All Forum Posts by: Jason Clinton

@Ryan T.

If this is a section 8 tenant they most likely have a case worker/manager. They are obligated to adhere to

the lease or they lose their assistance. You can reach out to a case manager without making a formal complaint and see if they have any ideas or suggestions on how to deal with that tenant.

I’ve always used section 8 case workers as my POC for any issues or questions I have about what I can/can’t/or maybe should do.

Best of luck!

Hey BP,

I have a rental property that I own free and clear in my name that I want in my LLC's name with a mortgage. What is the best way to go about that? I can't really do a cash out refinance since the property is only worth about $45,000 and most lenders (that I've found) wont lend less than $50,000 for a cash out refinance.

I figured I can just sell the house to my LLC and get a mortgage in my LLC's name. I know I'll have to put money down and pay closing costs again but how else can I pull money out of this property?

Any thoughts would be greatly appreciated!

Thanks,

Jason

What time? I might stop by?

@Precious Thompson Please see the first bullet point! this was from a landlord training here in Allentown I took just last month! Sorry its sideways it wont let me rotate it and its fine to begin with on my end. Like I said, once you notice wrong doing you are to act on it or you may lose your rights to use it in your favor.

What the LAW will say is if where you were living wasn't legal why didn't you move? If you find out in January things aren't right but in October to blow the whistle it doesn't matter at that point because you stayed after finding out. If you go to leave and the landlord comes after you for lost rents you can tell the judge I left because he wasn't licensed and you'll be fine. But once you stay after knowing something isn't right you forfeit your right to complain. Same with a landlord. If you know a tenant is doing something wrong and you don't say something you can't chose to do something about it later on down the line and still have legal grounds... That's the LAW!

Hey Stormy! Welcome to BP! I'm from Bethlehem! Live in Westend Allentown. Where did you find the foreclosure? Do you have an agent that can help you? You can always trying calling the Citizens bank in Quakertown and ask who you can speak to that handles foreclosure and they can route you to the right person/dept. I would try a real estate agent first. They can find out quick/easy. Good luck!

Ann Bellamy Thanks for the insight! For me the book was more of an "ah ha" moment and not a blue print. It was referred to me by a successful lender not as a bible or play book but as a different way to look at money/lending/borrowing. What it did for me was give better understanding of risk when it comes to real estate or borrowing in general. I think the bank/lender has less risk in a properly executed transaction that the buyer/borrower. You set your underwriting criteria so if the loan isn't good from the start you shouldn't fund it. If it's a good deal and they default you have a good property. If you're also an investor you can flip or rent it. I think the book is good for someone who is new to lending. I didn't say it was the best book and it should be you operating manual. I don't know when the book was written or what it has or hasn't done for other I can only speak of what I got out of it. For $4.95 I got my money out of it. I wasn't expecting to become a millionaire because I read it. It did lead me here (to BP) in a way because I made a commitment to myself to get to the point where I can lend money and I choose REI as a way of getting there and during my hours of Internet searches I ended up here. So like I said I got my money out of it. It's all how/what people chose to take out of things. I like to look at the positive side to things and not always the negative.

Adam Bruce things in this area are good. Competitive but good. It all depends on what you're looking for.

When I said rental I meant car rental... Bring it back in what it was when you got it or be charged xx.. You can even add a service charge for your time

I would treat it like a rental... I would go with option 2 with a twist. It's up to them to set up and pay for and it's also up to them to make sure it's full when they move out. (You will be responsible for the initial fill up). You'll then add it to your move out check list and charge them for whatever it takes to fill if it's not full and deduct from deposit and give them the bill with the remainder (if there is any left). Just make sure it's in your lease that it has to be full and add to move out inspection.