All Forum Posts by: James Miller

Nope. That's likely fraud against your future lender even if the original purchase is in cash. You're trying to make a house look like it's worth $20k more by lying. Not kosher. Also to the guy that suggested seller carry a $20k mortgage to be paid back plus a dollar, you can't do that either. That will be considered a deemed gift from the seller to the buyer because of how low the interest is. You have to lend at the AFR rate published for your lending term.

Sure. Intrastate offerings, reg D rule 504 and 505 offerings. They're just not as available as accredited investor offerings and aren't allowed to advertise.

Maybe she didn't get a "discharge" on some of those accounts in BK? I'm not a BK lawyer so I don't really know how that works. Rule of thumb though is 7 years for negatives on your credit report. Sounds like she paid something two years ago and then stopped again. 

If you're ok with not getting a penny beyond the $4k deposit if she defaults, AND you're ok hiring a lawyer to evict instead of doing it yourself, then you're probably fine. Although if the bankruptcy was 9 years ago, why the heck are those negatives still on the record? 

Also, self-employed lawyer's incomes can be very streaky. They might make 30k one month and then nothing for 4 months.

I don't make co-signers fill out the full application typically, but I make them sign the credit / criminal check authorization and still run them. 

That's a little bit high in my state. 

I've seen recently in TX:

5%-10% gross rents + 50% of one months' rent for new placement (25% is earmarked for tenant's locating agent) + listing what expenses are paid for by landlord and what are paid for by management company. I've never seen the pet deposit rules like that; that's $300.00 extra bucks the PM gets a unit, and that's $300 extra that will discourage good tenants with pets from renting. In other words, you could've charged $25.00 more in rent per month and not had the pet charge and you would make more money and it would be equal amount of money out of tenant's pocket. 

Make sure you talk to a probate lawyer in your jurisdiction. Different probate procedures may need judge approval for any sale or lease to be valid, while other procedures just need the heirs / beneficiaries to all sign. In either case, you need your lawyer to tell you what is 'enough' to make you have a claim against the estate / property if they try to welch on the deal. 

Make sure to look into whether you will have any extra local / municipal government inspections / issues / red tape to clear up based on the fire. 

Evict them through your jurisdiction's legal procedure. 

No Under offer. Stupid phone.