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19 March 2020 | 3 replies
John, I use a "2-page" Lease-to-Own agreement, plus I also include a "Complimentary Payment Schedule" for my tenant-buyer's "convenience and record-keeping".
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20 March 2020 | 6 replies
You would just have to sign what is called an agent of record letter.
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19 March 2020 | 5 replies
You can also look online in many places to see court records and see if he filed other suits or if other people filed suits against this current landlord.
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20 March 2020 | 4 replies
GETTING HELP NOWNYTimes - Money MattersUnemployment - law expires 12/31States can access when they have 10% rise in unemploymentUnemployment is typically 45% of lost incomeMost states pay 26 weeksDon’t have to lose your job, can get it if: you are quarantined, furloughedGetting unemploymentHave to have been at job for 30+ daysEligible for 2 weeks paid if ill or quarantined or caring for sick family memberPart time workers can get average of normal 2 week salarySelf-employed (gig workers, etc) must calculate daily average and claim as tax creditWho is exempt:People that work at companies that employ 500+ peopleCompanies with fewer than 50 people can ask for an exemptionEvictions + ForeclosuresMoratorium right now on bothSuspended for 60 daysThis includes foreclosures that are in processTaxesCan hold off on paying (without penalty) until July 15th if:You owe less than $1 million to the federal governmentIf you are getting a refund, it will come in a normal time frameMortgagesFind out who owns your mortgage + what programs are availableRequest Assistance (Fannie Mae)Small Business ReliefSBA Economic Injury Disaster LoansSmall business loans up to $2mil3.75% int rate for businesses | 2.75% for nonprofitsDenver Small Business ReliefDENVER RE TRENDS - please note you should watch Seattle, as what happens there will likely come to Denver and Colorado SpringsPulled data for detached/attached homes within 6 miles of a client property in Sloans Lake$350-$500KMore properties went under contract in past 5 days than in two other 5 day increments we recorded (11-15, and 16-20 days out)35 of those were on the MLS for 6 or fewer days$500-$700KSimilar to above, 5 days out is beating number of houses that went under contract 11-15 days out and almost the same as 16-20 days outCitywide: 2.4 homes were falling out of contract/day in March. 5.8 for Feb. 2.7 for Jan. $800-$1.2Mdown from 5 day increments before, but not significantly and a small data set
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1 April 2020 | 11 replies
Below are the expenses I am carrying:Expenses:Property Taxes: $1,626 annually ($136/month)Insurance: $714 annually ($59/month)Maintenance and Repairs: $900 annually ($75/month)Capital Expenditures: $960 annually ($80/month)Utilities: $0Advertising/Administration: $300 annually ($26/month)Property Management Fee: 10% of gross income = $1,200 annually ($100/month)Tenant Placement Fee: 50% of first month's rent = $538 annually ($45/month)Turn Reserves (Cleaning): $500 annually ($42/month)BreakdownRental Income $1,075 - 7 % vacancy = $1,000/month ($11,997 annually)Expenses = $561/month ($6,737 annually)Expenses/Gross Income = 59 %For the record, when I called the County Assessor's office, they told me the assessed value is $81,300, and I would be paying 2 % as an investor (number is carried above).
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25 March 2020 | 11 replies
One issue I've heard of, but haven't experienced, is if the county recorders office isn't open to record the mortgage, then lenders won't close there.
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26 June 2020 | 10 replies
It’s free and aggregates information from a handful of public record sources.
21 March 2020 | 10 replies
If you ever decide to look into syndication again, look for folks with a track record who have delivered quarterly returns on a consistent basis through several deals.
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22 April 2020 | 16 replies
Utilizing the forums, BP resources, online researching, as well as listening to the hundreds of recorded BiggerPockets podcasts.
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20 March 2020 | 6 replies
Of the 4 that I had it narrowed down to, one of them said that they SHOULD still be able to do the loan, regardless of the zoning/use, it would just be appraised based on what is recorded with the county/title.