All Forum Posts by: Thomas Reetz

Hi Paul.  We used a real estate attorney for closing so we did the title search.  It actually found a lien we required to be paid off prior to closing.  

Vincent, I will look into the payoff letter and if that plus a notary is sufficient.  

Thanks

I have a seller financed loan.  It has a 4 year balloon payment and I am 2 years in.  I am ready to pay off the loan.  Does anyone know if I need a lawyer or title company?  What is the process to pay off the loan?

I had a property management company that is offensive in their charges and their accounting practices.  After notifying of service termination my next bill was over $2,000. 

Let me start with the questions then the dialogue of a few issues to follow:

1.) Should I expect to see before and after pictures of work done? They said they would provide but I have never seen a single picture from them.

2.) Should I see invoices or receipts for materials purchased or labor hours utilized?

3.) If none of the prior two notes are provided, what are my rights to seek refund?  Almost all work they did under repairs is being properly redone by my current and competent property manager.

After I sent notice of service termination my next bill was over $2,000. I called to complain and the manager said he did not have time to go over every charge. I went to better business bureau to complain but all of the complaints responses are from lawyers counter suing for slander.  I was willing to just walk away and wash my hands of these guys but this unit earned several thousand in rent over the last two months and after their charges I received $300 of it.  What can I do?!?!

If curious read on.

Notables (There are MANY more but this is already a novel): 

Biggest complaint: They do not inspect or clean properties in a timely manner.  I cleaned one of my vacant units myself after a month.  Another went 2 months.  I didn't even know the "2 month" unit was still dirty because they charged almost $500 for cleaning and lock changes.  After sitting empty for 2 months they called days before the end of their contract to inform me a tenant was ready to move in (to get the commission).  But the tenant wanted the unit cleaned prior to their moving in.  Cleaned?  After I asked what the $500 was for they said "lock changes and bulk item pickup."  They didn't even finish taking out the bulk items which included a leftover chair and table and chairs.  It still took two men hours to clean and pick up the remaining bulk items.  The fridge still had disgusting moldy food in it.... lame.  Worth pointing out the prior tenant was kicked out at the end of contract for recurring late and missed payments so the unit was left in bad shape.  But I have seen $500 in cleaning and this was not it.  

Another time they charged me almost $150 to remove a couch.  

Their invoices sent do not match up with the monthly statements obtained online.  Different charges on different dates.  They told me this is because it is two separate data files... really?

SO BAD.  Please tell me what I can do.  Biggest item is are they allowed to just tell me they did work and not provide any proof.  

There are two residential properties owned by the same seller we are interested in purchasing. He has listed them separately but is offering them as a package.

Before we enter any form of contract, here lies the question: How should we approach the financing?

My thoughts:

A.) Two residential loans so two different transactions

B.) One commercial loan

C.) Portfolio loan

We are in the position to provide a 25% down payment available for whichever route we choose. Our goal is to keep the hassle and costs to a minimum. Please provide any thoughts and advise.  If it is a Portfolio loan, please expand as we have only closed on residential and commercial loans in the past.

Thank you for your feedback.

We have two residential properties we are interested in purchasing.  Both properties are owned by the same seller.  He has listed them separately but is offering them as a package.  

Scenario:

1.)  Property 1 is a $70,000 4 unit residential multifamily

2.)  Property 2 is a $70,000 4 unit residential multifamily

Before we enter any form of contract, here lies the question.  How should we approach the financing?

A.)  Two residential loans so two different transactions

B.)  One commercial loan

C.)  Portfolio loan

We do have 25% down payment available for whichever route we choose.  Our goal is to keep the hassle and costs to a minimum.  Please provide any thoughts and advise?  If it is a Portfolio loan, please expand as we have only closed on residential and commercial loans in the past.  

Thank you for your feedback.

Too Funny Michael.  My wife is from Western New York and we have family out here, but it is definitely warmer in Henderson as a whole :)  Thanks for the recommendation.

Anyone know of a good company I can reach out to for painting a 4 unit multifamily?  My property manager has reached out to a few but nobody has come back with a quote or any attempt to see the property or gain the business.  A Buffalo, NY company would work but the property is actually in Lockport, NY which is a little north.  Thanks!