All Forum Posts by: Mark M.

A mortgage company is trying to persuade a distressed owner to consider a deed in lieu of foreclosure, allowing her to stay in the home for 3 months (no payments) and somehow working it so she will then qualify for a $3,000 return to use for relocation.

Is this for real?

Will a deed in lieu of show up on her credit report?

Thanks!

Has anyone use RUBS (ratio utility billing system) on a small multifamily property (say 10 units or less)?  Is it cost effective for smaller units?  What are your thoughts/experiences?  Thanks!

@Joe Henry  Yes, I agree.  Using a land trust I would list the trust as primary and my llc, trustee and myself as additional insured.  Thanks!

Joe Henry

Thanks Mike, that was helpful. 

Property owner insisting PM have tenants sign a inflated cleaning fee schedule to be used upon vacating rental.  PM hires cleaner who charges much less.  Owner pockets the difference.  Is this ethical if tenants agree to the fee schedule?

We had a written lease with the tenant.  She never even lived there.  Instead she moved her friends into the unit and told them she paid a pet deposit - which there never was one.  So her friends moved their two dogs and one cat into the unit.  She also said it was okay to smoke inside the premises - NOT!  Her friends paid her 1/2 the months rent and she agreed with them to pay the other half.  She in turn paid us the 1/2 month's rent and said the "rest of the rent was coming soon".  The rent was past due and there was also money owed on the utilities.  We did the 3 day notice to pay or quit.  That was when we found out her friends were living there.  They had several violations of the lease agreement with the original tenant (see above).  Thankfully they are all gone now and the unit is about ready to be rented.  Never a dull moment!

Thanks John.  Always interesting!  In this situation the "residents" almost seemed like squatters, hence my confusion on how to approach it. 

Thanks for your reply. 

I think I'd feel better having the insured match the deed even if I have to change companies, pay more, or change to a commercial policy. 

I understand that if the deed lists an LLC then the insurance needs to list that LLC. What if the deed lists the LLC and the insurance lists the owners by name and the LLC as additional insured? Is this sufficient protection?

Thanks!

The lessee moved out and her friends moved in.  How do we get rid of her friends?  It seems to me they are trespassing.  Wouldn't a sheriff be the solution as opposed to eviction proceedings?