All Forum Posts by: Mark Payne

Hi Chris,

Thanks for your thoughts.  The mortgage was recorded and it shows up when I search the records on the county clerks website.  I believe your correct about statements, I don't think he sent any. All he did was send self addressed envelopes for her to send the checks every month.  He said he sent one letter stating that she had 30 days to get current or he would begin the foreclosure process.  Of course he didn't send it registered mail.  Frankly, he's a very kind and generous guy and he gave this lady a lot of rope trusting that she would do the right thing in the end.  Now that he's out 15k plus interest he's done being patient, but too nice to pursue it. In the end that's why he was willing to give away the note.  The note is supposed to mature on December 1 of this year but she's behind about 15k in principal alone.  If I attempt this I just want to make sure I have my ducks in a row.  

I'll try and be brief.  Father in law sold an inherited property 12 years ago and carried the note for they buyers.  They stopped paying two years ago.  He's well into retirement, doesn't need the money, has previously paid the taxes to keep it out of a tax lien sale and just wants to be done with it.  He was going to give the "property" (he doesn't quite get that he only owns the note, not the house) to the realtor who helped him sell the house and record the lien.  I asked for it and he said "ok."  So, would I be correct in assuming the proper way to do this is to officially buy the note from him and have it recorded?  The goal here is to rehab the loan or foreclose on the property.  County Clerk's office shows only one other lien for a code violation and the taxes are past due again.  Thanks for your time.

Cheers!

We rented for a year when we moved to Memphis. After moving in we noticed mold on numerous HVAC registers. It’s a common problem in the south with improperly or un-insulated ducts. The owners cleaned the ducts and had the HVAC system cleaned and serviced. After that it was on us to keep them clean (change filters, use ventilation fans in bathrooms etc...). If it’s out of their control I would pay for it. If it’s pets, allergies, lack of filter changes etc...it’s on them.

@Natalie Schanne do you include potential tax savings when calculating ROI on a prospective property? I'm a bit further up the tax brackets and the tax savings could be substantial when buying more expensive properties thanks to the larger depreciation expense. TIA for your thoughts.

Pretty simple isn't it? Consult a lawyer in the State (even better yet the municipality) in which your property is located. Then you'll know exactly what you may or may not restrict in regards to firearms. The bottom line is that we should all run our businesses the way we see fit within the constraints of the law. Some people never allow pets, others do very well catering to pet owners. Some don't allow car maintenance in the driveway or on the premises, while others have tenants who won't move for 10 years because they love the extra deep two car garage that allows them to build a hot rod or restore Dad's old Buick. I'm a gun owner and fierce defender of not only the Second Amendment, but all of them. I may not like your ability to restrict tenants from legally owning guns, but I also don't like the continued erosion of property owners rights in parts of our country (the Costa-Hawkins drama in CA is a good example). It's your property so do what you like (legally). If this issue is really important to you I would certainly suggest that you research the applicable laws in the markets that interest you. Good luck with your investments, hope to see you post a "success story " or two in the future. Cheers, Mark

A properly executed House Hack would make your student loans easier to pay (off). This of course assumes the rest of your financial house is in order. Good Luck!

Hi All,

I'm looking at small multi-family properties in the N. Willamette Valley (McMinnville, Newberg etc...)  I'm not currently in the market there but I grew up there and still have family living there.  I was just wondering if it's common to use RUBS or have a utility charge back in the older properties that cannot be sub-metered cost effectively.  Thanks for the input folks.

Cheers,

Mark

Jacob,  very helpful reply.  Thank you!

I was informed of the price change today, 14 days after the original closing date. I re-read the email just now. They are closing with the original seller on DEC 1, I misread a "will" as a "have" (closed). Sorry for the confusion. They also have my earnest money. I was ready to close on the original date.

Agreed to buy two properties from a Turn-Key / property management company. Signed purchase agreement knowing that they intended to double close with another investor who was liquidating their portfolio. At the first closing back taxes were discovered and the original seller did not want to bring money to the table. The company I'm buying from agreed to a higher price at the first closing to cover the taxes and subsequently closed. Then they email me, tell me about the tax issue and raise the price by 5k on each property. I have the original purchase agreements with no contingencies on either side. Do I have any legal recourse here? We've passed the original closing date and have not signed another agreement. State is TN, cash deal. Thanks!