All Forum Posts by: Brian Palmer

I am a looking for  advice/ books to help guide me the process of setting the proper entity when working with investors. How are they paid back, based on how much they invest. How much should I invest since I am doing all the work, they will just be passive.

 I currently have two duplex properties and one town home. I manage and do all repairs/remodeling. The potential investors are friends, I have saved for another duplex on my own but am looking at possibly using investor money for larger down payment for maybe a more profitable four or six unit property. One reason I would like to do this with investors is show I have a track record to possibly attract larger investors down the road as I try to build my business. Any input would be appreciated.

I posted this before in the wrong forum so here it is again. Thanks in advance

I bought a duplex two months ago that already had tenants in both sides. Unfortunately one side was late on the rent the first month, and has not paid so far this month. The lease states that they waive the right of notice in bold letters per state law.So since they waive the right do I still have give them 14 days for them to pay or can I go ahead and file for detainer warrant now ? The lease also states habitual late payments are grounds for termination. Does two month meet the criteria for habitual ? Thanks for your input

I bought a duplex two months ago that already had tenants in both sides. Unfortunately one side was late on the rent the first month, and has not paid so far this month. The lease states that they waive the right of notice in bold letters per state law.So since they waive the right do I still have give them 14 days for them to pay or can I go ahead and file for detainer warrant now ? The lease also states habitual late payments are grounds for termination. Does two month meet the criteria for habitual ? Thanks for your input

George,
I lived in Tallaahassee for 25 years, flipped some and still have one rental. Before you invest time and money research the cost of insurance, mine has doubled. I have a 2 bedroom townhome 1,000 square feet valued ay 70,000 and my insurance went up to 1100 a year from 660. The rental market is pretty competative mine is rented below market value but I have kept the some tenant for 7 years. You have a turn season when all the students leave so keep that in mind if you dont want to deal with students look ouside the city. Research your area crime in some places is pretty bad. You will have a lot of wood rot due to moisture and termite treatments thats the nature of the area.Hope this helps

I just finished replumbing a duplex with pex.I would recommend using Pex A and the expander tool, not the crimp style you can buy at the big box stores. I got a rebuilt tool from CPO outlets and odered all my supplies from PEX Supply in NY. The local plumbing store did stock the expander fittings, pex A etc. but was still cheaper to order it. Easy to work with just plan ahead. The reason I dont like the crimp tool is sometimes it takes three hands if your in a tight spot and hard to use. Its pretty much fool proof finished in two days and had no leaks cheaper and better than copper IMO.search on line for pex planning guides they help as well. Good Luck

I just closed on a duplex and it was a nightmare closing docs not at the title company till one hour after closing,because proccesor never sent it to underwriting till day of closing even docs were submitted three weeks before closing, lender loosing docs huge mess.Once it was worked out here are the issues.

The initial GFE and second GFE were not on the new GFE form, they did not dislcose tranfer fees on either one.

I requested a settlement statment prior to close and did not get it.

The closing took 6 hours because the lender kept screwing up the settlement statement.The HUD-1 at closing did not have page 3 completed just a line through the page with with NA hand written
I compared the GFE with the HUD-1 and found I was charged 60 percent more for title insurance, 50 percent more for title fees and 15 percent more for the appraisal.

My questions are since the GFE was on the old form does it meet the requiremnts of GFE within 3 days.

I believe they violated RESPA with the excess fees Do I file with the state banking authority, HUD in D.C., or the bank or all three?

Can I seek compensation for the excess fees plus my time to purse it or seek legal help ?

I have purchased and sold many homes and never had a problem with a lender like this.

Thanks for any help !!!

New to the forum great site with lots of info glad I found it hopefully learn some things and contribute