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dpa789kd said:   Has anyone bought anything off Auction.com? There are a few houses in my area listed on there but it appears they only give you a quit claim deed. On a couple listings it appears the house is still in owner's name so I assume the bank hasn't taken it yet. They say property is still occupied. I guess this is similar to buying off the courthouse steps? We have been buying vacant foreclosures but it seems some of the banks here have stopped listing them and and going through this site. In the past there hasn't been anything of interest on Auction.com so I haven't looked into it. Thanks
  Auction.com always says the house is occupied even if you know they have been vacant for months. Around here, they list houses, get bids but never sell them.  They are eventually listed on MLS. I am unaware of a single property sale ever being successful with them.  Last week, I started reading some of the paperwork a buyer would be required to sign and it was a joke.  Signing this forfeited all of your rights. I read quite a few bad reviews on-line but some were from people who obviously don't understand how auctions work.  Interesting to see if any FW's have ever bought a property through them

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dpa789kd, vadeltachi, JaxFL, - thanks for the replies.
1. only two original names on lease not the SO or kids
2. funding by veterans/housing lease clearly states that due to passing the lease terminates immediately, but will pay coming month to allow deceased belongings to be removed.
3. good point, they are moving others in/out and breaching the lease anyways.  I will treat it as a new tenant/lease and go through the whole motion to see if they are the right fit.

Thanks.

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I don't know if this is the right forum, but here goes.

1. My rental sfh converted back to personal use Sept 2014.
2. Interest only loan(family).
3. Loan restructured (interest rate decrease IRS family loan rate)

I cant figure out how to get Turbo Tax to properly allocate interest to business and personal, it wants to straight prorate.

TIA

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superkid said:   dpa789kd, vadeltachi, JaxFL, - thanks for the replies.
1. only two original names on lease not the SO or kids
2. funding by veterans/housing lease clearly states that due to passing the lease terminates immediately, but will pay coming month to allow deceased belongings to be removed.
3. good point, they are moving others in/out and breaching the lease anyways.  I will treat it as a new tenant/lease and go through the whole motion to see if they are the right fit.

Thanks.

  So you are saying that you used/had to use the lease provided by this "housing authority"?  If so...if the lease terms state its terminated, then it likely is. If its just another doc then the question is does it supersede your lease or bind the other occupant.  Need to read and understand the docs.  May just need to talk with tenant and tell them you need new app, qualify etc...  if you think you want them to stay. Even if they move in others but do pay on time... you could just let lease run its course and then non renew.

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JaxFL, Thanks you always have the sound advice.  Yes, had to use the housing lease as she is a veteran. Because they will pay last month of March, I will take your suggestion and watch them for the month as they technically are paid through March. just wanted to be prepare in advance...basically cover my bases/angles before it comes too late.

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cajundavid said:   
dpa789kd said:   Has anyone bought anything off Auction.com? There are a few houses in my area listed on there but it appears they only give you a quit claim deed. On a couple listings it appears the house is still in owner's name so I assume the bank hasn't taken it yet. They say property is still occupied. I guess this is similar to buying off the courthouse steps? We have been buying vacant foreclosures but it seems some of the banks here have stopped listing them and and going through this site. In the past there hasn't been anything of interest on Auction.com so I haven't looked into it. Thanks
  Auction.com always says the house is occupied even if you know they have been vacant for months. Around here, they list houses, get bids but never sell them.  They are eventually listed on MLS. I am unaware of a single property sale ever being successful with them.  Last week, I started reading some of the paperwork a buyer would be required to sign and it was a joke.  Signing this forfeited all of your rights. I read quite a few bad reviews on-line but some were from people who obviously don't understand how auctions work.  Interesting to see if any FW's have ever bought a property through them

  I have succeeded in 12 properties with auction.com actually between sites like william william, hubzu, homesearch etc etc. auction.com is the best to work with.  Also if you buy more than 5 from them they will call you prior to bidding to let you know reserve etc etc .  I'm a huge fan of auction.com . more so than any online auction real estate website. 

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sharpie130 said:   
cajundavid said:   
dpa789kd said:   Has anyone bought anything off Auction.com? There are a few houses in my area listed on there but it appears they only give you a quit claim deed. On a couple listings it appears the house is still in owner's name so I assume the bank hasn't taken it yet. They say property is still occupied. I guess this is similar to buying off the courthouse steps? We have been buying vacant foreclosures but it seems some of the banks here have stopped listing them and and going through this site. In the past there hasn't been anything of interest on Auction.com so I haven't looked into it. Thanks
  Auction.com always says the house is occupied even if you know they have been vacant for months. Around here, they list houses, get bids but never sell them.  They are eventually listed on MLS. I am unaware of a single property sale ever being successful with them.  Last week, I started reading some of the paperwork a buyer would be required to sign and it was a joke.  Signing this forfeited all of your rights. I read quite a few bad reviews on-line but some were from people who obviously don't understand how auctions work.  Interesting to see if any FW's have ever bought a property through them

  I have succeeded in 12 properties with auction.com actually between sites like william william, hubzu, homesearch etc etc. auction.com is the best to work with.  Also if you buy more than 5 from them they will call you prior to bidding to let you know reserve etc etc .  I'm a huge fan of auction.com . more so than any online auction real estate website. 

  Thanks for your feedback. So how do you deal with title? It appears you are able to do your own title research but you have to do that before closing, but if you don't wait until the end couldn't something end up on there that you wouldn't see researching it before the bidding process? I can pay a local title company a couple hundred to research it, but it seems slightly risky. Is the rest of the purchasing process similar to a foreclosure?

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dpa789kd said:   
sharpie130 said:   
cajundavid said:   
dpa789kd said:   Has anyone bought anything off Auction.com? There are a few houses in my area listed on there but it appears they only give you a quit claim deed. On a couple listings it appears the house is still in owner's name so I assume the bank hasn't taken it yet. They say property is still occupied. I guess this is similar to buying off the courthouse steps? We have been buying vacant foreclosures but it seems some of the banks here have stopped listing them and and going through this site. In the past there hasn't been anything of interest on Auction.com so I haven't looked into it. Thanks
  Auction.com always says the house is occupied even if you know they have been vacant for months. Around here, they list houses, get bids but never sell them.  They are eventually listed on MLS. I am unaware of a single property sale ever being successful with them.  Last week, I started reading some of the paperwork a buyer would be required to sign and it was a joke.  Signing this forfeited all of your rights. I read quite a few bad reviews on-line but some were from people who obviously don't understand how auctions work.  Interesting to see if any FW's have ever bought a property through them

  I have succeeded in 12 properties with auction.com actually between sites like william william, hubzu, homesearch etc etc. auction.com is the best to work with.  Also if you buy more than 5 from them they will call you prior to bidding to let you know reserve etc etc .  I'm a huge fan of auction.com . more so than any online auction real estate website. 

  Thanks for your feedback. So how do you deal with title? It appears you are able to do your own title research but you have to do that before closing, but if you don't wait until the end couldn't something end up on there that you wouldn't see researching it before the bidding process? I can pay a local title company a couple hundred to research it, but it seems slightly risky. Is the rest of the purchasing process similar to a foreclosure?

  Many of them have a title information link that they pre inspect.  It's not title insurance but more of a title search.  I have always bought my own title insurance and none have ever come back with issues.  7 of the 12 were occupied units that we bought sight unseen. Rest of the process is slightly different.  You will have to pay more fees than typical such as the seller's lawyer fees etc etc but overall it's not that much different than a normal foreclosure.  There is always risk but we bid on the unit and assume it will be trashed/really bad.  If you give yourself that built in buffer and the house happens to be in good or maybe great shape you just got yourself some nice equity.

Auction.com homes are almost all cash only now these days so yes it is risky but worth it I think.  I have yet to get a house that's trashed.  Most have been normal, a few dirty and some really nice/updated but all were bought probably at a 20-40% off.  most people are scared of occupied/cash only/must evict homes and this creates buying opportunities.  MLS is dead for investment due to the sky high costs these days

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sharpie130 said:   MLS is dead for investment due to the sky high costs these days
every market is different.

MLS is very much alive for those of us who can quickly and aggressively exploit pricing mistakes and other anomalies. but for most people, you'll never even see the really exceptional deals on MLS.
 

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MLS is garbage here in illinois(unless you want to invest in the ghetto). above asking price cash offers hours after release on MLS are always in multiple offer cash situations.

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sharpie130 said:   MLS is garbage here in illinois(unless you want to invest in the ghetto). above asking price cash offers hours after release on MLS are always in multiple offer cash situations.
again, i'm not talking about 99%+ of listings. sometimes (for me, maybe 5 in the last 5 years) there are anomalies which can be exploited. usually when banks and/or owners and/or realtors don't know what they have. often, you'll never even see these listings. i call them unicorns because they are rare. "easy money" isnt necessarily easy.

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sharpie130 said:   MLS is garbage here in illinois(unless you want to invest in the ghetto). above asking price cash offers hours after release on MLS are always in multiple offer cash situations.
That is very much market dependent. Not the case whatsoever here....I can find deals almost every day on the MLS, they don't move that fast. We're talking REOs that need light to medium rehab.

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guys, need some help in handling the refi of rental property in TurboTax. I refinanced my rental in 2013 and paid X amount which I entered in TurboTax. My expenses were higher than rental that year. I assume TurboTax did whatever rules allowed that year.
Now last year I refinanced that property again and incurred Y amount expenses. I think as per rule I can take deduction on full X and then amortize Y over life of new loan. Can someone help how to do that in TT ?

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solarUS said:   
sharpie130 said:   MLS is garbage here in illinois(unless you want to invest in the ghetto). above asking price cash offers hours after release on MLS are always in multiple offer cash situations.
again, i'm not talking about 99%+ of listings. sometimes (for me, maybe 5 in the last 5 years) there are anomalies which can be exploited. usually when banks and/or owners and/or realtors don't know what they have. often, you'll never even see these listings. i call them unicorns because they are rare. "easy money" isnt necessarily easy.

  still have 1% fully rehabbed and updated properties herein metro detroit. I get even better deals from probate/estate sales, people needing to sell in the dead of winter, such as a flipper mistiming their flip or mispricing it.

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My tenant informed me on Sunday that he will miss the payment deadline and forwarded me the confirmation email he got with the delayed payment date on it. I said it was fine, no problem.

Here's why: He's in year 3 of renting from me. Never a delayed payment until now, and it seems like it was a purely "oops" moment on his part. He keeps my house clean per my inspections and the lawn is in great condition. He's a very good tenant overall so I let this slide.

What would the pros have done?

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Everyone makes mistakes. I allow 1 mistake a year, all else being equal.

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I would let it slide too. It's hard to find good tenants and if he's been there that long and takes care of the place I'd be lenient with him. I've had some get 2 months behind and not evict. They've been good tenants but hit a rough patch or something. I've got burned a couple times, but most of them get caught back up and continue to be great tenants. I figure it cost about $3,000 on average for me to evict, lose that rent, fix a place up, and re-rent it. So I try to weight that against getting a little behind with a pretty good tenant. Sometimes it's worked out well and a couple of those tenants that I've worked with could very easily stick with me for the rest of their career. A couple other times it burnt me, but you can't win them all

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Xnarg1 said:   My tenant informed me on Sunday that he will miss the payment deadline and forwarded me the confirmation email he got with the delayed payment date on it. I said it was fine, no problem.

Here's why: He's in year 3 of renting from me. Never a delayed payment until now, and it seems like it was a purely "oops" moment on his part. He keeps my house clean per my inspections and the lawn is in great condition. He's a very good tenant overall so I let this slide.

What would the pros have done?

  
No issue. I wish all my tenants paid on time like that. Usually a week or two isn't an issue. Some landlords that are very tough start the 14 day notice a week or two after it's late. 

Depending on your state law, sometimes there's not much you can do. In my state, you can't charge a late fee until it's more than 30 days late. So your only alternative is to start evicting so it's not worth it if you've had a tenant that has a good history. 

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Especially since he let you know ahead of time... seems responsible enough to let slide.

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Xnarg1 said:   My tenant informed me on Sunday that he will miss the payment deadline and forwarded me the confirmation email he got with the delayed payment date on it. I said it was fine, no problem.

Here's why: He's in year 3 of renting from me. Never a delayed payment until now, and it seems like it was a purely "oops" moment on his part. He keeps my house clean per my inspections and the lawn is in great condition. He's a very good tenant overall so I let this slide.

What would the pros have done?

  What is your payment deadline?   What does your state require?  Is he going to pay a late fee?  

  Cover you butt.  I have tenants late too, but I still send a demand for rent letter as required by NC.  Else, if I do need to evict them, I can't without due process of demanding rent and waiting the required 10 days...again NC requirement.  Your state may differ.

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drew2money said:   
Xnarg1 said:   My tenant informed me on Sunday that he will miss the payment deadline and forwarded me the confirmation email he got with the delayed payment date on it. I said it was fine, no problem.

Here's why: He's in year 3 of renting from me. Never a delayed payment until now, and it seems like it was a purely "oops" moment on his part. He keeps my house clean per my inspections and the lawn is in great condition. He's a very good tenant overall so I let this slide.

What would the pros have done?

  What is your payment deadline?   What does your state require?  Is he going to pay a late fee?  

  Cover you butt.  I have tenants late too, but I still send a demand for rent letter as required by NC.  Else, if I do need to evict them, I can't without due process of demanding rent and waiting the required 10 days...again NC requirement.  Your state may differ.

 Did you find a sample demand for rent letter for NC to create yours or did you create it from scratch?

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drew2money said:   
Xnarg1 said:   My tenant informed me on Sunday that he will miss the payment deadline and forwarded me the confirmation email he got with the delayed payment date on it. I said it was fine, no problem.

Here's why: He's in year 3 of renting from me. Never a delayed payment until now, and it seems like it was a purely "oops" moment on his part. He keeps my house clean per my inspections and the lawn is in great condition. He's a very good tenant overall so I let this slide.

What would the pros have done?

  What is your payment deadline?   What does your state require?  Is he going to pay a late fee?  

  Cover you butt.  I have tenants late too, but I still send a demand for rent letter as required by NC.  Else, if I do need to evict them, I can't without due process of demanding rent and waiting the required 10 days...again NC requirement.  Your state may differ.

  
Payment on first, due by 3rd.  Per contract after that I can start charging late fees.  My tenant will not pay late fees.  

State is TX.  That is good advice - as he is my first and only tenant so far, I'm still inexperienced at the bad parts of renting out.  I will find out what TX requires.

Thanks for the advice re: CYA.

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I personally don't and wouldn't send a demand letter to a good tenant after being late 1 time in 3 years.   Not unless I for some reason really expect them to never pay and I am pretty sure I will want to do an eviction or need to really light a fire under them to get payment.   But if I expect them to pay then I would not send a demand letter.    A demand letter can be pretty heavy handed and scare a tenant and you're automaticlaly treating them as a deadbeat.  I wouldn't do that with a good tenant for first offense.   If you do do it then I'd first at least explain to the tenant that you're going to send one to them just to CYA legally and that they shouldn't worry about it or take any offense, its just a legal formality.

If you're routinely dealing with deadbeats or simply unreliable tenants then maybe sending demand letters automatically the minute they're past the deadline of late may be good general policy.  

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Xnarg1 said:   My tenant informed me on Sunday that he will miss the payment deadline and forwarded me the confirmation email he got with the delayed payment date on it. I said it was fine, no problem.

Here's why: He's in year 3 of renting from me. Never a delayed payment until now, and it seems like it was a purely "oops" moment on his part. He keeps my house clean per my inspections and the lawn is in great condition. He's a very good tenant overall so I let this slide.

What would the pros have done?

  to me very simple. They took initiative to contact you, no problem. If I just never got payment and no contact they'd get an official late notice.

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RedSombrero said:   
drew2money said:   
Xnarg1 said:   My tenant informed me on Sunday that he will miss the payment deadline and forwarded me the confirmation email he got with the delayed payment date on it. I said it was fine, no problem.

Here's why: He's in year 3 of renting from me. Never a delayed payment until now, and it seems like it was a purely "oops" moment on his part. He keeps my house clean per my inspections and the lawn is in great condition. He's a very good tenant overall so I let this slide.

What would the pros have done?

  What is your payment deadline?   What does your state require?  Is he going to pay a late fee?  

  Cover you butt.  I have tenants late too, but I still send a demand for rent letter as required by NC.  Else, if I do need to evict them, I can't without due process of demanding rent and waiting the required 10 days...again NC requirement.  Your state may differ.

 Did you find a sample demand for rent letter for NC to create yours or did you create it from scratch?

  Yes, I just googled it.  Magistrates and District Judges are pretty tight here in NC about the 10 day demand period.  They will make you start the whole process over.

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drew2money said:   
RedSombrero said:   
drew2money said:   
Xnarg1 said:   My tenant informed me on Sunday that he will miss the payment deadline and forwarded me the confirmation email he got with the delayed payment date on it. I said it was fine, no problem.

Here's why: He's in year 3 of renting from me. Never a delayed payment until now, and it seems like it was a purely "oops" moment on his part. He keeps my house clean per my inspections and the lawn is in great condition. He's a very good tenant overall so I let this slide.

What would the pros have done?

  What is your payment deadline?   What does your state require?  Is he going to pay a late fee?  

  Cover you butt.  I have tenants late too, but I still send a demand for rent letter as required by NC.  Else, if I do need to evict them, I can't without due process of demanding rent and waiting the required 10 days...again NC requirement.  Your state may differ.

 Did you find a sample demand for rent letter for NC to create yours or did you create it from scratch?

  Yes, I just googled it.  Magistrates and District Judges are pretty tight here in NC about the 10 day demand period.  They will make you start the whole process over.

  Thanks.  Do you personally deliver the demand for rent letter yourself (to the property)?  Or mail it via certified mail?

edit: Also, I was googling this topic a bit for NC and found this on a lawyer's website - any comments on this?:How do I know if my lease requires 10 Day Notice?If your lease does not explicitly waive this notice, then written notice is required. If your lease states clearly that the 10-day notice of demand for payment required by North Carolina law is waived, then this notice is not required.

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Coming from the tenant side of things, I got a 10 day letter in NC when they misplaced the check I dropped off at the property managements drop off box (so no receipt). All I remember was that I was furious because I always pay on time/early, I reamed them out over the phone and from then on called about every little thing that was wrong in the place.

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mastroadam said:   Coming from the tenant side of things, I got a 10 day letter in NC when they misplaced the check I dropped off at the property managements drop off box (so no receipt). All I remember was that I was furious because I always pay on time/early, I reamed them out over the phone and from then on called about every little thing that was wrong in the place.
  So while suggesting that the landlord should overlook a mistake, you clearly did not.

rated:
RedSombrero said:   
drew2money said:   
RedSombrero said:   
drew2money said:   
Xnarg1 said:   My tenant informed me on Sunday that he will miss the payment deadline and forwarded me the confirmation email he got with the delayed payment date on it. I said it was fine, no problem.

Here's why: He's in year 3 of renting from me. Never a delayed payment until now, and it seems like it was a purely "oops" moment on his part. He keeps my house clean per my inspections and the lawn is in great condition. He's a very good tenant overall so I let this slide.

What would the pros have done?

  What is your payment deadline?   What does your state require?  Is he going to pay a late fee?  

  Cover you butt.  I have tenants late too, but I still send a demand for rent letter as required by NC.  Else, if I do need to evict them, I can't without due process of demanding rent and waiting the required 10 days...again NC requirement.  Your state may differ.

 Did you find a sample demand for rent letter for NC to create yours or did you create it from scratch?

  Yes, I just googled it.  Magistrates and District Judges are pretty tight here in NC about the 10 day demand period.  They will make you start the whole process over.

  Thanks.  Do you personally deliver the demand for rent letter yourself (to the property)?  Or mail it via certified mail?

edit: Also, I was googling this topic a bit for NC and found this on a lawyer's website - any comments on this?:How do I know if my lease requires 10 Day Notice?If your lease does not explicitly waive this notice, then written notice is required. If your lease states clearly that the 10-day notice of demand for payment required by North Carolina law is waived, then this notice is not required.

  
NC statue doesn't state how a notice is delivered, at least I haven't found anything conclusive.  If you want to be anal, then mail it certified.  I don't have that much time or energy.  I just mail it and keep a copy for my records.

I would not try to waive the 10 day period.  A magistrate is not a judge, and don't fully know the laws, and the laws that he does know, he enforces to the letter.  I have been before several and they all ask about the 10 day demand period.

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tehlorax said:   
mastroadam said:   Coming from the tenant side of things, I got a 10 day letter in NC when they misplaced the check I dropped off at the property managements drop off box (so no receipt). All I remember was that I was furious because I always pay on time/early, I reamed them out over the phone and from then on called about every little thing that was wrong in the place.
  So while suggesting that the landlord should overlook a mistake, you clearly did not.

what mistake did OP make? from his perspective, he was "punished" but had done no wrong.

OP - I wonder what would happen if you withheld the cost of the "stop check" from the next month's rent? hmm, probably a pissing contest.

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solarUS said:   
tehlorax said:   
mastroadam said:   Coming from the tenant side of things, I got a 10 day letter in NC when they misplaced the check I dropped off at the property managements drop off box (so no receipt). All I remember was that I was furious because I always pay on time/early, I reamed them out over the phone and from then on called about every little thing that was wrong in the place.
  So while suggesting that the landlord should overlook a mistake, you clearly did not.

what mistake did OP make? from his perspective, he was "punished" but had done no wrong.

OP - I wonder what would happen if you withheld the cost of the "stop check" from the next month's rent? hmm, probably a pissing contest.

  
Actually that happened to me once.  Lost tenant's rent check, was really embarrassed and asked for it again.  I told him to just remove any stop payment fees on his next rent check (or I could pay him directly as soon he knew what the amount was).  I did apologize to the guy but he took it in stride and I thanked him.

This is still my first tenant and he is awesome.  I think he's saying he'll stay just one more year (boo!)

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solarUS said:   
tehlorax said:   
mastroadam said:   Coming from the tenant side of things, I got a 10 day letter in NC when they misplaced the check I dropped off at the property managements drop off box (so no receipt). All I remember was that I was furious because I always pay on time/early, I reamed them out over the phone and from then on called about every little thing that was wrong in the place.
  So while suggesting that the landlord should overlook a mistake, you clearly did not.

what mistake did OP make? from his perspective, he was "punished" but had done no wrong.

OP - I wonder what would happen if you withheld the cost of the "stop check" from the next month's rent? hmm, probably a pissing contest.

  OP didn't make a mistake, the property management did.  And apparently he never let them forget it, but he is suggesting that the PM in this thread should forget it.  Just pointing out the hypocrisy for fun.

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mastroadam said:   Coming from the tenant side of things, I got a 10 day letter in NC when they misplaced the check I dropped off at the property managements drop off box (so no receipt). All I remember was that I was furious because I always pay on time/early, I reamed them out over the phone and from then on called about every little thing that was wrong in the place.
  cool... now that you are considering becoming a landlord, you can be on other side. I recently had tenant, though had few complaints which were taken care of in short order, put in notice and moved. Three new faucets were installed though not entirely necessary, as easier to have replaced while plumber there. I think it was because they requested ac to be serviced, though no issues in the less than one year they were there. Also requested duct cleaning. Both were denied. AC was serviced prior to their move in. Short of it is they moved and new tenant, no vacancy, is paying $60 more per month, and no complaints.

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