All Forum Posts by: Christine G.

Hello,

I have a connection that is part of a commercial investment located in Austin TX, that is looking to sell their commercial property over. 

Here is the property: capitolquartersatx.com

A bit about the property:

The property is fully completed
30 units: 3 bd/2bth units
Ground Floor retail space
Top patio has community room - can be pivoted to a bar, etc.

For any inquiries please message me privately and I will forward you to the investor(s) and they'll be able to give you the numbers and more details.

Please note: I am not getting any kickbacks/incentives/commission from this, simply sharing.

Thank you!

 Thank you for this info. Would I be notified either way of this ( whether it is s prejudgement or not)? What type of lien are you referring to?

 I have asked for an itemized bill but he has not given me one.

i had a lawyer review the contract and actually turns out I don't owe him anything. No marketing fees, no late fees and no initial $500 fee since it wasn't even checked off. 

he is threatening to send me to collections and to put a lien on my property. I'm really confused about the lien part because he hadn't done any work on my property... In fact he doesn't even have the keys to my property in order to get access to it so not sure what he's referring to. Both my lawyer and I were confused by this 

 Hello! Thank you for your reply!

yes unfortunately I did sign a contract. On the contract it states a 500 initial startup fee which he said will be used to prep, fix the place, etc. Basically any work done in the place before renting out.

the issue is he has not gone to my place because he never had the keys. He has not done anything to the property.

This is for a condo property. my friend was still living there at the time and had a move out date so I asked the property manager to start listing the place. He was supposed to pick up the keys (well he confirmed many times he would) when I mentioned her move out date was nearing and to coordinate with her before she moved hundreds of miles away....never did. Never took photos or did any walkthrough, nothing.

i did ask him for an itemized bill and I did also tell him that he did not reach out to my friend on the numerous times he did. And that If he did to please send me any screenshots or proof of any interaction. My friend sent me all the messages and phone calls she received and it was maybe one phone call. Not the many times he supposedly said he reached out. I did not hear back from him nor any itemized list. All I got was an updated bill from him with a tacked on $45 late fee (has only been a week as I'm trying to figure this all out)

I'm at a loss here. Any advice? Thank you!

Hello, a few months ago I hired a property manager whom I thought would do a good job managing y property that I have in another state (Massachusetts).

i signed the contract and it had been 3 months and the property was still not rented out. I ended up firing him for many reasons:

1. Awful communication. I had a hard time reaching out to him and he was slow to respond. Would take several days to over a week.

2. One "showing" in three months time

3. Did not list my property on any of the public markets like Zillow, Trulia or redfin ( only saw it on apartmentfinder and apartment.com 🤷‍♀️). Did not give me any sort of paperwork to fill out (1099 or a link to a owners portal of some sort).

4. Lied about communicating with my existing tenant (who is a friend). Never communicated or reached out to her when he said he did on numerous occasions. 

5. Never bothered to pick up the keys when she moved out for over a week even when I messaged him a few times to confirm. He said he would several times before move out date but never did.

so, I had to fire him because in today's market and especially in MA I would expect to be rented out in a few weeks but it's been 3 months. I also suggested lowering the price after a few weeks but again radio silence/poor communication.

now he has sent me a bill with a startup fee which was supposed to go to costs of any repairs and such (of which he did none because he didn't even go to the property to inspect or repair anything)...plus some marketing fees. Nearing $1000 for what I think is very subpar work on his end. I don't feel like he held his end of the contract. 

Anything I can do? He is threatening to send me to collections plus put a lien on my property. It's been a week of me trying to figure out how to handle this and discuss with my friend who is a lawyer. I feel like it was a waste of my time and money. Three months is a long time for a property to be vacant.

Hello!

I apologize in advance if this is in the wrong section...tried my best to find the right sub-forum for this.

I have a condo in Massachusetts that I would like to rent out soon.

I am looking for Landlord insurance and PMC recommendations! 

Thank you!

@Nicholas Covington and @Eric Veronica thanks for the info guys. I am surprised at how some lenders out either don't know their information or purposely have people go through the process and take the origination fees knowing full well that the person will likely get denied.

For example, I was speaking with a local lender (he was really pushy) and he knew full well of my situation but still pushed me to refinance. I emailed him this new info i received and he said I should try for refinancing as a second home...but I live more than 150 miles from my place...the nerve!

For anyone reading this, do your research, ask questions, and shop around! Some lenders out there are truthful, others are not.

Hi all,

I am in the process of refinancing a property I own in Massachusetts. I have spoken to a few lenders and I just got off the phone with a lender who said that I wouldn't be able to refinance my property as a primary resident after he found out I live in Texas and started a job here (currently living with my boyfriend who is paying rent here, i am not on the lease). He said I would have to somehow prove that I still reside in MA for at least 6 months of the year either by having my employer write a letter or something. He was honest with me and said he'd hate to see me go through the process only to get to underwriting part and have the lender deny me because of this.

We then looked at options to refinance as an investment property but the rates were too high and overall not worth me refinancing (I currently have a 3.5% rate on a 15 yr fixed mortgage with 12 years left, and about 100k in equity on the property).

So my question is, what are my options here? is there a way around this? He said because my credit score is 830 I could get a good HELOC rate which essentially acts as a credit card but I dont feel comfortable going this route.

Thanks!

Christine

 Hey John! Thanks so much for your reply...this was really insightful info! I did wonder the implications of renting out first then refinancing. However, wouldn't refinancing mean now a higher monthly payment? (Cause I would like to keep it at similar terms when I refinance - 3.5% rate at a 15 yr fixed loan, if possible). If I rent out after refinancing I may not be able to rent it out to cover the new mortgage amount. 

I have thought about a 1031 but reading into it...I would have to purchase a property of equal or greater value, no? Correct me if I am wrong. I am currently thinking of buying up slightly cheaper properties instead of the 200+ range. Doing a 1031 would force me to look at a higher range, I think.

 Hi Diana, I am not sure what strategy to take for my next property...whether it be a flip or a buy and hold. I was hoping to take cash from this home to be able to buy a foreclosure with that and still keep the property.