Rentlaw.com The National Landlord Tenant Guide has announced that are introducing a new Real Estate Lawyer Directory.
"Rentlaw.com was established in 1998", said publisher David Dorfman, "the interest in Real Estate continues to grow. We find more and more people are coming to Rentlaw.com need to be represented and look to us as a reliable source of information."
Rentlaw.com will be accepting applications for the Real Estate Lawyer Directory which will be introduced October 1, 2007.
Interested parties should email or phone Rentlaw.com for more information. Pricing has not been finalized, but Dorfman indicated that it will be less then $10 per month for an attorney. Group Practice rates will be available as well.
Tuesday, July 17, 2007
Wednesday, July 11, 2007
Landlord Responsibilities
Landlord responsibilities on Landlord rights are more or less the same for every state.
In general, the landlord has a RIGHT to receive rent on time according to the terms of the rental agreement.
The Landlord is responsible for providing a safe and habitable rental unit for the tenant.
While most landlords (large and small) take pride in ownership and like to maintain value, there are always some who just want their rent and collect, skipping the on-going maintenance.
Read the entire entry Landlord's Responsibilities at Rentlaw.com
A tenant has rights and responsibilities. They can be viewed here.
Tuesday, July 10, 2007
Tenant's Responsibilities
As a Tenant, you do have responsibilities. The biggest responsibility of the tenant is to abide by the terms of the lease agreement. The number one issue landlords face is rent collection. The tenant must pay their rent on time.
Here is a checklist of some tenant responsibilities. As a landlord, I can tell you other then paying your rent on time, please take care of the unit you are renting - keep it clean, don't leave garbage around the exterior and respect the neighbors.
Pay the rent on time. Failure to pay rent on time may result in late fees or the basis for eviction.
Keep the apartment and the surrounding area clean and in good condition.
Maintain the smoke detector, fire extinguisher and carbon monoxide detector. While the landlord is responsible in most state for providing these, in most states the tenant is responsible for maintaining them This means not removing them and replacing the batteries at minimum yearly.
Use common sense and good manners.
Read the rest of Tenant Responsibilities at Rentlaw.com - The National Landlord Tenant Guides.
To find out about what a landlord is repsonsible, read Landlord Responsibilities
Here is a checklist of some tenant responsibilities. As a landlord, I can tell you other then paying your rent on time, please take care of the unit you are renting - keep it clean, don't leave garbage around the exterior and respect the neighbors.
Pay the rent on time. Failure to pay rent on time may result in late fees or the basis for eviction.
Keep the apartment and the surrounding area clean and in good condition.
Maintain the smoke detector, fire extinguisher and carbon monoxide detector. While the landlord is responsible in most state for providing these, in most states the tenant is responsible for maintaining them This means not removing them and replacing the batteries at minimum yearly.
Use common sense and good manners.
Read the rest of Tenant Responsibilities at Rentlaw.com - The National Landlord Tenant Guides.
To find out about what a landlord is repsonsible, read Landlord Responsibilities
Homeowners Insurance
Homeowner's Insurance ,while not required in most states, is always required if you have a mortgage on a property. The bank (mortgage company) wants to protect their loan on your property.
Should your property be destroyed, the bank would collect on the money it is owed (the loan) and you would receive the difference, if one existed.
In Rentlaw.com's Guide to Homeowner's insurance, the writer describes the benefits of homeowners insurance.
When you take out a homewoner's policy, do ont pruchase to littel or to much. The bank will require that you at least cover their loan amount. We recommend you coiver for full replacement value. In most cases, you would get another policy or rider for contents.
For more information see the Rentlaw.com Guide to Homeowner's Insurance
Should your property be destroyed, the bank would collect on the money it is owed (the loan) and you would receive the difference, if one existed.
In Rentlaw.com's Guide to Homeowner's insurance, the writer describes the benefits of homeowners insurance.
When you take out a homewoner's policy, do ont pruchase to littel or to much. The bank will require that you at least cover their loan amount. We recommend you coiver for full replacement value. In most cases, you would get another policy or rider for contents.
For more information see the Rentlaw.com Guide to Homeowner's Insurance
Real Estate Glossary
Rentlaw.com - The National Landlord Guide has rolled out a revised Real Estate Glossary.
In making the announcement, publisher David Dorfman noted that the Rentlaw.com team is continuing to move ahead to provide additonal services and features on the leading landlord tenant site.
"Our subscriber base continues to increase and we are expanding our offerings which deliver at no charge", noted Dorfman.
In the comming months, Rentlaw.com will be adding a library of forms for use in the real estate field, most will be free to download.
Visit the Rentlaw.com Real Estate Glossary
In making the announcement, publisher David Dorfman noted that the Rentlaw.com team is continuing to move ahead to provide additonal services and features on the leading landlord tenant site.
"Our subscriber base continues to increase and we are expanding our offerings which deliver at no charge", noted Dorfman.
In the comming months, Rentlaw.com will be adding a library of forms for use in the real estate field, most will be free to download.
Visit the Rentlaw.com Real Estate Glossary
Monday, July 09, 2007
Applying for a Mortgage
When was the last time you applied for a mortgage or are you about to?
Watch out.
As publisher of Rentlaw.com, the National Landlord Guide, you just might think I know all the tricks and traps of the morgtage game. Guess what. I don't.
I've been on this journey to refinance my home I purchased in 1985 for $183,000 and invested about that same amount into doubling the size of it.
Today, according to three independent appraisers hired by various banks, the home is worth a bit over $1 million and I owe $420,000. So what's the problem? It looks like I have around $580,000 in equity, right?
SCENARIO:
ALL I WANT TO DO IS BORROW EITHER THE SAME AMOUNT ($420,00) or "CASH OUT" an additional $200,000 for a total loan of $620,000 against $1 millon. (62%). This would retire my Home Equity Loan at 8% and lower muy obligation by $2800 per month, running it out to a 30 year fixed rate term.
"No problem, we want to business".
PROBLEMS:
1. YOUR CREDIT SCRORE IS LOW.
Question: A 650 is low?
Ok, so I once was late last year for $13.00 (yes thirteen dollars) on my discover card because I thought I didn't owe that amount to finance charges. WRONG. LATE PAYMENT SHOWED UP ON CREDIT REPORT.
You'd think the world came to an end.
Then there is a couple late payments to Mercedes, but a couple days late. BANG.
2. APPRAISAL. Even though your appraisal came in at over $1 millon, another appraiser hired by the lender shows it to be $675,000. This a couple days before the closing. (Company: Wells Fargo )
So being "in the business" I took the time to send comparables that were more comparable to the ones they used (theirs being 5 miles WEST of my home, 1 mile to the ocean...). Time goes by and they still can't decide on a "fair market value..."
Then they are still trying to chnage my request for a simple 30 year fixed rate to those of various adjustable rate mortages, ballon terms etc. Every trick in the book to get a higher return on their end, again using my "lousy" credit score of 650.
THE APPLICATION
My wife works. I work. I have rental property. Seven income producing properties. Over $3.0 million in equity. I want to improve cash flow and LOWER my monthly payment by $2800 per month. HELP! HELP! What is wrong? Shoot me for hustling.
THE MORTGAGE BROKERS
All try their hardest, but seem to run to the same lender with your application. Seems like some lenders, in this case Country Wide (lender 2), must treat the referring brokers pretty good.
SKIP THE BROKER
So I call CountryWide (countrywide.com) directly. I give the agent all my information, then he calls me back and quoted me a rate of 7.125. I told him to "let me think about it because it sounds high". That was last week (July 6, 2007).
So today, July 9, as I was about to write a story about our Real Estate Glossary, I received a call from "Greg" from Countrywide. I siad I thought I did, what was the rate you're quoting me. Again, he told me 7.125 PLUS 1.75 points. I told him it was to high, but thank you.
His repsonse, which prompted this blog entry, was "HIGH, WITH YOUR CREDIT SCRORE...". Given the tone of his voice all I can say is I am glad I decided NOT TO GO WITH COUNTRYWIDE HOME LOANS. My guess in that call center in Houston, they must also double as bill collectors.
Going direct to the lender, in this case, seemed to be a waste of time and results i another "inquiry" on my credit report.
"Look at all those inquires" the next bank will say.
It's a conspriacy by banks to keep you from shopping for the BEST RATE.
Watch your credit scrore, it can ruin your life.
Here's my tips:
Set up an automatic payment with every credit card you have (if you can't get rid of them). At least pay double your current minimum balance. That will keep you form ever having a late payment on your credit card.
If you are disputing an amount, make the payment and dispute it. (unless it's for thousands of dollars). Even small missed payments (like $10) could show as late on a credit report and some knuckle head will try to bring you down for it.
So to Wells Fargo and Countrywide Home Loans, I am still in the market to refinance my Home Equity Loan and you can both kiss my rear.
I earned what I have and I am proud of 650 +/- credit score.
If you can't understand NET EQUITY, oh well. If you can't honor a committment, oh well.
Back to our REAL ESTATE GLOSSARY
Other references:
Rentlaw.com Credit Guide
Rentlaw.com Mortage Guides
Watch out.
As publisher of Rentlaw.com, the National Landlord Guide, you just might think I know all the tricks and traps of the morgtage game. Guess what. I don't.
I've been on this journey to refinance my home I purchased in 1985 for $183,000 and invested about that same amount into doubling the size of it.
Today, according to three independent appraisers hired by various banks, the home is worth a bit over $1 million and I owe $420,000. So what's the problem? It looks like I have around $580,000 in equity, right?
SCENARIO:
ALL I WANT TO DO IS BORROW EITHER THE SAME AMOUNT ($420,00) or "CASH OUT" an additional $200,000 for a total loan of $620,000 against $1 millon. (62%). This would retire my Home Equity Loan at 8% and lower muy obligation by $2800 per month, running it out to a 30 year fixed rate term.
"No problem, we want to business".
PROBLEMS:
1. YOUR CREDIT SCRORE IS LOW.
Question: A 650 is low?
Ok, so I once was late last year for $13.00 (yes thirteen dollars) on my discover card because I thought I didn't owe that amount to finance charges. WRONG. LATE PAYMENT SHOWED UP ON CREDIT REPORT.
You'd think the world came to an end.
Then there is a couple late payments to Mercedes, but a couple days late. BANG.
2. APPRAISAL. Even though your appraisal came in at over $1 millon, another appraiser hired by the lender shows it to be $675,000. This a couple days before the closing. (Company: Wells Fargo )
So being "in the business" I took the time to send comparables that were more comparable to the ones they used (theirs being 5 miles WEST of my home, 1 mile to the ocean...). Time goes by and they still can't decide on a "fair market value..."
Then they are still trying to chnage my request for a simple 30 year fixed rate to those of various adjustable rate mortages, ballon terms etc. Every trick in the book to get a higher return on their end, again using my "lousy" credit score of 650.
THE APPLICATION
My wife works. I work. I have rental property. Seven income producing properties. Over $3.0 million in equity. I want to improve cash flow and LOWER my monthly payment by $2800 per month. HELP! HELP! What is wrong? Shoot me for hustling.
THE MORTGAGE BROKERS
All try their hardest, but seem to run to the same lender with your application. Seems like some lenders, in this case Country Wide (lender 2), must treat the referring brokers pretty good.
SKIP THE BROKER
So I call CountryWide (countrywide.com) directly. I give the agent all my information, then he calls me back and quoted me a rate of 7.125. I told him to "let me think about it because it sounds high". That was last week (July 6, 2007).
So today, July 9, as I was about to write a story about our Real Estate Glossary, I received a call from "Greg" from Countrywide. I siad I thought I did, what was the rate you're quoting me. Again, he told me 7.125 PLUS 1.75 points. I told him it was to high, but thank you.
His repsonse, which prompted this blog entry, was "HIGH, WITH YOUR CREDIT SCRORE...". Given the tone of his voice all I can say is I am glad I decided NOT TO GO WITH COUNTRYWIDE HOME LOANS. My guess in that call center in Houston, they must also double as bill collectors.
Going direct to the lender, in this case, seemed to be a waste of time and results i another "inquiry" on my credit report.
"Look at all those inquires" the next bank will say.
It's a conspriacy by banks to keep you from shopping for the BEST RATE.
Watch your credit scrore, it can ruin your life.
Here's my tips:
Set up an automatic payment with every credit card you have (if you can't get rid of them). At least pay double your current minimum balance. That will keep you form ever having a late payment on your credit card.
If you are disputing an amount, make the payment and dispute it. (unless it's for thousands of dollars). Even small missed payments (like $10) could show as late on a credit report and some knuckle head will try to bring you down for it.
So to Wells Fargo and Countrywide Home Loans, I am still in the market to refinance my Home Equity Loan and you can both kiss my rear.
I earned what I have and I am proud of 650 +/- credit score.
If you can't understand NET EQUITY, oh well. If you can't honor a committment, oh well.
Back to our REAL ESTATE GLOSSARY
Other references:
Rentlaw.com Credit Guide
Rentlaw.com Mortage Guides
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