All Forum Posts by: GR Pachmayr

Thanks @Matthew Krieg they were very quick to follow up after I completed the online form.

Hello,

I have a tenant claiming termites are coming out of her bathroom vent. I put in the vent last summer and there were no signs of termite damage so I'm hoping these are just winged ants.  Does anyone have any recommendations for an exterminator for the west side of Indianapolis?

Thanks!

I'd appreciate his info, thanks!

Hello,

I received a notice from my mortgage company that they are requiring me to get flood insurance because my duplex is now in a flood zone due to some recent change at FEMA. I contacted my insurance company, and they said I need a flood elevation certificate. I called the city, and they indicated that they didn't have any documentation showing that it is in a flood zone. My insurance company wants $800 to send out a surveyor and the mortgage company will obtain flood insurance for me if I don't do it, and their insurance will likely cost more. Any suggestions on how to proceed?

I recently acquired a duplex with tenants in place.  One of the tenants has been in the unit for 5 years.  She was always timely on her rent with the previous landlord and has always been pretty low maintenance.  The lease calls for rent to be due on the first and if rent isn't paid by the 3rd there is a $100 fee and $10 per day.  April 1 was the first day rent was due to me since buying the property.  I received the rent in the mail today, April 6 and it was postmarked April 4.  The lease is up at the end of May, and I would like for the tenant to renew.

My first question is, do you think the $100 late fee is too much?  It seems like it would be easy for a tenant to dig themselves into too deep a hole.  Rent is $550/month.  Depending on the feedback, I may lower the late fee to $75 or $50 in leases going forward.

The second question is, should I charge the amount that the lease calls for?  I think I know the answer to this one, but I wanted some feedback since I would like her to renew.  What does everyone think about me offering to lower it to $75 if she signs a new lease with the late fee lowered to $75?

Ralph R. I assume you asked your lenders in writing?  I'm wondering what information you included when you asked. 

Thanks for all the feedback.  Talked with a lawyer, and he said that he has never heard of a bank calling a loan in a situation like this, so long as they are getting paid, but that technically they could.  I'm going to keep in my name for the time being and try to get written consent from the bank for the quitclaim.  

Follow up question: if I do decide to keep the deal in my name, can I still use the LLC on my lease and other forms and can the tenants make the checks out to the LLC, or do I have to use my name? Thanks!

@Steve Vaughan, this will be my second investment property, definitely not rich and famous. I'd like to use the LLC to protect the assets I do have, especially as I grow. However, in this instance I'm leaning towards keeping it in my name.

I am getting close to closing a deal on a duplex. When I approached the lender I am using, I indicated that I wanted the loan through my LLC, he said that I could just quitclaim it to the LLC after it closed and the mortgage was recorded. I asked him about the due on sale clause, and he said that preventing such a transfer wasn't the purpose of the clause. My instinct tells me not to try to quitclaim it, despite his statement. So, would you quitclaim it to the LLC, or keep it in your personal name? If I do quitclaim it, and the mortgage company calls the loan, will I have an opportunity to quitclaim it back to my name?