All Forum Posts by: Jerel Ehlert

Eviction.  Whether just the Mom or Mom + Tenants, up to you (if you have the common provision about limit on how long T's guests can stay).

As you know by already having 1 rental property, properties need managing because they won't do it (profitably) themselves.  The answer may lie in the answer to a different question: When do you start to loose money managing your own properties?  (or, Where do you make money? managing property or acquiring property)

Google "eviction service" for that city.  There are probably several who will handle it from soup to nuts better than a real estate agent or attorney (I only do evictions when there is something weird going on, otherwise I'm too expensive).

I started out doing real estate investing in 2000 and didn't go to law school until after the crash. From what you posted so far, sounds like you need to meet with a couple of groups more than a real estate attorney. Wealth Club is coming up soon. RICH Club was just last Saturday. Quest IRA has something Tuesday morning and evenings.

There are lots of ways around getting stuck with a house.

If it is drafting heirship affidavits, I can help...or a title company can.  If it is just getting them notarized, all you need is a notary, and a title company can do that for you.

Thanks guys.  Happy to help.  I prepare closing docs for sub-2 purchases, wrap sales, 1st and 2nd lien cash transactions.  Let me know what you need.

Seen something like this before.  1st, no one is representing you from what you described. "######### is engaging counsel to look into this for us, and title issues that may be uncovered to protect our investment." aside, that lawyer does not represent you.  They represent ######### (whoever that is).

There's probably more going on, but general legal principles say that insurance policy issuers are responsible for the acts of their agents.  If B### E### gave you a binder with the underwriter's signatures, the underwriter is probably going to have to honor the contract (all other things aside that could conflict with that statement).

You may have claims against the title company, ### Title Services, even if the agent acted outside the scope. Which means any E&O insurance may kick in.

Likely nothing will happen unless you start kicking others' butts.  They will wake up and fix title issues for you, bond around them, or pay you the value of the policy and take title to the property instead of fixing title.

There are a lot of "ifs" and "maybes" between here and a resolution that can radically change this answer.  

Get a lawyer.

$2-3K is about right, depending on how involved you want us to be.  Title company's attorney only represents the title company, not buyer or seller, so you may want to have an attorney review the closing docs.  Same for Lender's attorney.  Commercial mortgages can be more readily negotiated, depending on borrower's strength.

Regarding operations, check with some apartment owner's groups and associations.  They have good resources, including leases (besides TAR).  Consultations on a periodic basis can increase efficiency and reduce the probability of law suits down the road.

Government is not all bad, all the time.  When there are bad actors in the marketplace, people need government to level the playing field.  See, generally, predatory lending, securities fraud, "company towns" (especially up in your neck of the woods), and environmental regulations.

This, on the other hand, is government looking for a problem (mostly because a council member  got postcards and letters.

Email I sent to the reporter:

"Ms. McGivern,

Regarding your story of April 26, 2018, you only showed one side of the story and completely ignored the other.Where does city council speak with these heinous "flippers"?There are already statutes and regulations regarding fraud and deception in real estate transactions.Educating people who want to be educated is fine, but if a governing body restricts the pool of ready and willing buyers, more properties will go to foreclosure and sit on the market longer.

Real estate investors perform a vital function in every jurisdiction: putting properties back on the market, in good condition.Many of the properties they buy could never pass conventional lender's inspection because they typically require tens of thousands of dollars in repairs that most homeowners do not have or cannot do themselves.Additionally, many real estate investors near metropolitan centers can access almost an unlimited pool of funding to buy and remodel properties if the numbers work.From contract to close, the time can be in as little as 3-4 business days.The delay is mostly waiting on title companies.So when flippers mail letters and post cards to owners saying they can "close quick" and "all cash", that is a fact, not fraud.

Of course, realtors will recommend you list your property – that's how they make money – so they are self-interested, which makes the report biased.Maybe next time you can have a "flipper" on you show for balanced reporting.

The idea of anyone feeling "pressured" by getting a post card or flyer is ludicrous.If the homeowner doesn't want to sell, the solution is to throw them away.But the idea of "there ought to be a law" is equally ludicrous.If there are bad actors committing fraud, the answer is to enforce the laws already on the books.

Out of all the properties posted for sale every 1st Tuesday of the month at the trustee's sale, a very large percentage never make it because they are bought by the very flippers you disparaged.If not for the real estate investing community, cities around the country would look much, much worse.My biggest complaint with your report is that you completely failed to get the rest of the story.Your editor needs address this."