All Forum Posts by: John Thedford

Really I don't get it. Not trying to throw shade, but I gotta ask if you have a deal 50K under market are you willing to give that away for a few bucks? The last deal I got for 50K under market I closed on. Why? If I took a 10K assignment fee, I would be giving away 40K. Doesn't make sense to me. And my last point is: all fees must pass through your broker or you are brokering without a license. I am a broker, so I COULD wholesale. But I won't. If it works for you, go for it.

How can I help?

I like HML. Lucrative. Low amount of work.

I have a qualification sheet I give to potential tenants before they apply. If they do not meet those I deny them. NO exceptions (do that and you ARE asking to get sued). Second: if they claim they have a service animal or ESA, you have every right to ask for documentation from their medical provider. If they cannot provide that, you have every right to deny. As for the threat, sure they can file a complaint. Will it go anywhere? Maybe not. Will it be a PITA due to having to deal with some government agency? Possible. 

I just closed on a SFR rental. The seller agreed to carry paper. Terms: 160K, 20 years, 4%. Though these terms are fairly good, many investors may not realize how much interest they are paying. Hey, if you want the writeoff and are good with paying interest, then this post may be of no interest. Looking at my amortization schedule for this property, this is the breakdown:
Principal: $160,000
Interest: $72,696.33
As you can see, I will pay ALMOST 50% of the principal over the term of the loan. It adds up!

If I was a younger investor, I would definitely want to stretch out the time on mortgages. As one gets older, they may find it prudent to lower their debt. The only want to do that is by prepaying on the principal on mortgages such as this. I am DEFINITELY go to prepay on a couple of mortgages with higher interest rates (7%) and once those are paid off I will tackle this one. I am not concerned as much as having writeoffs at this point. My main concern is getting debt free and increasing income. If you have a mortgage, how much are you paying in interest? Have any clue? Pull our your amortization schedule, take a look, and make changes you may feel necessary. 

First: if there is a lease in place, the lease transfers with the property UNLESS the lease has a cancellation clause. If no cancellation clause is in the lease and the lease term has not ended, they cannot legally demand possession. 
Second: if on a month to month term,  by law the landlord must give written notice AT LEAST 15 DAYS PRIOR TO THE END OF THE CURRENT RENTAL PERIOD. By them giving notice in June to be out by the end of July it appears they are within their rights. 
Third: if on a month to month, I do not believe they can demand possession mid month. In this case, rental periods in your situation appear to be months. Therefore, if I were the tenant I would pay for the entire month of July via certified mail if necessary.
Florida Chapter 83 Part II is landlord-tenant residential tenancy law. 

A seller will always look at what they owe versus what the selling price is. What they owe may or may not be a motive on whether to sell. If they owe more than the sales prices, they will have to PAY to sell their property. I had that happen. I found an out of state seller with property in Cape Coral. We came to an agreement at 120K. They owed about 190K and had to bring 70K to the closing table. It happens! Bottom line: if they owe more than the sales price it may or may not have an impact on their decision to accept an offer. 

@Stetson Miller my experience is recent. They are typical of most companies. Deny every claim and see who fights for what is truly owed. They sign a contract stating they will do x,y,z,-and then play games. Typical you know what....and my agent was ONLY concerned with HER income and the fact I dropped over 15 policies with her. 

I would use part of it to buy more income properties. Keep some for reserves, but having 100K earning nothing over time costs you money.

What state are you in? Depending on why they are in default, you may be able to evict regardless of the moratorium.