Jeff Chisum
Three Pieces of Misinformation
Here are three pieces of misinformation I've encountered from client calls this past week regarding the 10% down second home occupancy loan:
1. The property has to be at least 50 miles from my primary residence. (Thi...
Mariah Pierce
Renovation Contract Obligations
When renovating with a 203K loan, are contractors obligated to get the allotted amount for line items? We had a line item that was completed for a third of the amount estimated but he is saying he should get all that ...
Vidit Maini
Asset protection guidance
Dear BP community,
I am a 50 year old immigrant and have worked hard to make a life for myself. I have a net worth of ~2-3M in the form of a primary, secondary home, a rental property, and savings/CD accounts and a ...
Ryan Davidson
USDA loan won’t allow sale
Hello all! I have found a medium multi family that is off market at this time. Owners are trying to sell but, are telling me USDA won’t allow them to sell. Question is why would USDA not allow a sale? Can they keep yo...
Devin Stewart
Fresh out of college and need advice
I just graduated from Clemson University a couple weeks ago and now I am moving to Nashville TN for work. I have spent the last year and a half working as a licensed real estate agent in SC while going to school. I wa...
Matt Leonard
New Hampshire Interest and Dividends Tax
Looking for a NH tax savvy investor. I am purchasing a 7-unit in southern Maine in a Maine LLC and I am a NH resident. NH has 5% "interest and dividends tax" on income derived from I&D ("Tax Free New Hampshire"...
Roma Korenyuk
Does anyone know how 1099C works from a lenders point of view.
I'm trying to figure out the IRS 1099C from a lenders point of view. If and when it should be sent, or if it should be sent at all. How would the total be figured out. Difference between taking the property back as RE...
Patricia Berman
Indemnification in the lease
How much legalese do you include in your leases? Is an indemnification clause illegal in Colorado? I’m using the lease that I got from bigger pockets a couple years ago and my perspective tenant says the laws have cha...
Jimmy Chao
How to handle unpaid utilities
I have 2 recurring charges - Rent and another for sewer and trash. They have paid the rent this month, but not the sewer + trash. I am wondering how to handle this and if a late-charge is needed.The lease states the s...
Brian Pleshek
Security Deposit Law in Ohio
Am I reading this correctly?ORC 5321.16 - Any security deposit greater than $50 or one month's rent(basically all security deposits) whichever is greater shall bear interest on the excess at 5% per annum and paid annu...