| August Rent Update, Collected 93.8% rent, 3 opens as 08/30/10. |
2010-08-31 11:02:24 |
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August Rent Update, Collected 93.8% rent, 3 opens as 08/30/10.
August is the hottest month I remember, average 85 everyday... too hot to do anything...
I cough up $4000 to replace 8 water softerners, these units all had rental softerners and they are getting old, now I am really broke, but this will give me another reason to raise rent again.
We settle with the insurance company on the fire claim, domolition is 99% done, framing starts wendsday.
Rent Collected by the Month:
07/09 97.5%
08/09 95.4%
09/09 88.7%
10/09 91.6%
11/09 95.1%
12/09 92.5%
01/10 97.6%
02/10 104.6%
03/10 94.55%
04/10 90.3%
05/10 106.8%
06/10 93.4%
07/10 97.5%
08/10 93.8%
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| my take on hard money loans... |
2010-08-30 19:38:30 |
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I use hard money loan often, to me it is just a normal way of business, I use it mainly for short term flipping(less than 6 month), which I had done much lately, interest rate I pay between 9% to 13% depends on length of time.
I mainly use one same lender, he knows me well, and I gave him 1st lien on a property that I own free and clear, so I can use the money any time, no question asked, and I don't have to put lien on each and every property I try to flip, at the end of 6 month, I either sell the property or refi, then pay the investor back, I had utilize this way of operation over few dozen times,
what I am try to point out here is, hard money lending has a huge risk, and it is not for every investor. what makes the project work is mainly rely on experience of the borrower, if the borrower can flip the property within 6 month, everyone is happen, if the property sit over a year, then the investor will begin to worry, especially new investors.
there is house I pass by almost everyday, I had an offer on it once, the basement wall caved in, cost about 11k to fix, anyway, I lost to some new kid on the block, he must just came back from some guru camp, borrowed some hard money and try to flip it, now 2 years later, the basement wall still caved in, house is all mold, what an eye sore to the neighborhood, in the case, the hard money lender had to formally foreclosure the property and end up with a piece dump, the house still worth 95k if all finish up, but now it may another 35-40k to finish up.
VA-landlord is a good realtor, and experienced, I am sure many people trust him, but try to borrow money in an open forum, is not such good idea.
and bEsc is also right about the risk involve, if anyone willing to do some hard money lending, make sure you have 1st lien on mortgage, if you sit as the 2nd, you might as well forget the deal..
haha, just IMHO, what do I know, just a dump 掏大粪 de....
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| Got another deadbeat arrested on warrant, collected $775 |
2010-08-24 06:30:52 |
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Got another deadbeat arrested on warrant, she is in jail for 3 days now.
this is the one intentionally pull mud down the drain after I evice them, causing a flood, then she pull rotton milk down after the drain plug, and leave the water run over night, so you know the rest of the story.
http://blog.wenxuecity.com/blogview.php?date=200911&postID=25847 |
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| Day 59, in the event of this catastrophe fire loss.... |
2010-08-13 10:57:19 |
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Day 59, in the event of this catastrophe fire loss....
Check is in the mail....
Insurance approve the proposal, first check is in the mail, it is for reimbursement on the structure after depreciation.
We going to get the second check after building code upgrade, then the final check is for reimbursement on depreciation coverage, aka replacement cost.
Since I am my own general contractor, insurance company pays 10% overhead and 10% profit to me, I expect we will have a surplus over 160k after the rebuild. |
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| Day 57, in the event of this catastrophe fire loss.... |
2010-08-11 13:59:36 |
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Day 57, in the event of this catastrophe fire loss....
Today, we had reach an agreement with the insurance company, which is about 11% higher than their original estimate, and is about 8k less than what my estimate is, both side compromised a little.
We had already started the demolition process, already haul out five 50 yard hoppers.
I am trying to survive most of the lower floor, except some interior walls, because we are re-arrange the floor plans from 7 two bedroom, 1 one bedroom, to 1 four bedroom, 2 three bedroom, 1 two bedroom, 3 one bedroom, and 1 studio.
Major construction will start 4 weeks from now. |
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| yes, landlord can be expose to huge liability issues, |
2010-08-03 11:28:06 |
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In this country, anyone can sue you for any given reason at any given time, so as a small landlord, you need to prepare to protect yourself from any problem arise from the future. so incorporate your business asset from personal asset is one way, and using insurance to defend yourself is another.
each rental policy should already carry some form of liability coverage, umbrella is optional, but highly recommended, few hundred dollar a year can buy you many good night of sleep.
also, on any lease, should including something similar to the following..
Premises Insurance.
Landlord’s insurance only covers the real estate property. Tenant must carry own renter policy, any and all other insurance shall be at Tenant’s expense.
Indemnification.
Owner shall not be liable for any personal injury, death or property loss by tenant that occurs on or adjacent to the premises, irrespective of whether or not they occurred as a result of a defect in leased property, or arising from the actions or neglect of a co-tenant.
Subrogation.
Owner and tenant, and all parties claiming under them, do hereby release and discharge each other from all claims and liabilities arising from, or caused by, any hazard covered by insurance by either party. This would include damage to any personal property or injury to any person or results of any activities taking place on or in the leased property.
here is a old blog on rental policies...
Special form policy that covers landlord liabilities. 2008-07-17 19:31:39
the policy I carry on each of my property are Special form policy, in addition to the standard fire policy, it carries additional riders including
1. each property should carries 500k in liability, the insurance will defend you in any lawsuit arise for any reasons.
2. if the lawsuit is over 500k, than the umbrella will kick in to defend the case. |
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| July Rent Update, Collected 97.5% rent, 1 opens as 07/30/10. |
2010-08-02 13:02:03 |
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July Rent Update, Collected 97.5% rent, 1 opens as 07/30/10.
July went by fast, nothing really happening, continue to work with insurance on the structure claim, building permit issued for rebuild.
Rent Collected by the Month:
07/09 97.5%
08/09 95.4%
09/09 88.7%
10/09 91.6%
11/09 95.1%
12/09 92.5%
01/10 97.6%
02/10 104.6%
03/10 94.55%
04/10 90.3%
05/10 106.8%
06/10 93.4%
07/10 97.5% |
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