All Forum Posts by: William Powell

 Yes. I was able to do a cash out refi with a local bank but when I tried them they said they didn't do line of credit on investments only personal. So I went to another local bank and they told me they would do it. I do have a cc with a high balance but that's to easy to tell me that they would like that paid off.

Good good credit, 6 properties paid off with plenty of equity. I went to local bank president and spoke with them everything sounded good. I told them that I wanted to do a cross collateralized line of credit so I can buy properties at discount fix them up and refi out of them and pay back the line of credit. The bank says this is what they do. I gave them all the paperwork and more in a packet they needed. It's been a week ago and haven't heard from them since. I called it was told they had loans in front of me and they were busy but would call me the next day but no call. This seems to be commonplace when I go to the bank. I posted this because I see no one Speaking on the bank ghosting you. They don't say no or this is what we'd like to see better. The loan officer just moves on as if you never spoke or submitted an application. What am I missing?

Led bulbs in my experience fail way before the 7 or 8 years many of the manufacturers promise. I believe from my experience that the led bulbs last about the same amount of time as regular incandescent bulbs. One reason, I like (not love) these led light fixtures because they last longer. The one-piece led fixture lasts a solid 7 + years. The only upsides for the led bulbs is they cooler and they use less energy. But the led bulbs fail so often. Lastly, these led light fixtures are very easy to install and in most cases easier than incandescent or led bulb fixtures. 

You may be able to get away with a soap and water scrub of the walls but the ceilings will need to be kiltzed and then painted to remove the yellowing the cigarette/dope smoke usually causes. Also if you have carpet, a carpet cleaning company can shampoo for a very reasonable price. In my area $100- $150 for 3 to 4 rooms. 

 I normally have to kiltz and paint ceilings after smokers leave. Also, I paint walls where necessary and that usually brings the place back to normal. 

• Rent Reporter: There is a one-time enrollment fee of $94.95, which includes up to two years of reported rental payments. From there, you can enroll in a monthly plan ($9.95 per month) or an annual plan ($7.95 per month). Rent Reporters reports to TransUnion and Equifax.
• Rental Kharma: Initial setup is $50, and the service is $8.95 per month. Reports include all past history at your current address. You can include your roommate or spouse for a $25 one-time fee and an extra $5 per month. Rental Kharma reports to TransUnion and Equifax.
• LevelCredit: Previously known as RentTrack, LevelCredit charges a $6.95 monthly fee to have your rent, cell phone and utility payments reported to the credit bureaus. Rent is reported to all three bureaus, while utility payments are reported to TransUnion only. A look-back of up to 24 months is available on your current lease for a one-time fee of $49.95.
• Rock the Score: There is an enrollment fee of $48, and ongoing service costs $6.95 per month. There is a $65 fee for reporting up to two years of rental history. Rock the Score reports to TransUnion and Equifax.
• CreditMyRent: This service charges a monthly fee of $14.95, with no setup fee. There are additional charges if you want past rent reported. CreditMyRent reports to TransUnion and Equifax.
• PaymentReport: A $49 setup fee gets you two years of rental history reported to Equifax and TransUnion. Ongoing reporting is free for the flat-rate plan, and you can add a roommate or spouse for free. Ongoing reporting for monthly plans costs $2.95 a month, but there is no setup fee. (PaymentReport also has a version offered through landlords that requires electronic rent payments.)
• Boom: For an enrollment fee of $10 and a monthly fee of $2, users can get their rent reported to all three credit bureaus. For a one-time payment of $25, users can also get up to 2 years of past rental payment history reported.

Quick research. Hope this helps.

The owner still owns this property. If you can find them, you can buy the property directly from them. Since it's in preforeclosure time is ticking. if you don't close before it hits the steps any contract you have will be null and void.

This addition to the list thing needs to be addressed. I would inform the guest that the list is frozen at some point and any further desires can be submitted via letter and rent price will be discussed as well. Because Im renting to you at "nice safe house price" but "customized perfect house" has a different price per month.  I bet her tune changes when you talk about raising rents. 

Some states allow for the tenant after they have given the landlord notice of repairs and they haven't been done to pay a contractor and deduct from the rent the contractor's payment. I think CA is one of those states. I have prohibited tenant repairs in my lease but you have to make sure you are being a good landlord and getting things repaired in a timely fashion. You need to lay eyes on this because some patios are designed poorly or very old and the screens will continue to pull loose. You may have to pay to install windows as a more permanent solution. Maybe the tenant loves to hang out under the patio and smoke or relax. Just my thoughts to make the phone calls go away. 

Half the time or more, when I guy I like sends another guy it becomes a problem. The other guys don't fit the same standard I like. Plus, I like to be there when repairs are being done until trust is established. Usually, I say I'll wait for you. Then I tell my tenant, my plumber can make it on this date. I must add, I am a plumber so most problems can be assessed or handled by me or temporarily fixed until I call my plumber.