All Forum Posts by: Todd Campbell

 No worries. That's why we are all here, to learn from one another and get better at what we do. 

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/ramh/res/respamor#HE2

Section 9 of RESPA prohibits a seller from requiring the home buyer to use a particular title insurance company, either directly or indirectly, as a condition of sale. Buyers may sue a seller who violates this provision for an amount equal to three times all charges made for the title insurance.

 You can conduct your own search, YES. You cannot direct your buyer into using a specific title company.  Sorry, but this is called controlled business and has been the topic of countless lawsuits over the past 2 decades.  

The title company is NOT subject to the seller's discretion. It is the buyer's choice.

There is a lot of good advice. I would also go so far to say DO NOT put your improvement or renovation plan on paper. Let the dust settle, get your eyes and ears network started. Get a good cash reserve (if you don't already have one) started.  Don't over improve. I have had some low rent housing and made the mistake of upgrading beyond the value of the neighborhood. Lastly, start slow. 

good luck!

-todd

My very first rental property was bought at a discount because the previous owners allowed a smoking. All of the walls and ceilings required serious TSP cleaning. This consumed three days of work * 5 people. (15 human days) Plus priming (2 coats of killz) and painting 4 people * 3 days (12 days). The replacement of carpeting (one day). The replacement of all kitchen and bathroom hard surfaces (includes flooring) due to cigarette burns (3 days * 4 people = 12).

After all of this work was done, 6 months later the walls still bled nicotine. All in, the discount wasn't worth the extra effort. Noob mistake on my part. 

Since that time I have had a number of tenants at other properties who just one day decided they would start smoking in the house. 

I'm simply not willing to invest the extra time and money in properly cleaning up after a smoker. The risk for me is too high. 

-todd

Agreed. Move out.  

In the areas I do business the security deposit is the property of the tenant. They are not transferable or assignable by the landlord. Get out, get out, get out. 

Welcome @Daniel Monserrate! 

I used to live in Morrisville a few years back. Miss that area. 

-todd

Excellent point! This is something my lawyer had advised me about for a property I have in Michigan. It sets a precedence, and a partial payment CAN in SOME states impede the eviction process. I tell my tenants to pay me in FULL + late fee when they pay late. In addition, I start the eviction proceedings on the 7th day. All of my tenants have seen what these papers look like, and know what they mean, as they are shown the partially completed paperwork at the time that they sign their lease. In addition I advise them to speak with a lawyer about any aspects of the lease that they do not understand. (Lots of free legal advice in a college town)

good luck!

-todd

@Ned Carey I have never used the tax lien strategy, but it has always sounded interesting. Do you allow spectators or provide a means for others to get some first hand knowledge?  Tips, fundamentals?