Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums

Rose

Members
  • Content Count

    19
  • Joined

  • Last visited

Community Reputation

0 Neutral

About Rose

  • Rank
    Newbie
  1. Hi All, I really need some info here on a situation I am currently facing. My spouse and I currently own 2 homes in SoCal. One we live in, the other we rented out. Unfortunately our tenant has turned into a nightmare renter. I won't go into details, but even tho we are current now, I have a bad feeling that we will lose this house because of him. What I need to know is what happens when you lose a home to foreclosure in CA? We don't want to lose our primary residence because of this unfortunate situation. Are we going to be taxed or made to pay the balance on the deficiency between the sale and the loan? Can they attach any assets? The house was appraised at the beginning of the year at $270K The loan on it is $228K. I really do not think that we could sell it at that price due to the current comps here. Besides..I have a feeling that the tenant is treashing the house so only God knows what we will be facing if he ever gets out. So much for our good credit too.. *sigh* Please, anybody that can tell me what we will be up against if we let this house be foreclosed on.. I need to start planning for the outcome. Thank you
  2. Thanks Mike.. figured that I would have to go that route...
  3. Mike, Tenant that wants out of the lease is now saying that she cannot take the stress of being liable for anything that her current ex may do to the house. (She is implying that he gets drunk and destroys stuff). Saying that the stress is hurting her pregnancy and she doesn't want anything to happen to the baby because of this stress. I would say BS to this BUT.. she has had a few complications AND I don't want to get my ass sued off should something happen and she tries to blame us or say she injured herself on the property. She wants to "forfeit" the lease and have him sign a new one. He will sign a new one if asked to without her on it. I really want them both out of my life because I don't need this crap, but he wants the house. I am afraid that it may get really ugly if I let them forfeit the lease and then tell him that he is SOL because I do not want him as a tenant anymore. I am at a total loss here. Any suggestions?
  4. You are under no obligation to remove her from the lease. And I wouldn't recommend you do so. You want the original agreement intact in the event you need to go after her for damages as a result of breaking the lease. If you remove her name from the lease, she has no further liabilities in the deal.What is the situation with the other half? Is he staying, playing, leaving, etc? Only if you allow it to be so, Rose. Remain in control, and do not get involved in this domestic dispute. Your concern with all of this is the payment of the rent as agreed to. If they don't pay, you begin eviction proceedings. If they want to break the lease, at the very least you will need some compensation for your troubles and to remedy the damages incurred by their bolting from the premises unexpectedly. Don't be soft about this or you'll end up with the short end of the stick.Did you collect enough option consideration upfront to help ease the pain? And if I recall, you're located in California. Have a look online for CA landlord/tenant laws and familiarize yourself with your options and rights when something such as this occurs. Good luck. <{POST_SNAPBACK}> Thanks Mike, that is what I thought, but just wanted to make sure. The guy wants to stay because he will never be able to buy a house any other way. He knows a good deal when he sees one. He even said so. What I told them was I don't care who pays the rent as long as the money is green and on time. I told them that we will not get in the middle of them. That was their personal business and it won't become ours until such time the rent is not paid on time. The guy seems legit-not wanting to lose the house. The chick is pissed because SHE found the house..WTFE. Just PAY me. lol Yes, I am in SoCal.. Unfortunately I didn't get alot of option money as the dang house took too long to rent out, but we live and learn. So far all I am out is peace and quiet.. let's hope that's all it will be. Thanks again Mike.. Rose
  5. OK I L/O'd this home to an engaged couple. She is 5 months pregnant. Supposedly they were going to get married. Not even a month after they moved in they broke up. She moved out. Now she wants off the lease. What am I legally held to do here? My concern is that if I take her off the lease then they will have the big make up and want back on again. It's turned into one of those "Put the landlord in the middle" situations. She wants freedom to get on the property since she is ON the lease, and then she tells me she wants off of it. Do I have to take her off of it? Any suggestions? Hang myself? Anything? Thanks-Rose
  6. I know this may seem like a silly question but I may be out of a job soon and I don't want that to mess up my ability to get financing. Even though I want to do the CA/SLO thing, I also want to get properties that I may need some financing on. If I am no longer working that would cut our income by 1/3. I don't know how much we can do on 40K a year, especially having 2 mortgages already here in So Cal. Credit 700+. If anybody has any ideas about what types of programs are out there and available to me, please feel free to post or contact me by e-mail. Thanks--Rose
  7. I just came across this document by Joe Kaiser. He wrote this doc after being screwed over by a few of his sellers in some deals he did while first starting out. Although I know not everything is bullet-proof, this doc looks like it will take away alot of BS that sellers can use as an excuse in court to get out of your deal. --Rose Seller's Acknowledgements I ,_________________________________________________________ (Seller), on this ____ day of ______________________, 20_____, have agreed in writing to sell the property commonly known as ______________________________________________, (The Property) to ________________________________________ (Buyer) and or assigns, according to the terms and conditions contained in the Purchase and Sale Agreement (The Agreement) of even date, a copy of which is attached hereto. I further state as follows: ________ 1. OWNERSHIP OF THE PROPERTY: I am the owner of The Property (or I have an equitable interest in The Property) and am able to contract for its sale. ________ 2. ACCEPTANCE: I have reviewed the terms and conditions contained in The Agreement and have accepted Buyer's offer to purchase The Property. ________ 3. GOOD AND VALUABLE CONSIDERATION: I have received good and valuable consideration in signing The Agreement, and I acknowledge both the receipt and the sufficiency of the consideration. ________ 4. IN MY BEST INTEREST: I am satisfied with The Agreement and have agreed to sell The Property because it is in my best interest to do so. ________ 5. FULLY INFORMED AND NOT CONFUSED: I have signed The Agreement being fully informed and with sufficient understanding of all terms and conditions contained therein. I am not confused about any aspect of The Agreement. ________ 6. SATISFIED WITH THE SALES PRICE: I understand I may be selling The Property for less than market value but have chosen to do so because circumstances dictate that an immediate sale, even at a discounted price, is in my best interest. I am satisfied with the sales price I have negotiated. ________ 7. SALE IS FINAL: I understand by signing The Agreement, I have agreed to sell The Property to Buyer and am now bound by the terms and conditions described in The Agreement. I further understand that I cannot ¡°change my mind¡± or cancel the contract at some later date, nor can I continue to market The Property to any other buyer. ________ 8. CONTINGENCIES MAY EXIST: I understand the sale may be contingent upon Buyer's inspection and approval of certain items described in The Agreement. I further understand that if Buyer does not approve of these items, Buyer may cancel The Agreement and if cancelled, I must return Buyer's earnest money in full. ________ 9. NOT A LOAN: I understand The Agreement I have signed is for the outright sale of The Property and is not intended to be a loan of any kind. ________ 10. AGREEMENT MAY BE ASSIGNED: I understand Buyer may assign The Agreement to another party and I may be closing the sale with someone other than Buyer. ________ 11. NO ESCROW: I understand Buyer may choose to ¡°close¡± this transaction without the use of an escrow company and may record the conveyance documents himself. ________ 12. CLOSING DOCUMENTS: I understand there will be additional closing documents to sign and upon receipt, agree to sign and deliver the closing documents either into Escrow or directly to Buyer, as Buyer may direct, in a timely manner. ________ 13. COPIES OF THE PAPERWORK: I understand that copies of the paperwork I've signed will be provided to me in a timely manner and I acknowledge that circumstances dictate that copies may not be immediately made available to me. ________ 14. BUYER ENTITLED TO MAKE A PROFIT: I understand Buyer may resell The Property and may realize a profit in doing so. I agree Buyer is entitled to any profit that may ultimately result from the subsequent resale of The Property. ________ 15. LEGAL COUNSEL ADVISED: I acknowledge Buyer has advised me to seek independent legal counsel to review The Agreement. ________ 16. FINANCIAL REVIEW ADVISED: I acknowledge Buyer has advised me to seek an independent financial advisor to review The Agreement. ________ 17. FAIRLY NEGOTIATED: I understand Buyer has negotiated on his own behalf and likewise, I have negotiated on mine. I acknowledge The Agreement has been negotiated fairly and Buyer has not taken advantage of me or my current situation. ________ 18. NO PRECLUDING AILMENTS: I have no physical, mental or emotional ailments that preclude me from signing The Agreement. ________ 19. NOT UNDER THE INFLUENCE: I am not now under the influence of alcohol or any other mind-altering substance, nor am I taking medication that would cloud my judgment or make me unable to think clearly. ________ 20. NO OTHER PROMISES: I have not been promised anything other than what is described in The Agreement. There are no unresolved issues, no ¡°side agreements,¡± nor are there other terms not disclosed in The Agreement. ________ 21. NOT UNDER DURESS: I am not under duress and have signed The Agreement of my own free will, without any undue financial pressure. Buyer has in no way pressured me into signing The Agreement. ________ 22. FULLY SATISFIED WITH AGREEMENT: I am fully satisfied with all terms and conditions contained in The Agreement. Dated this _____ day of ___________________, 20____. ___________________________ Seller (Signature) ___________________________ Seller (Signature)
  8. Be careful what you wish for, Rose. Have you ever seen Adam in his cheerleader uniform?? <{POST_SNAPBACK}> Uh.....No... Let's try to keep it that way too... lol
  9. MC, I had to laugh when I read the symptoms of PA. Yup-- I do have that lol. Anyhow... I PROMISE to to guys as well as myself that I will go out and be pro-active with sellers as soon as I get moved into my new home. I have all that I can handle right now looking for a tenant/buyer for the home I am moving out of. I already have business cards done, and am working on a website for the sellers to use. I will hit the advertising big time in just a few short weeks. Supposed to close on the new home Monday or Tuesday. Thank you guys so much for the offer of support and the pep talks, it means alot to have you guys there as a safety net and a cheering section. Rose
  10. You don't need to "think" anymore, you are. If I could do it all over again, I would pay someone my LAST DIME to mentor me! It's not about finding a mentor to help you with the answers to questions you don't know, it's about finding someone to be accountable to so you can do what it takes to get "you" on the right path. We spend WAY too much time blaming everyone for our mistakes and lack of success. It's all up to us. We need to stop making excuses. I hired a coach two months ago to help me find out where the BS was that I have created and eliminated it. He has nothing to do with REI, but it has helped me tremendously in my business! And, the second I sent that check everything changed. If you're not going to take yourself seriously, you can't blame a mentor or coach for not changing your life. You can only blame yourself for not at least trying. Just my two cents, Adam PS None of that was directed specifically towards you! <{POST_SNAPBACK}> Adam, Once again thanks for the insight, it is very appreciated.
  11. Rose, if you are looking for a mentor, MC/Naked Investor offers this service... And ...if you are looking for a partner to help you get through some deals, you found us here on the board. <Steve> <{POST_SNAPBACK}> Steve, Thanks for the reply Yes, I know MC Mentors, but we are waaaaay too far apart. I would love to find somebody in my area... Besides..have you ever seen 2 Italians in the same room together? lol As for the partner thing.. Thank you so much, that is really nice to know... I think I am suffering from that Paralysis of Analysis thing ........
  12. OK guys, Here's the deal. I am seriously confused . I have bought a few courses, books, etc. Of all of them I have gotten a wealth of information out of, but as for readability and information, MC you win! However.. I am still in a quandry about what my next move should be. First off we will close on the purchase (regular financing) of a second home in 10 days or so. We will move into that home and are trying to L/O the original house. After this happens, I would like to do another deal. My goal is to be able to quit my full time job to do this full time. I only net $1500. per month so that does not seem like it would be too hard to do. We do have some cash (20-30K) and a 715 middle score. I just have no clue on what I should do next. Should I find an investor? A partner? What I would love is to find a person here in SoCal that could literally hold my hand through a couple of deals. I have a serious fear of screwing up. I did hovever do something pro-active.. I put an ad (a dummy one) in Arizona offering a 3/2 for 50% rent credit to test the waters and see if there is a market there. I figured that if I get enough qualified responses, that I would go ahead and purchase a home and use the responses from that dummy ad as a database to get T/Bers from. That's about as adventurous as I have gotten so far. What I would like to get away from is owning the properties myself (Bank financing is a real pain in the ass) to have them to offer for L/O. I was thinking this is where a partner/investor could come in. Anybody with any ideas, suggestions, comments or a heartbeat please post here. Thanks much--Rose:)
  13. MONTHLY RENT TO BE DETERMINED BY THE BUYER & THEIR INDIVIDUAL FINANCIAL SITUATION AND THE AMOUNT OF THE OPTION MONEY (DOWN PAYMENT) THAT YOU CAN PUT DOWN ON THIS CONTRACT. FINAL LEASE/OPTION TERMS TO BE NEGOTIATED WITH APPROVED APPLICANT. HOUSE AVAILABLE TO SHOW STARTING 4/16/05 BY APPOINTMENT ONLY. IF INTERESTED IN GETTING ON MY APPLICANT LIST TO SEE THIS HOME WHEN IT COMES AVAILABLE, PLEASE SEND E-MAIL TO: martyandrose@yahoo.com Thanks! Rose:)
  14. Stable, not a druggie, good job, not a trouble maker for the neighbors or myself, Keeps the house in decent shape, PAYS RENT ON TIME OR EARLY, IN FULL, EVERY MONTH. Oh yeah...a 5-6 % Option Payment upon move in would be great too! lol Anybody know where I may find a few of those type of people?
  15. Rose

    Joke

    Yup Sunday pasta was at grandma's at 2 and the WHOLE family showed up. Christmas Eve was fresh seafood..... We moved out here to SoCal in 1969 and things were forever changed... I really miss those days... *sigh*
×
×
  • Create New...