All Forum Posts by: Maxwell Lee

Quote from @Bill B.:

 You simply ask for a payoff on date x/x/xx and they will respond with on that date you will owe $xxxx.  

Thanks for both of your replies. My problem is that when I called them to inquire the agent I spoke with expressed shock and then steadfastly insisted he could not discuss any of these details with me since I am not the borrower. Is this a situation where I should keep contacting them and hopefully find someone who's willing to talk to me? (HUACA)

Hi, I am wondering what is the proper way to close out a mortgage on a home we acquired subject to. We purchased the property a number of years ago, the loan has actually since been sold to a different lender, and we will pay it off elatively soon. 

Ever since the new lender took over, things have become very cumbersome (the person named on the loan is MIA, so many years later it's no surprise...now we can't access online accounts and must do all payments and correspondence via mail). I have spoken to an agent at the mortgage company once and was told they've never seen a situation like this and they are not authorized to speak with me about this mortgage. 

So does anyone know if there's anything we can do regarding paying off this loan. I do not mind being forced to pay it off immediately, the main concern is the escrow being forfeited if it needs to be a check in the name of the borrower. Any ideas? Thanks!

@Jason Powell just sent you a request message

Hi folks, 

I have 4 small units (1 & 2 bedrooms) that rent for around $500-$650/ month. They're in decent locations but my primary PM doesn't want to deal with sub $800 rentals. So far, I see he has a point lol. I've used a couple companies so far and am not thrilled with the results. Mostly troublesome tenants. I don't know if it's the PM or the property, so I'm hoping to see if anyone has a stellar recommendation at this price point. 

If I can't feel confident in the management then I think I'll want to sell. 

Thanks in advance!

Max

Originally posted by @Cornelius Camp:

How can I get you his contact info without putting it in the thread?

Just sent you a message! Thanks!

Small condo in Logan Square area. Urgently seeking help for a small drywall repair, thanks!!

Hey Gabriel, 

I would narrow down to 2 or 3 markets and then start building your team from there, including the property manager. If you are a serious investor, then realtors/wholesalers/managers/etc will be willing to connect with you even if you haven't decided on their market yet. 

I think at that point, as you're building a team, you'll slowly realize which market is best for you. Or it may come down to which deals you end up closing. 

I made a video that explains our process when we started, if you want to check it out: How To Choose A Long Distance Market

@Paul Cox made an important point that vacation rentals are very different from regular short-term rentals. I have very little experience with vacation rentals (ie, ZERO as an investor and just a little as a customer lol) so I am not equipped to speak to that. 

I'd say the two biggest risks are the ones you cited. Another adjacent risk that comes to mind is someone investing in a property specifically for STR when it wouldn't make sense as a long-term rental. If we're discussing the problems with regular STRs in a normal market, it should be noted that on the flip side they usually can be very easily converted to long term when the market dictates.

We have 24 residential doors and 5 are short term rental listings. At the start of this year we had 8 but have converted three back to long term. 

I am a youtube newbie and have made a number of videos about the pros and cons. Check em out if you'd like. Link: Signs of a good short-term rental

The short answer though would be that I really like STR if the market is there for it and if I'm gonna be local (even if I'm not managing directly myself). Our operational efficiency has gone down tremendously ever since we moved away and were no longer local. Of course, to some degree that's been true for the LTRs too. One more caveat: all of my experience is in a pretty normal, urban market with pretty average properties. NOT luxury/resort type properties or in vacation areas. Anyway, good luck!

Originally posted by @Stephen E.:

Just to underline this point, if something goes wrong, and you are unable to STR because of neighbors, changes in laws, etc. Will you be OK converting to a LTR? If the answer is no don't do it, if the answer is yes, you've probably found a pretty good deal.

Good luck!

I agree with this 100% and it's what I always make sure to tell people when they ask me. Great overall post too.