All Forum Posts by: John Lee

In the previous land trust, my trustee's name is the first thing to show up on the appraiser website. Which is kinda defeat the purpose of anonymity if the Trustee get all the annoying phone calls. I also see that other have a trust as trustee for their properties on the appraiser website. Do they form another trust (living trust?) to act as trustee or only have the land trust on the deed as trustee?

Owner of a property I just purchased offered me another property. He set it up as note so he doesn't have to take care of maintenance, property tax and insurance. The note is only $180k with 4.5% interest. For some reason the owner is feed up and informed me that the borrower doesn't have insurance on the property which is required by the note. How much should I purchase the note for considered the current mortgage rate? How long do I have to notify the owner before I have to get insurance and charge back. Can I take possession of the property if the owner failure to obtain insurance or pay for insurance?

I'm refinancing a short term rental I purchased in 2020. The hard money lender is asking for the appraisal back when i purchase the property and scope of work and receipt. I find that kind of strange since the work is a while ago and I though the lender only care about the current appraisal and borrower credit. Is scope work typical in refinance property that owned more than a year? this refinance is taking almost 2 months and I think the lender is dragging their feet 

I have great tenants who always pay on time but just had an emergency this month and rent is late. They had a larger than normal deposit due to low credit score when they sign the month to month lease. Is there anyway I can release partial deposit so they can make rent payment and avoid late fee? How do I document the partial release of deposit? How do I protect myself incase later tenants move on but want their full deposit back ?

I'm a little confuse by this county auction today. I see that it already had a pending offer on MLS so i did not bid on it. But then I saw someone win the bidding.

Why do investor bid on a property that's already had pending offer on MLS? What happen to the property in this case?

I'm doing a flip and the power company said that my meter box need replacement before they put a smart meter in. Other than the cosmetic damage see picture, I don't understand why it need to be replace. Since it is a flip, do I need to replace it, or wait if home inspector raise issue with the meter box? 

I pulled out of a deal last month at the last minutes due to repair was way more than I expected. The inspection period had passed. Today I received the check from title company escrow. Is this normal or something fishy going on? 

Any tips while waiting for the certificate of title for a house brought on auction? Currently I'm trying to obtain title insurance. What else can I do while waiting? I don't think I can bring the contractor or do anything on the property, even though it's vacant, and the front door is not lock. It's technically not mine, yet. The property is located in Hillsborough county, Florida.

 Buy and hold