All Forum Posts by: Christian Malesic

Wheatie,

This whole post of yours was insightful. Thanks.

I particularly want to inquire about the above quote. How do you handle Earnest Deposits (AKA Good Faith money)? I have had banks want 10% of offer included with the offer. Even if you are only doing $500 or $1,000 per offer, that is still tying up a chunk of change.

I have recently had a colleague PM that they were unable to find my phone number on my profile. I have selected the "show my contact info only to my collegues" block under My Contacts, Privacy.

When I click on "Show profile as others see it" it shows no phone number. I assumed this is showing me how non-collegues see it, correct?

Have I entered something wrong, has the collegue looked it up wrong, or am I misunderstanding how it all works?

"seasoning issues"? Please explain.

Do you have a business entity in which you can get an LOC? Our LOCs are Business LOCs. I guess that is the big difference, which is why we are not running into the same freezing thing (…as of yet. Fingers crossed).

If I am understanding, your HELOC is on your primary residence, correct?

When you have a relatively good tenant that pays on time, do you raise the rent?

This question prompted from this comment made on another thread:

heloc?

Please advise. What is this?

From your context, my best guess is that it some sort of line of credit (LOC).

That said, it does not make sense that they would freeze it if you are a good client and paying on time. MY LOC is backed by my good name and financial statements submitted a minimum of annually as well as my experience with the bank.

They do have paperwork, previously signed, giving them my personal guarantee, rights to receivables, assignment of rents, first born male child, and right to my body parts upon passing.

Mr Fred,

The most important thing to get out of this discussion is that you form a business entity ASAP. There are many threads here on BP which speak to this. Many of us have poured our hearts out on the subject already.

Please do not make the same mistakes we did!

With all due respect, I disagree with this approach.

Firstly, Umbrella policies are over and above standard polices and are for the second million, third million, etc. (as a rule). This assumes you already have the first million. Now, this is PER PROPERTY, not cumulative of all properties.

Secondly, doing things like including your personal residence shows that you are operating as a sole-proprietor. This means, if you are sued they can come after your personal stuff... here is the kicker: including your dog (that usually gets people's attention as we Americans forget that animals are considered property by law).

You are looking for what is known as a BOP (pronounced as hop) which stands for Business Owners Policy.

The gods shined favorably upon you that day!

I believe that to be rare. We will see if other posters chime in.

It is fairly common that they will pick up the cost of title insurance.