All Forum Posts by: Robert Williams

Ok, so I had a fire in a rental property just before christmas and we are finally starting the rehab project.  Problem is the tenant did not have insurance so all of his possesions are not covered.  He has now left a fair amount of stuff in the property that I need to get rid of so I can rehab the house.  I want to get a release of property signed by him so he can't come back 3 months later and say I through out his stuff and sue me for some amount.

Anyone ever do this before or know where I can find a document that covers me in this process?

The fire was caused by a three year old boy and a lighter.  

First off, yes everyone is ok.  One of the tenants does have some third degree burns but will be fine.  No other injuries so we are thankful for that.  That being said.

I recieved a call from my tenant Saturday morning informing me that the rental property has had a fire.  It was mostly contained to one bedroom but smoke damage is through out the house.  The property is now unihabitable and from what I can guess so far its going to be 6-8 weeks for the house to be restored and ready to rent again.

My question is what should I be prepared for that I haven't thought of.  I'm sure there is a landlord out there that has been through this and was hit by some suprise so any info that might sneak up on me would be great.

Thanks

OK, all you experts I have an issue that I am trying to find my way around.  Found a house today that was just listed as a foreclosure and the price right, condition is great for a foreclosure, location is great. Everything is just what I have been searching for and I called my realtor today to make an offer for full asking price and I am told that with this "homepath" Listing that they don't take any offers from investors for the first 21 days.  

Has anyone had this issue before and is there a way around it?  I asked if I could make an offer that they could just hold until the time is up and I can't even do that.  Figured I could go $500 over ask so if an owner occupied offer comes in under ask they would just wait until my offer can be accepted.  

Thanks in Advance

Robbie Williams

Anyone had any dealing with hubzu.com  I walked through a forclosure yesterday with my agent and wanted to put in an offer but when she tried they made her enter it on that webiste.  Also it was auction like style with a countdown.  We couldn't make the offer in the end as it was below the "reserve".  Just wondering if anyone had similar issues and found a way to actually submit thier offer?

I agree Jeff that the contents are the most important and I am not worried about them as much as I know they are solid.  I currently have 4 SFHs rented and want to expand into multis.  I also own my own business and have solid income and reserves.  But as I am self employed I get run through the ringer when it comes to financing.  Personal tax returns/business tax returns/ W2s/ lease agreements on all properties and cancelled checks to show I have been paid.  

As this will be my first Multi and a larger purchase price I want to be able to email once one document that contains everything I can imagine that they will ask for including pics of the houses we have inside and out. A personal letter from myself stating my goals in REI. Basically the WORKS in hopes that they don't have to ask me for another document. I also want to keep it updated to at any time I can email it over to a lender and they will have a complete picture of my portfolio and what I am building.

Like I said I read an article on BP about it a long time ago and should have saved but of course that didn't happen.  Thanks for you help though. 

I am looking for an article I read on BP years ago that didn't apply to me at the time but now it does.  The article was about creating a packet of info to forward to the mortgage lender that contained all the info needed at the start of the process as well as a "start here file" really let the lender know my goals and plans as well as what my current holdings were with lease agreements and everything in that one place.

I am about to start looking for my first multi family and want to really knock the socks off the mortgage lender helping ensure my success in getting the funding nailed down.  If any one knows where I can find this please let me know.