All Forum Posts by: Steve Babiak

Here are a couple of threads that go into what some rehabbers have paid per sq ft, and some even offer before / after photos.

http://www.biggerpockets.com/forums/67/topics/29363-gut-rehab-semi-gut-

http://www.biggerpockets.com/forums/67/topics/21771-gut-rehab-costs

You might also want to look at the "related posts" that show up at the top of the thread for more info.

An example of when it would hurt is: Say you have a credit card that is one of your oldest items being reported on your credit, and that you have managed it well over the years. And that you never charge it to more than say 60% of available limit. DO NOT CANCEL that type of card, since it gives you a very good credit score.

An example of a card you might want to cancel: Departmnet store, with very low limit.

Also, you have to keep in mind that the scoring systems are based on how much you have charged with respect to your overall limit. If you cancel a card that has been paid down, you are just lowering your overall limit, so this would not be good (except maybe if you don't owe on any other debts - unlikely).

One thing that I hear has been happening is that folks are having their credit card limit lowered, while they have an outstanding balance, and then that balance with respect to the new limit exceeds 50% of available creidt. That hurts the score, and not much you can do about it unless you can get the old limit back.

IMO, the OP is fortunate that this landlord isn't viewing this thread; if he were, he might have a change of mind ...

When I have been in eviction court, usually they want to see what was due in full amount and when. From that, they subtract the amounts that were paid in partial fulfillment, and then your judgment is set based on result.

The math is just what you have shown; it's just how it is "presented" that will matter, and as MikeOH says, it varies all over the place.

So in your example, you would get a judgment for $1000 as you might hope.

This has more to do with what is "the law" where your rental is located. In some jurisdictions (example given by MikeOH), accepting partial payment hampers a landlord's ability to evict; in other places, accepting partial payment just reduces the judgment that would be given to the landlord at eviction. You will have to be familiar with your locality's Landlord Tenant laws; or, consult with a local attorney.

I did agree regarding getting the judgment, and that if this did go through a "normal" type of closing, that the second would stand up wanting to get paid - and would need to be paid.

And that second being present almost certainly leads to this being a short sale or no deal; I don't think there is much else that can happen here other than default and foreclosure.

That potential for mortgage fraud is still there. From what I understand, there were several places where unethical types took seconds and did not record. As I understood this, the purpose of those seconds was to provide the appearance to the first position lender that there was some cushion of equity; this deceiving the first position lender is where there is possibility of fraud.

Becky,
Welcome to the site.

You might want to review what your link in the signature looks like; looks like it's a busted link right now.

But this is a matter for title attorneys to handle, and the OP should be getting proper legal counsel if pursuing purchase of this property.

The one who received a mortgage that is potentially fraudulent is the seller that you are dealing with, not that original seller. That original seller was a party to this potential issue by failing to record his second position.

What needs to be cleared up? My guess is you are looking to get this as short sale. That unrecorded second is not going to get any consideration in that, because it does not "exist" in the public records. If it goes to foreclosure, that second might not even be given notice of the foreclosure sale, again because it is not on the public record; and if that were the case it gets wiped out.

The only situations I am aware of where a re-painting was required was by the Housing Authority for Section 8 tenants, during the annual inspection of premises. If you're not in Section 8 program, Jon is on target; it was a new place, you were the only occupant, you caused the carpet to be nasty - you are responsible for that to be kept in good condition. With the settlement issues, you might find your landlord willing to listen, but the landlord isn't going to be so pleased to do upgrades after a rent reduction, IMO.