John D.
CA purchase and sale with seller-finance addendum contract
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".
Luke Carl
Do I need a new insurance agent?
20 March 2020 | 6 replies
You would just have to sign what is called an agent of record letter.
Nick Carlson
Applicant talked about withholding rent and suing prev landlord
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.
Erin Spradlin
Corona | Denver Mortgage relief, unemployment and taxes
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
Ricardo Campos
First Deal Indianapolis
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).
Eric W.
TX closing during corona
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.
Phillip Schaeffer
Skip Tracing For a Beginner
26 June 2020 | 10 replies
It’s free and aggregates information from a handful of public record sources.
LaVonne Eaton
Syndication advice needed.
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.
Adrian Barbosa
New to Real Estate Investing! Fayetteville, NC
22 April 2020 | 16 replies
Utilizing the forums, BP resources, online researching, as well as listening to the hundreds of recorded BiggerPockets podcasts.
Justin DeMontier
To Close or Not to Close...
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.