All Forum Posts by: Tom C

John,

I understand that Bank is not a title company. I requested to use my title company and bank would not agree to it. They stated that using 2 different title companies, mine and theirs would only slow the closing and complicant the transaction. I sent the earnest money, a certified check made out to the title company that the bank is using. Now, is it safe to assume that this title company will conduct all of the necessary checks and I will have title insurance since they are running everything through a title company?

Thanks

Could always make it a wine cabinet. Have a cheap mirror cut to size and place in the back then place your bottle holders inside.

I had a difficult time convincing my wife to get into this business. When I did find the home I had to lay everything out on paper and show her that we could not go wrong and didn't have anything to loose. Worse case situtation was that we didn't find a renter and was forced to sell. It didn't matter though, because we buy so cheap that we can sell it at a discount and make some money. We are only 3 years out of bankruptcy, so I think this was a big part of her fear of failing again. I look at it simply as a numbers game and then look at the worse case possiblity.

I agree. I have a tenant that on paper he looks horrible. He is single 54 year old father with 4 kids ranging from 5 to 16 yrs old. 2 years ago he lost his job, wife walked out on him, he lost his house and filed a BK. When he filled out the app. He had a steady job that he has worked at for 2 years, he is current on all his bills and he came with good references. Credit score in his situtation was meaning less. The other factor was that section 8 pays the majority of his rent. He has rented from me now for 5 months and I couldn't ask for a better renter as far as taking care of my property and making his portion of the rents.

I've decided to remove this post. I don't want to give this guy any more PR, good or bad.

I keep seeing that you guys are checking for liens on these REO's. Correct me if I am wrong, but isn't this what the banks title company is for? I just bought my first REO and will be closing with the next couple of weeks.

Biggest hurdle so far has been financing. I finally found a company that would pull money out of my one property that with less then 6 months seasoning. They promised the world and then screwed around for a month and made me jump through hoops and the end result was not what I was promised, but I did finally get 21K @ 70% LTV to use on this next REO. For a week there, I had a the bank accept my bid on the REO and I wasn't sure if this company was going to back out of the Refi at the last minute. Pretty tense times, but I guess thats what makes it fun. Now I just have to find a company that will let me refi this next one with little seasoning. I sure don't want to go back to the last company.

It's nice to see that I am not the only one this really irks. If the tenant signed a lease that agrees with the no animals then live by it or move. I do agree that it would be in the LL best interest to return the security deposit as long as everything else was in order. Come on, it's not like the women just lost her eye sight and now needs a seeing eye dog. We are talking about someone who has become depressed and would like a friend. Like I said, I'd find a way to get ride of you.

I understand your situation and do feel for you and also applaud you for taking the extra steps in looking for a loop hole to get that pet. As a landlord I do think they are being unreasonable. With that said, if I was completely against one of my tenants doing something and they still attempted to force my hand into doing. I would do everything within my power to kick their butt to the road. If I couldn't do it legally, I would make their life hell into until they left. There is no way someone would tell me that I had to allow animals in my house if I was against it.

Remember you are a renter. You do not own this home. The landlord spent extra money fixing the place up for you so it would look nice. If you really must have an animal then I suggest you go and find another apartment. If somehow you win this by using ADA, your win will only be temporary.

I have worked with one agent for the past yr. Even though I usually find the homes, I wouldn't dream of not calling her to show me the home if it is listed on the MLS.