All Forum Posts by: Michael Jones

Thanks Richard.  Yes, I've got a message into my agent as well.  I've never heard of them before and the description by this landlord is virtually the same for both and full of legalese that's beyond me.  Appreciate your response

I'm stuck in the minutiae of legal terms and understanding.  Please dumb it down for me, what is the difference between LRRL and LLIP insurance.  Reading over someone's lease agreement in Bozeman and it appears through their language that this is essentially the same coverage.   

Thanks for demystifying this.  

I listed a property to sell that I've had for a few years but I decided I'd like to keep the property and go for a refinance.  I told the agent to take it off the market and it turns out that he withdrew the listing but did not cancel the listing. 

How long after taking a listing off the market will a lender refinance the property?  

Since the listing was not canceled but withdrawn, does the lender make any distinction between the withdrawal vs the cancelation of the listing? 

Anything else I should be looking at or concerned with? 

Thanks, 

Mike

@Jason Knight id be up for that. Just started my first airbnb after a massive rehab.

Thank you all for your input. I just love the wealth of knowledge on this platform.   I knew it wasn't an original idea but still thought it was worth a shot in exploring the possibilities of reducing selling costs and timing.  Seems as thought there's a niche that it would work but in my hot market it would be better to put the houses out to the masses and attract the highest potential buyers.    I love the idea of creating and investing in notes.  My angle is to look at selling just a bit above market and create the spread needed for the discount.  My market is in the 300-500K range.  I will continue to educate myself on notes.  Thanks again. 

I understand the basics of note investing but with part of my business being to flip properties is there an avenue to buy, fix and put together an owner carry note to sell immediately and force an extra bit of profit out of each deal over that of just selling it on the mls? 

What kind of discount do note buyers offer with unseasoned notes? 

What kind of terms are most attractive to note buyers in order to get an aggressive offer in todays market? 

What pitfalls would potentially arise? 

Thanks for any input and the wealth of knowledge in this group. 

They are out there. Where are you looking? MLS? Maybe network with other investors that are rehabbing. Or direct mail to owner occs, or landlords.

Pretty sure all companies are reqiring this by direction of metro.

@Brian Pulaski   Before the second extension I made them release the EM.  

@Karen Margrave  

I guess I wasn't clear enough.  Not that it matters now since I abandoned them, but the Realtor wrote up the agreement and disappeared for several weeks.  When he did surface he wouldn't give any updates other than he was checking on things.   His principle was no help either. 

  The Mortgage broker wouldn't return calls/emails for days and when he did, his updates were full of partial information and lies.  Neither of them would return calls to listing agent or title company.  The blatant lies are what really bothers me. I'm generally pretty easy to work with, but give me the run around and lie to me and all bets are off. 

While of course I was looking to get this transaction closed, honesty and decency is not too much to ask.  

@Russell Brazil

I know I'm not the sharpest tool and can get too emotional but this type of behavior from realtors and mortgage brokers is completely uncalled for.  Should they come after me, fine.   The irony is that neither of these guys are representing their client.