All Forum Posts by: Kyle J.

@Julio Gonzalez  Have you tried going to "Settings" under your profile picture and then going to "Notifications" and checking to make sure the box for "Updates to forums/topics I follow" is checked?  Then under that, if you check the radio button for "Instantly" it is SUPPOSED to send you an email alert that someone commented on your followed forum topic.  It should look like this:

However, for some of us (like me), we do not actually get the emails.  (I've seen others post on here that they don't get them either.)  I have to do what you do (manually check for updates by going to each individual followed forum topic for updates).

I stopped getting all email alerts from BP sometime last year.  I emailed BP Support about the problem last year, and they were VERY responsive and tried to fix the problem.  But they were unfortunately ultimately unable to.  

If I were you, I'd first check to make sure those buttons are check.  Then, if they are, reach out to BP Support and see if they can help fix it.  Like I said, they're very responsive.  Perhaps you'll have better luck and they can fix it for you.

@Matt Slease You don’t want a homeowner’s insurance policy for your rental. You want a landlord policy (also called a dwelling fire policy).

I would also recommend an umbrella policy. It’s super cheap insurance for the amount of coverage you get. 

Well, I assume if you've already went to trouble of filing a formal eviction as you stated, you are likely well passed the point where they're going to pay you anything in full.  (The scenario you mentioned involves a tenant making a partial payment during the eviction process, which is a well-known tactic to slow or even stop the eviction process.)

However, if by chance you do have a tenant you were evicting for non-payment and they're now wishing to make a full payment, do you really care if it stops the eviction process?  You've been paid in full.  

(I could go on and tell you other ways around this if you really wanted to still evict.  However, it seems unnecessary since - if you were worried about a partial payment - then you were likely evicting for non-payment, and a full payment would in all likelihood therefore render the eviction a moot point.)

There's actually usually multiple ways around this, but the easiest would be just to block the sender on Venmo so they can't send you partial payments.  Just FYI.

Venmo Help Center: Blocking Another User

@Jalissa Carter  I would offer $42,597.50.

Obviously I made that number up, because the truth is I have no idea what the home is worth.  Neither does anyone else on here.  What do the comps say it's worth?  Does it need a lot of repairs?  Or is it already completely fixed up?  Is the seller distressed and need to sell immediately?  Or are they in no rush at all and will only sell for full price even if it takes a year?  All those things can affect your offer price, and ultimately the sales price.

You also don't mention where you're located, but where I'm at you wouldn't get a huge discount for paying cash in this case because everybody would be expected to pay cash for a home at that price point.  Simply because you couldn't get a loan for a home that cheap.  However, I understand that in some markets it may be possible to.  

Ultimately, if you're new to this, I think the best "expert advice" you can get would be from a LOCAL Realtor who has knowledge/experience in the local market and can pull recent comps and advise you on what a good offer price might be.

Best of luck to you.

I think you misunderstood whatever communication you read/heard. 

Nowhere (that I saw) did it ever say that forbearance would have NO impact on the borrower. The CARES Act made it possible for those who were impacted by the coronavirus to defer payments and have it not negatively affect their credit.  However, it didn't say it would have zero effect on the borrower.  In fact, there were many posts on here early on where a number of us (including some lenders on here) advised that going into forbearance very likely, and almost certainly, would have future negative consequences with some lenders (i.e. inability to get new loans or qualify for refi's, or at least not at the best rates).

A few people even reported fairly early on that, after entering forbearance, they were already experiencing the negative things that some on here had been warning about (getting turned down for loans).

So this was foreseeable.

Fortunately, there seems like a easy/reasonable way around it.  Bob just needs to exit forbearance and pay what he would have had to pay anyway.  (And what he originally agreed to pay according to the original terms/conditions of his loan with his lender.)  Simple.

@Kayla Jones @Tracy Cummins  Cozy, Venmo, and Zelle all work just fine for rent collection (and are free).  Personally, I'd stay away from PayPal.  Too easy for the tenant to do a chargeback and have the payment(s) reversed.  Here's just one of the multiple posts on here where someone's reported that happening: Beware of accepting Paypal

@Account Closed Don't lower your standards.  In general, it's better to have no tenant than a bad/non-paying tenant.  That's even more true nowadays in the era of eviction moratoriums where it's much more difficult to actually evict tenants.

Sure you can.  The tenant having a voucher doesn't prevent you from suing them.  The lease was between you and the tenant, not you and anyone else (i.e. the Housing Authority, etc). 

However, with that being said, you have to ask yourself...should you sue the tenant (and would that be a good use of your time)?  With any lawsuit, there are usually two parts: 1) Winning a judgment, and 2) Collecting on that judgment.

The first part is usually the easiest.  The second, not so much.  Most Section 8 tenants are uncollectable (often referred to as being "judgment proof"), meaning you can get a judgment against them, but they have no money/assets to collect against (and likely never will). 

So could you actually collect on a judgment if you won?  Or would you just be throwing good money after bad?  We don't know the tenant, or how much time you have on your hands, so only you can answer that.  But it's something for you to think about before you go down that road.

Good luck with whatever you decide.  (And next time collect a security deposit.)

@John Mathew You can lookup the address and see if the property is in a Special Flood Hazard Area (SFHA) here: 

https://msc.fema.gov/portal/home

(All flood zones beginning with the letter “A” or “V” are considered SFHAs.)

Just FYI, typically you’re only required to get flood insurance if the property is located in a SFHA, AND you have a mortgage loan on the property that is federally-insured (or your lender requires it). Otherwise it’s optional.