All Forum Posts by: Teddy Johnson

Does anybody know where I can get a Quit Claim Deed where it blatantly will show that I am transferring the property into a Trustee?  I've emailed two attorneys and they keep countering with nonsense like setting up a personal guarantee.

My business is set up where we have nominees who get traditional loans.  In order to gain control of the property and to have a structure to attract more investors I'd like to have a record of assets that are owned by the company, which becomes difficult when the titles do not reference the company or any relationship with the company.  

My goal is upon closing of the loan I'd like to publicly file that:

Jon Doe grants property to Jon Doe, Trustee of Blueberry Farm Trust, pursuant to the terms of the of the Trust. blah blah blah.  

Any ideas where I can get a Quit Claim Deed template that is geared towards the transfer into a Trustee?

 That's really terrible advice. 

 It's a good learning experience. 

The tenant sent me notification that they are breaking the lease early due to not being able to live in the house.  My insurance covers loss of rent, am I assuming that I can collect until I get another tenant in?

 Drainage line was suggested by the plumber also.  

What do you do with the tenant?  Pay for a hotel for a few nights?

Thanks for the feedback.  The water heater was only 4 years old and should still be under warranty.  I'm not sure if they will prorate it.

Any opinions on a tankless water heater?

I was hoping for some feedback.  I have a water heater that leaked while my tenant was at work.  It is located on the second floor and damaged the hardwood floors throughout, drywall, and probably  baseboards.  I currently have a water mitigation team out there that will take 3 days to dry out the place.

Does anyone know if this is normally covered in a policy?  I agreed to put the tenant in a hotel for 3 days while they dry out the place.  Can I terminate the lease if the repair is long term?  A friend who does hardwood floors says they are most likely shot because the hardwoods are glued to concrete and there's a good chance they are ruined.  

I have a DP3 policy and can't seem to be able to get any answers from the insurance company or agent... I have $150,000 in dwelling coverage, $5,000 in contents, and $32,000 in rent loss.  

Any thoughts or feedback?

so I requested an invoice from the actual contractor that did the work. The PM says normally we don't do that. I told home i need it for my records and for insurance purposes.  

They are going to get the boot. 

The property is in Memphis and the tenant is a bit needy. So this is one that needs a manager, however I do self manage my Colorado property and I use thumbtack for everything. 

I'm considering getting a warranty as the AC is 18 years old and keeps needing repairs. I think it'll help keep the manager honest.