All Forum Posts by: John S.

@Kim Meredith Hampton

""Term.

The Manager shall have the exclusive right to lease and manage the Premises for a one (1) year term beginning on____9/23/2015______________________and ending on(and including)____9/23/2016_______________________(here in after “InitialTerm”). Not with standingthe above, if the Premises is already leased during th eterm of this Agreement, and the term of that Lease extends beyond the initial term of this Agreement, then the term of this Agreement shall automatically be extended so that it expires at the same time as termination of the Lease plus all renewals thereof. Upon expiration of the Initial Term, this Agreement will automatically renewfor an additional period of ____12months____________ unless either Manager or Owner provides written notice to the other of their intent not to renew the Agreement. Written notice of nonrenewal must be provided at least ____30____ days prior to the commencement date of the renewal term. If the Owner terminates this Agreement prior to the expiration of the term, or if the Manager terminates the Agreement due to Owner's default, then the fees and commission for the remainder of the term shall become immediately dueand owing. Any and all expenses incurred on the Owner's behalf shall also become immediately due and owing. The Manager may deduct the full amount of all such fees, commissions and expenses from any monies being held by the Manager on the Owner's behalf which would otherwise have been due to the Owner. The Manager shall provide the Owner an accounting of such deductions within thirty (30) days of the termination of the Agreement."

I have a property management agreement that is agreed upon that they manage for a year and that I need to give 30 day notice to cancel the agreement. If it is 6 months into the contract and I want to switch property management companies, an I liable to pay them for 6 months of management since I am only half way through agreement?

Los Angeles has loosened the granny flat restrictions so many owners can now get permits to build a secondary housing in their backyard.  This was mainly done because the lack of new housing in the city.

@Gordon Vaughn @Greg H. Have you guys bid on ocwen lists?  Do they have a similar reduction structure to get an acceptance?

I'm wondering if its been reduced a 3rd time if the price goes down 20%. 

@Curt Davis I've been seeing more attached homes being sold by TK providers.  At first I thought it was strange that the pictures never showed the full house but then I found out these were always attached.

@Abdul Azeez 38125 looks like a great location.  If you wish to try renting out quick, maybe go ahead with craigslist and offer $50 month discount if they fill out application and turn into crestcore in the next week.

@David Faulkner Do you recommend getting a TIN for the sole proprietorship?  I assume you would need the mortgage and umbrella under your personal ssn though.

@Diane G. $150/month isn't all that bad for an OOS investment that is turnkey.  Let's say it is 20% down on a 30 year mortgage for $20k.  $1800/$20000 = 9% return and that doesn't include the equity paydown on the mortgage.  It's definitely better than a lot of other investments.

I agree that california has received amazing appreciation but investors also need to pay buyer and seller agents a percentage to sell their investments.

@Shayne Fee If you are still paying PMI, I'd still do some calculations to see if a refinance would make sense. With the interest rates steadily dropping, it doesn't hurt to wait a little bit to see if they go down more as well. You might also just want to get a few lender quotes early in the game. When they want your business, they can give you a lower closing cost even no-fees since CA loans are high loan balances that make them money still. I would also recommend looking for a lender to do a no-fee appraisal.

Has any investors of Elite Invest here moved off of them to another PM?  I am interested in seeing if there are other companies that could do a better job.  I'm sure there are not many good property managers in South Chicago.  As many others have mentioned, my experience has been similar in that they are slow to respond and most of the time do not answer with what you have asked for.

Anyone have recommendations for a foreclosure attorney in orlando, fl?  This is also for a nonperforming note.