All Forum Posts by: Irina Belkofer

@Bob Collett I can answer partially #3.

All my tenants pay water & sewer: I bill them according to the bills I get from Cleveland water.

I don’t let them pay bills straight to the CW site - these are charging to my credit cards.

Their payments are always go before the rent (it’s on their lease), so if they late on water payment, they starting getting late fees on rent next month.

If you have submetering - it's easy to bill them. If there is no submeters, then it's not legal to bill them what they didn't incurred. However, if there is no meter (like water is included in HOA fees), some amount, like $20-30 can be included separately ....well, until they take attention to the court.

Most HAO get third party billing company: they install their meters and bill Tenants every month, they take reading via satellite. If it's SFH, it's much easier because CW is billing.

All my tenants on two year lease - but you don’t have to. Owners pay me one month rent to place a tenant, so it saves them plenty of money.

If they want to break the lease, they pay early termination fees - 2 rents in the first year and one month rent if it’s the second year of their lease.

I don’t charge the fee if they let me show their home and I can sign the lease the next day after they move out. They’re motivated to keep it clean and appealing.

Some preferto pay, some let me market it.

Criteria depend on the class of your property: B+ class Tenants are very different from C-.

D class might have checking accounts, cars, credit history or their FICO score is below 500.

If your Rent $500-600/mo, the requirements will differ for these with $1500-1800/mo rent

It takes two to create a fight. Until you’re not responding, it’s her problem.

As soon as you answer anything - it become yours.

Ignoring - is the best

Credit was pulled on Friday. Money was deposited today 

Because 1031 defer taxes but this scenario totally eliminate them 

Ask your banker - they usually do drive-by appraisals on HELOCs

If you have access to the property and in the area, you have to first and foremost mitigate the damages.

Take pictures and start drying property out, put dehumidifiers, fix the problems.

Insurance is a way to pay for the damages and you’ll give them receipts IF you have insurance after all.

I know my insurance company (State Farm) doesn’t let PM get policy on behave of the owner - they all call the agent. I can do the payments but not get them the insurance. Maybe it’s in Ohio only, idk 

Anyway, it’s your property and you have to take care of it now and then figure out who is going to pay for the damages, how it happened to prevent such cases in future.

Flooding, bursting pipes, sewer back up could happen any time without anyone’s fault.

The longer you wait to fix it - the more income you lose. Fix it, re rent and then get all the paperwork in the order.

You can call to everyone right now but first calls should be to the clean up team

I’m curious how you count interest on the loan?

I can’t come with $700/mo on $400K loan.

If it amortized loan (like a mortgage - you pay principal&interest), then [email protected]%/25years is $2144.62/mo

If it's interest only, still @4.15% APR you will pay on $400K $1383.33/mo.

@Irina Belkofer: Sorry, you're wrong. ;-) Mortgage fraud is mortgage fraud. When you take over a mortgage Subject To, you are agreeing to pay that mortgage. If you fail to pay it for any reason, that is mortgage fraud, bank fraud and possibly mail fraud. Along with deceptive schemes and practices, false enrichment and in violation of the Consumer Practices Act. Call your local Attorney General and ask if that isn't so. Do not be so quick to think you understand the law. ;-)

Your definitions beyond the point because all your links are not about “subject to”.

You just using red herring.....this is a discussion of “subject to” which is really hard to get justice on: the owner list the title and us only on the mortgage. Bank will file foreclosure if the “buyer” stop paying.

This is totally different scam and you were asked about example on remedies of “subject to” scam.....if you don’t have any examples - don’t pile up unrelated links - everybody has google