All Forum Posts by: Michael Jones

Oh there will be reviews and I'll definitely remember who these asshats are.  I would just like there to be more responsible people in this industry.  

I know closings fall through and while I've never had one, I'm pretty sure one of my sales is going to fall through. We've done everything we can to both be flexible and extend the closing but also demanding updates as they go.  The buyers realtor and mortgage lender have been the most unprofessional people I've ever encountered in this arena.  They've really done a disservice to the buyers but have completely screwed this transaction up on follow up, meeting deadlines, and communicating.  Other than the earnest money, is there any recourse with Lenders and realtors?    I'm just so frustrated that these people take no responsibility nor do they seem to even care... For *****ake these people will make money and they just don't care.  Never mind that this has cost me money and forced me to rework my money situation.  

They'll also come to your door and ask to take a look around the property.  They are in fact looking to reassess your property at a higher value.  I never return their calls or letters and if they show up on site my crew has specific instructions to escort them off the property and do their assessment from the public sidewalk.  All the information they need is on the county website.  You are under no obligation to provide any information.  

You should meet with the property manager in person.  For this specific reason, when I receive a late rent check I keep the envelope to confirm the mailing date.  Otherwise it's your word against theirs.   Don't know  what their process is but it sounds sloppy.  Definitey have a meeting, plead your case and ask them for proof of late rent since you dropped letter in the mail several days ahead.    Next I'd find out if they do any electronic deposits.  I have several renters that pay with paypal. It's free and instant. Good luck. 

Maybe you should be asking @jayhinrichs  this question.  He is a very well respected member on bigger Pockets and in Portland and is active on this site.  It appears as though you're asking in an attempt to find out his trustworthiness but the way you're going about it is a bit frustrating. Reach out to the person before spreading things around

@Chris Mason The mortgage guy is saying that without the appraiser coming in near my actual rents they will only consider 75% of the appraisers opinion of rent rather than 75% of my actual rents.  Which coincidentally is $500.  They would have funded if the appraiser came in $500 higher.  So, yes, I'd need to show that I make an additional $500 plus a month because I've also got a few more  rentals.   

Sorry didn't state that.  No, not a cash out. Straight refi.  The appraisal was a bit low but acceptable value range.  It's just the rental opinion over my actual data of rents. $100-$200 variance I can understand but $600 is ridiculous and frustrating that he won't even respond to me.  I get the joy of paying for something and he arrogantly feels no responsibility to explain this huge variance.   Feel bent over.  

I actually did provide both sale comps and rental comps, closer in proximity and style than he did. 

I've been going through mortgage hell trying to get a 60% mortgage on a currently rented house in Portland.  The appraisal came out fine for value but the appraiser estimated the rent to be $1900.  Rent is currently $2500.  I had no problem filling the vacancy in two days last November. 

 I've asked the appraiser to both explain his reasoning and to accept my provided comps for rent which shows rents in the $1900 range for smaller houses (in size and bed/bath combo's) and comps higher than my rents all the way up to $2900.  He refuses to even respond. 

The mortgage company underwriter will not move forward based on the appraisers opinion.  

So, they will not fund my loan however do I have any recourse?  I've provided proof of rents and lease agreement and the bank has chosen to rely on the appraisers opinion over my actual data and now I'm out $850 for a useless appraisal.  It's the banks prerogative to not fund but at the same time, am I not entitled to a refund for the appraisal?  I've performed and they've chosen to accept the opinion of the appraiser.  Any recourse?  

If it's in Portland, don't forget to add in the moving cost for each rental unit.  Depending on the size of units you'll be around 20K to move the tenants, unless they just decide to move. 

A great problem to have your rehabs on a year waiting list.  Nice.   Given their history and connection with case workers, yeah you'd need to toe the line.  Tough to analyze and if they're fairly decent tenants themselves with just baggage (one could hope) then I guess I'd see your reason to not go forward with the no cause.  But if they're not great tenants, and heavily under rented I would have gone forward and bit the bullet and sucked up the cost.  In my mind, other than terrible landlords that make the rest of us look bad, there's nothing worse than professional tenants who game the system.