All Forum Posts by: Jason Lee

Google as mentioned, also Microsoft one drive both are free.

With one drive you can use a USB or micro sd card to save your one drive files.  They will sync to your cloud drive, so now you have an easy backup

Creating folders, and keeping everything organized is key.

I keep deeds, contracts, pictures, and receipts.

When selling SFR property using contract for deed am I required to keep insurance on the property by law?

Of course my contract states in detail that insurance is required, and if the buyer fails to get it then I will.

I am just curious if it is required?

When selling a property using contract for deed I have read about people also preparing a quit claim deed.  The quit claim deed is held in case the buyer defaults.  

I am about to sell a second property using contract for deed.  My first property was sold over 12 months ago, and I did not have the buyer sign a quit claim deed.  I have not had problems collecting payments.  I am looking towards the future is all.

According to my contract for deed my buyer would receive a 14 day notice to cure their default.  If it is not remedied then they receive a second 14 day notice to cure the default. 

Is there a problem preparing a quit claim deed to hold against default, or am I circumventing foreclosure laws by doing this?

You stated that you inherited this tenant.

Did you also inherit their security deposit?

I had a tenant once deposit four months in my account.  I was thrilled.

Five months later no rent. "Fiance moved out months ago. Don't worry I can pay it on my own."

I vote accept.

As long as you lived in it for 2 of the last 5 years, and qualify for the capital gains exclusion I think you did Great!

I would not borrow 85% to fund a house I was going to rent out.  

I am sure many will not agree with me here, but I would not rent out a house I owned significantly on.  

I have looked into the 1031 and basically what Dave said.

When the house sells you need someone in place like a CPA who specializes in 1031.  They will hold the money, it can never come into your possession. You also have to play a crucial timing game as far as buying the next property.

It is all listed on the IRS website.

This has happened to me on the last two houses I purchased.  Reassessment after purchase. 

Both counties told me it was common practice.

You will need to use an agent.  They can pre qualify people before showing the house.

You can also sell it yourself but people will still ask about owner financing.  And if you put no owner financing in your listing google will still pick up on it as if you listed it with owner financing.

I ask about owner financing if I really want the property.  But I also mention 50% down payment.