items and get rid of anything you don’t need. This will make the space look larger and more appealing to potential buyers.

Repair and update: Take care of any necessary repairs and make any necessary updates. This can include fixing any damage, replacing broken appliances, and repainting or refinishing surfaces.

Stage the home: Stage the home to make it more appealing to potential buyers. This can include rearranging furniture, adding decorative touches, and making the space feel welcoming and inviting.

Take photos: Have professional photos taken of the home to use in marketing materials. Make sure to highlight any unique features or amenities.

Price the home: Determine a fair market value for the home based on comparable properties in the area.

Create a marketing plan: Develop a plan for how you will market the home to potential buyers. This can include listing the home on real estate websites, holding open houses, and working with a real estate agent.

Review and negotiate offers: Review any offers that come in and negotiate with potential buyers to reach a mutually beneficial agreement.

Finalize the sale: Work with your real estate agent to finalize the sale and complete any necessary paperwork.

Post: 8 Things First-Time Homebuyers Need to Consider

Greg RaymerPosted
  • Real Estate Broker
  • Bowling Green, KY
  • Posts 30
  • Votes 8

Your credit score: Your credit score will play a significant role in determining the mortgage interest rate you qualify for, so it’s important to check your credit report and address any errors or issues well before you start the homebuying process.

How much you can afford: Make sure you consider all of your expenses, including the down payment, closing costs, and ongoing mortgage payments, when determining how much house you can afford.

Saving for a down payment: Many lenders require a down payment of at least 3% to 20% of the purchase price, so you’ll need to have enough money saved up for a down payment.

Saving for closing costs: In addition to the down payment, you’ll also need to pay closing costs, which can include things like appraisal fees, title insurance, and attorney’s fees.

Location: Consider the location and the neighborhood you’re buying in. and what you want in proximity like schools, parks, transportation and your workplace.

Research different types of mortgages: There are many different types of mortgages available, including fixed-rate mortgages, adjustable-rate mortgages, and FHA loans. Research the pros and cons of each to find the one that's best for you.

Get a Home Inspection: always consider getting a home inspection, which can reveal potential issues with the home that may not be immediately visible.

Consider the long-term: owning a house is a long-term investment and commitment, it may require repairs and renovations, so plan for these expenses as well.