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All Forum Posts by: Toks Akindele

Toks Akindele has started 9 posts and replied 19 times.

I was recently talking to a few lenders about doing a Cashout Refinance and I noticed that some of them had an NMLS# on the marketing material they had given me. I had always assumed that Realtors had an MLS number but I didn't know lenders also do. What is this NMLS# and where can you go to verify if this numbers are legit. I am hearing a lot of horror stories about fake lenders disappearing after they get an upfront origination fee or collect appraisal fees. So I want to check the legitimacy of any lender I do business with

I was recently talking to a few lenders about doing a Cashout Refinance and I noticed that some of them had an NMLS# on the marketing material they had given me. I had always assumed that Realtors had an MLS number but I didn't know lenders also do. What is this NMLS# and where can you go to verify if this numbers are legit. I am hearing a lot of horror stories about fake lenders disappearing after they get an upfront origination fee or collect appraisal fees. SO I want to check the legitimacy of any lender I do business with

I am a new buy & hold real estate investor in Kansas City, MO (started 2yrs ago) and I have rapidly acquired properties. I currently have reached the limit of 10 mortgages and I also have some additional properties I paid cash for. For the all these properties, I typically buy and spend money to upgrade which means my rent is below expense which means my RENTAL INCOME on my tax return is negative. After upgrading these properties, they are cash flowing well, but it will take time for the rent to recoup the upgrade cost. I was trying to cash-out refinance 3 of the properties but I am running into issues because lenders are saying my rental tax return is negative. This is very frustrating since all my properties are cash flowing well and there will be no problem taking on these 3 mortgages. Does anybody know a lender that can go beyond my last year rental income on my tax return and see that I am cash flowing very well. Any recommendation of a lender to talk to will be appreciated.

I am a new buy & hold real estate investor in Kansas City, MO (started 2yrs ago) and I have rapidly acquired properties. I currently have reached the limit of 10 mortgages and I also have some additional properties I paid cash for. For the all these properties, I typically buy and spend money to upgrade which means my rent is below expense which means my RENTAL INCOME on my tax return is negative. After upgrading these properties, they are cash flowing well, but it will take time for the rent to recoup the upgrade cost. I was trying to cash-out refinance 3 of the properties but I am running into issues because lenders are saying my rental tax return is negative. This is very frustrating since all my properties are cash flowing well and there will be no problem taking on these 3 mortgages. Does anybody know a lender that can go beyond my last year rental income on my tax return and see that I am cash flowing very well. Any recommendation of a lender to talk to will be appreciated.

Thanks @ Kevin Romines for the explanation. Does your Company lend in Missouri

I currently have 10 Conventional mortgages and I was told that is the maximum Fannie Mae allows; so the big banks are not able to finance any new purchase. I have 2 houses (in Kansas City, MO) I had bought with cash and I now want to do a Cashout refinancing of one of these properties. Does anybody know any lender in Missouri (or a National lender)  that will do a Cashout refinancing for me despite my having 10 Conventional mortgages. Any advice will help.

Originally posted by @Michael Plante:
Originally posted by @Toks Akindele:

Hello there, has anybody done this before. If you evict a tenant and the courts gave you back possession and also awarded you the financial judgement you had asked for (unpaid rent and paid fees) which the tenant can't or won't obviously pay you back, does anybody know what steps you need to follow to put that legal judgement on Credit sites like TransUnion and Experian as a last resort to force the tenant to pay you. That is, if you can get it on their credit profile, it depresses their credit score until they pay to remove it.

Michael,

Are you saying that regarding the second time, you didn't even have to do anything to make the judgement show up on their credit report?

I’ve had similar situation twice 

First time I contacted the sheriffs dept. they garnished his wages and paid me 

The other time years later they went to get a mortgage and had to pay me off including interest and penalties before they could get the loan as the judgement appeared on their credit report  

Originally posted by @Peter M.:

@Toks Akindele Rentrecoveryservice.com. Never used it myself but its on a list of sites I've learned about on BP. If you use it please let me know how it goes

Thanks for the info

Originally posted by @NA Nash:

Generally speaking, you will need to establish a merchant account with the credit agency(s). As you may find that alternative more trouble than it is worth, here is a simpler alternative:

Only speaking as to CA (but likely in most other states), if you obtain an "abstract of judgment" from the court (for a fee) and record that abstract of judgment at one or more County Recorders (for a fee), the credit agencies will pick that judgment up and report it on the tenant's credit report. Generally, you cannot record abstracts out-of-state unless first obtaining a "sister state judgment", but abstracts work reasonably well in-state. Furthermore, the recorded abstract is good for ten years, and can be renewed. The abstract also serves as a cloud on title which will prevent the tenant from selling or purchasing property (in-state), unless your judgment is satisfied. In CA, the judgment acrues interest at 10% per annum, but that is only helpful so long as you are actually able to collect. Strategically, if you have reason to think the tenant is likely to purchase real property in the reasonable future (it happens), if you wait until after the tenant has purchased the real property to record the abstract, your judgment now becomes a lien against that property. Of course, if you wait to record the abstract, then the abstract won't show on the tenant's credit reports.

Do not forget that your judgment (at least in CA) has a shelf life of 10 years. Renew the judgment, plus your accrued interest, plus your "legal costs", before the ten year mark, or the judgment becomes void (along with the abstract). (At 10% post-judgment interest, the judgment doubles every ten years.)

Research your state for these remedies. Good luck. If you have additional questions, feel free to pm.

 F Nash....Thank you very much for your reply. Will look into doing that.

Hello there, has anybody done this before. If you evict a tenant and the courts gave you back possession and also awarded you the financial judgement you had asked for (unpaid rent and paid fees) which the tenant can't or won't obviously pay you back, does anybody know what steps you need to follow to put that legal judgement on Credit sites like TransUnion and Experian as a last resort to force the tenant to pay you. That is, if you can get it on their credit profile, it depresses their credit score until they pay to remove it.