All Forum Posts by: Johnathan Norman

This is a duplex in Clark Fulton.  I know it is tempting to assume that since i got citied my PM isn't taking care of the property but I use a 3rd party service to check my properties  randomly.  Moreover I have multiple units throughout the city for years, none with a single issue. 

I honestly wouldn't be surprised in the tenant left a trash can outside for a few days, I've personally done this at my own home when traveling.   I'm just not sure two $510 fines , without a warning, is really a reasonable response. 

So i got a court notice yesterday from the county regarding a "criminal" offense that could result in jail time. Obviously I freaked out and after talking to a few lawyers I was really surprised.   In one of my properties the tenant left a trash can outside before 12:00, this was  considered a health violation which is also a misdemeanor. I have 7 days from the day the mail was sent to plead guilty and pay a $510 dollar fine.  

I then got a separate health code violation for the "waste" in the garbage can which was outside before 12:00.  This is another $510 dollar fine and also a criminal offense. 

Since i live outside the state it took longer than 7 days for me to get the mail. So i'm forced to hire a lawyer to show up in court to address the issue. Every lawyer i spoke to said the same thing, they don't have to give warnings and lately the county seems to be targeting LLC's holding property.

So just a heads up for others. 

When the insurance cost is passed on to the borrower , if they don't pay is that amount just added the the principle of the note?  

have a borrower who doesn't have insurance and is way behind on payments. Any recommendations ?

thanks!

Do you just file the AOM or is other supporting documentation required? such as the original mortgage

Yeah that is the kicker, my bank knows me fairly well, I have multiple LLC's holding real estate in various states. They even recently gave me a 6 figure line of credit with just a phone call. However when I mentioned the new LLC would be focusing on performing and non-performing debt they freaked out. Mostly about purchasing non-performing loans.

As for the articles they are just boiler plate and not very specific, certainly is an area worth reviewing.

Every bank I've spoken to has asked.  For kicks i just filled out a wells-fargo application online and it also was one of the drop down questions.  

Not sure anyone else has run into this but I wanted to share. The books I've read didn't mention this and its becoming a bit of a pain. It seems many banks simply do not want business accounts with LLCs holding notes. 

I have a local credit union that I use for most of my LLC's and they refused to open a checking account for my note business because they didn't want to have accounts with "any company that may be involved with debt collection, cryptocurrencies or marijuana".

It's a small credit union so I assumed it was not common, so I went to a larger local bank. They said due to regulatory concerns they didn't want the account because I was considered competition and thus it would be a conflict of interest .

I never thought I'd say this but I just want a bank to take my money.  Anyone else run into this? 

Didn't really consider this before i started but who keeps the original loan docs? I just had them sent to directly to my servicer.