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ErikOk last won the day on March 15 2013

ErikOk had the most liked content!

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About ErikOk

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    Wheelin' and Dealin'

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  1. If it is forsalebyowner.com, then just use their live chat. Tell them you are not a real estate agent and that you are looking for a house to lease and then buy. They will let you send more email then. You could also use different email addresses.
  2. From MC's response it looks like you were joking. But if not, I think that one of the qualifiers in the D/F is debt/income ratio. My understanding is that you should use a mortgage loan originator to cover all your bases and make sure the tenant/buyer isn't setup for failure. Did you have a chance to listen to the audio link?
  3. Good interview I found. My understanding is that D/F does apply to LO's (since the intent of the LO is to sell the property). So the best way, according to the attorney on the interview, is to handle any RE transactions that involve owner financing by using a mortgage loan originator for your deals. http://larrygoins.com/blog/2013/12/17/what-investors-need-to-know-about-dodd-frank-act/
  4. Anyone else received any more feedback from their attorney on this? I going to be checking out how this might affect our RE business. Lots of buzz going on in the different forums/sites relating to D/F Erik
  5. What thoughts do you all have about getting a real estate license & still offering lease options as part of your "toolbox"? I was thinking that in addition to getting a commission on traditional deals, you could also collect a 3% "commission" upfront instead of an assignment. I'm interested in the reasons why you choose to have a license or not. Thanks
  6. I think everyone's waiting for the 'other shoe to drop'
  7. ErikOk

    Chapter 13

    So you are saying that before the 13 is dismissed, the court can allow them to acquire additional debt? But after the 13 is dismissed nobody will finance them for 3 years? Why this 3 year restriction? It seems somebody would finance them for the right interest rate.
  8. I meant that the people calling on the property have been a bunch of "winners" Just getting lots of people wishing they could get a $175k house when they should really be focusing on a $150k house. Makes for a good buyers list I guess.
  9. I was thinking the same thing. I have one deal right now, but it is about $20k above median price, so it's been a PITA
  10. How have you all handled potential tenants with Chapter 13? I received a worksheet today from the lady that takes information for me. I have a potential tenant/buyer with the money down for a cooperative purchase (around $5,000). According to the info I received he has gone through a divorce & has just filed Ch. 13. I haven't contacted him yet, but was just wanting to get feedback from those on the forum that have had experience with tenant/buyers & bankruptcy. Would there be any issues with the structuring of his Ch.13 and the fact that he has the money and is willing to put that toward the CA? By that, I mean would it be frowned upon, or make the CA a possible pain for me? BTW, the lease is 2 year term. Thanks, Erik
  11. I'm anxious to hear back from the homeowner. I am also thinking in addition to mandatory renters insurance, that if they have a "bad dog" that the T/B is required to get their own insurance & provide proof to me/homeowner. I'm sure the seller would like it, not sure about the tenant/buyer. Unless the t/b is willing, I would move on to the next. I'm a minimalist when come to taxes and insurance, but that's just me. Yeah, you're probably right. If I hear from the homeowner that their insurances doe NOT cover the certain dogs, then I will tell any T/B's that the Homeowners policy does not cover certain breeds.
  12. I'm anxious to hear back from the homeowner. I am also thinking in addition to mandatory renters insurance, that if they have a "bad dog" that the T/B is required to get their own insurance & provide proof to me/homeowner.
  13. I am having the Homeowner see if their insurance does/doesn't cover what is considered "aggressive breeds" (pitbull, rottweiler, german shepherd. Have any of you had issues with certain insurance companies NOT covering these breeds?
  14. What do you have on the Landlord & Assignee's Acknowledgements? Got any samples you can share?
  15. I got a buyer worksheet tonight from the lady that takes some of my calls. Tenant-Buyer is going through a divorce & is getting ready to file bankruptcy (not sure if it will be Chapter 7 or 13). Her current credit score is 690. She stated that husband has a lot of medical bills. I am not sure of her income right now. The CA I have is $1200/month with a 2 year lease term. If she has enough income to support the rent, what do you all think about the pending bankruptcy? I have read that with Chapter 7, The FHA will insure mortgages two years after your Chapter 7 discharge date, but you must establish a credit history in those two years and it cannot contain any late payments, collections judgments or other blemishes. With Chapter 13, because you still have a record of responsibilities for your debts after bankruptcy, the FHA only requires a 12-month wait from date you began making your payments. So I am thinking that if it is Chapter 13, then this lease might work for her. If Chapter 7, probably not. What experiences have you all had with this and how would you approach it? Thanks
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