All Forum Posts by: Stan Plebanek

Welcome aboard.

Always looking to network with fellow people around the metro.

Stan

Appreciate the followup. I guess my bigger question was does keeping the existing owner on the property lower the probability.

Kind of like if you deed a property to you and a spouse when you marry. That is a transfer, but would it really ever cause the note to be called.

I have a friend that is looking to relocate. He has a nice home that does not need any rehab. If I took over the payments subject to the existing mortgage, it would cash flow but there is always the posibility of the loan being called.

If he keeps a small percentage of the ownership in a partnership, does that lower or eliminate the chances of the loan being called?

Just in case it makes a difference, it is a VA loan.

I think there was some confusion there. I reviewed a VA program that will pay flat rate to house disabled vets. The program I saw requires you to provide more than just a room. Most cities have a rule limiting the number of unrelated people living in a residance. As long as you follow that, you should be good.

We lease a number of our units to a similar situation related to disabled individuals. It is state funded and we have a 3rd party handle the living situation.

My experience has been that these residents have less turnover and care better for the properties.

That was my banks suggestion. It doesn't make it as hands off as I wanted, but there may be some value there.

Hire a data entry clerk through a service like odesk to convert it. You will spend the same amour and know the quality of your list.

They can be had for under a few bucks an hour.

Hi Chris. Haven't been here a long time but I am from the Omaha metro.

I understand the process for transferring property. Not sure when you get the recorded deed in your area, but here it takes up to a month for the county to mail it to you. Should I wait for that to come to start my renovations?

I have closed almost 20 deals myself and over 100 as a buyer's rep. This has not happened to me before and the title company lead me to believe it was very rare. I was wondering if there were others that has had this happen. I did nothing out of the norm for the area.

The deed set had been signed. The only outstanding issue was the closing statement. I believe the title company accepted a verbal approval so that I could close my side. I have a feeling they are going to make me whole or are looking to settle the issue so the sellers will sign. If you can't trust the title company to close the other side correctly, what are you paying them for?

Looking for anyone's experience!

Last week I closed on an estate sale. Started my rehab and today I got a call from the title company. The seller had not signed their closing statement and would not because they thought they were getting proceeds from the sale and didn't. It all went to the debts of the estate. Rehab to rental condition was 75% complete. Title wanted me to turn over the keys and a line item of the cost I have put in.

Anyone live through something similar and have any recommendations? I have no idea what to expect.