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All Forum Posts by: Frank Fiore Jr

Frank Fiore Jr has started 10 posts and replied 76 times.

Post: likelyhood of actually receiving rent; via court

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

Thanks for all the feedback.

Ann Bellamy I went to the Lowell Landlord site previously; they run meeting from Sept - June, I don't see any indication more information or availability will open up if I join; so I'll just wait until September. Unless once you're a member you "see" more on the website and have contact information for other members?

Post: likelyhood of actually receiving rent; via court

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

Background Information
1. Tenant is out of the apartment
2. Owes 7k +/- in back rent / heating oil
3. I have TAW agreement and a document he signed on the day he moved out stating he owes the above mentioned monies, and would make payments weekly.
A. He has not made weekly payments (shocker)
B. He did not leave a forwarding address; I am working on finding that out
4. This is in Massachusetts....

If I take him to small claims:
1. I'm assuming I will get a judgement for less than the full amount; he will cry hardship I'm sure.
2. A lien will be placed on whatever he owns; which I believe to be nothing

Questions
1. Can or will they garnish his paycheck?
2. What is the likelihood this would occur? He is already paying child support; and having issues with that
3. If they rely on him actually paying me directly; what will taking him to court do; he refuses to do this already?
4. And if I am understanding this correctly; there is no guarantee he will show up for a court date; and I'm assuming if he doesn't the process does not move forward.

FYI.. I have upped my yoga classes to 5 times a week; it seems to help....

Post: Have You Taken the Red Pill?

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

Hello John Chang, just a quick hello to a fellow new member; sounds like you have a solid background; good luck with achieving your goals...

Post: Hello New Memeber

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

Ziv Magen, Hello; and thanks for the welcome

Let’s see if I can make this a short "story" LOL....

I purchased the property; in 2003 +/- for 250k with no money down; NICE; right! And every move I made after that was a negative compounding error of a magnitude seldom seen in Real Estate! LOL... I have to laugh....

A few years later; I refinanced out of the 80 / 20 loan; and used the equity to fix up the place a bit; this was a adjustable rate with pre-payment penalties… long story short; when the adjustable was about to mature; the payment was going to go through the roof; so I refinanced in 2009 (just after the HARP) cutoff date; I swear they held up my closing because they knew that date was occurring in the program! The prepayment penalty was rolled into the new mortgage and the market was on its way down etc… so I currently owe 310K on a house that I paid 250k … today’s market value; maybe 270K, the mortgage is 2300$ a month with escrow; and I get 900$ and 1200$ for rent when they are both occupied.

I have given serious thought to just walking away from this mess! It is my fault; I do feel like I was “taken advantage off” with the pre-payment adjustable refi but there is nothing I can do about it now. I really don’t like making excuses and I tend to beat myself up to much as it is….

So, being that far underwater I can’t refi and I don’t qualify for the HARP program.

The house needs some cosmetic work; paint or vinyl siding, some paint on the inside hallways. I just put another 3k into the house for a new roof on my 2 porches….

My last tenant owes me 7k; which I will be going after in small claims; when I get his new address.

I could scrap together enough of a down payment for a 200k mortgage if I needed to but I would like to find a way to utilize a leverage technique or lower down payment to allow myself to hold onto some of that cash… once my cash is gone it will take a while for me to save another down payment. Any passive cash flow from a second property will just be going into the first one that is operating at a loss.

You would think; with the way I messed this up; I would want nothing to do with REI; but it just makes me want to get more involved and become a REI not just a guy who owns a 2 family property! I am glad I found BP but wish I had many years ago…

Post: Hello New Memeber

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

Paul, thanks for all the information;

I did not go through housing court to evict him.
I am trying to find out where he is living, I have a rental application with his signature and on the last day he was in the apartment I had him sign a sheet of paper outlining every thing he owed me; which he signed and dated, I gave him a copy and I keep a copy.

Do you usually go with Section 8 for your rentals? I have no experience with that; do you find it to work out better or worse?

Again thanks for the information it will be / is a big help

Post: Hello New Memeber

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

Hello Paul Donoghue I did receive your email; thanks; it makes me wonder about my "good" tenant upstairs... they are paying 900$ and I think if I raise the rent 150$ they will move out.... as for the 3 bedroom, I will be putting it up for rent shortly and will obviously be advertising it for 1300$ and see what I can get.

I am a bit curious about your court experiences; I have a tenant; had: who I finally got out of the house and it is looking like I will have to take him to court, what has your track record been like in regards to actually having favorable rulings (judge states they owe the full amount), and secondly how well have you done with actually collecting what is owed? Finally do you take them to small clams court? I am hearing this is the best bet. I still don't understand how taking this guy to court is going to get me the money owed... FYI, I have learned the first rule of renting; Don't rent to family or friends; really well... this was a "friend" and he keep saying excuse, excuse, etc... and it took forever to get him out; he owes me just under 7k.... So I have that going for me, which is nice!

Post: Newbie in Central New Jersey

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

Reina Ferone Just a quick hello; from a fellow new member... definitely check out the Beginners guide Brandon Turner mentioned; its worth its weight in bitcoin (attempt at humor).

I'm on chapter 6 and it is full of great information. I already have a high level overview of a portion of my business plan, almost decided on my niche, have a list for my Criteria, and a list of people to talk to about being a member of my team; not to mention learning so much about all the possibilities in REI. And although this may seem trivial, I'm getting ready to update my profile... at first I looked at those questions as, whats the point... but I now understand the answers within those little windows says a lot about the individual and their understanding, organization, and mindset towards REI....

Good luck and jump on in...

Post: Greenville, NC

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

just a quick hello to a fellow new member; good luck....

Post: Ready to rock SE Iowa

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

Good luck and welcome to the show!

Post: "New" member from Catonsville, Maryland

Frank Fiore JrPosted
  • Investor
  • Lakewood Ranch F
  • Posts 79
  • Votes 11

Hello Cliff Goodrich, welcome and good luck...