All tenants have one thing in common, they are tenants. Some choose to rent by choice; however, a large percentage of renters are tenants because they can't maintain financial stability. Therefore they rent housing from landlords.
By far the biggest complaint from landlords is the lack of stability, lack of consistent rent payments from their tenants. Often it has to do with job instability; however, that's not always the case. If I've heard one excuse, I've heard 10,000 excuses. It doesn't matter in the end, only results matter, and if your tenant has stopped paying, there are 3 things you can do.
#1: Not advised, but you can retaliate. This is illegal, however, things like turning the power off, burning the house down, removing the front door for maintenance purposes, shutting off the water, or otherwise shaming the tenants into paying rarely works. In addition, there are laws that prohibit this type of landlord behavior. However, it might feel good.
#2: Evict. Depending on the jurisdiction, this is usually less than $1000 to get the tenant evicted. My suggestion is to start early. Problems grow if they persist. Any type of repayment-program is only a bandaid and prolongs the inevitable. Contact a real estate attorney in the county where the property is located, and get it moving ASAP. If the tenant is 3 days late, you should be on the phone with the attorney that day.
#3: Bribe them. The eviction process takes 2-3 weeks. If the tenant can leave the property within the week, consider paying them the $1000 it'll take to evict. This sometimes works, but it's never guaranteed. I do like paying them to leave quickly; however, sometimes just getting them on the phone is a challenge.
#4. Sell the home to an investor. Typically investors like to take on problems and get paid for it, so that's a great 4th option, consider selling to us or any other investment company. For more information, visit our website or contact us directly.
In the end, don't wait. File ASAP.
Wednesday, May 29, 2019
Tuesday, May 14, 2019
Getting a divorce, How to Sell my MN Home?
For fifty-percent (50%) of Americans who end up filing for divorce, selling a house can be just one of the challenges facing the settlement.
A divorce is just a legal proceeding and a division of assets. Just like any legal proceeding, agreements or settlements can be made along the way. A home, just like bank accounts, jewelry, vehicles, or a recreational vehicle (RV, snowmobile, ATV), is an asset and must be adjudicated through the settlement process.
There are really 4 options for the home:
#1, One party can end up with the home either for "free" or compensating the other party (the compensation will be viewed holistically as a part of the settlement of the case).
#2, The house can be sold and the proceeds can be "split" (one party may get more or less but it'll be viewed holistically as a part of the settlement of the case).
#3, The house can be lost in foreclosure and then neither party gets the benefit of the home.
The best approach is to try to remove as much of the emotion from the home and think of it as just another asset that will need to be split. Most people find this challenging and that's one of the reasons the home either goes back to the bank (through foreclosure) or gets sold. When the home gets sold, there are expenses to pay for the realtor commission and closing costs. Using a professional home-buying company like ours will give an offer without any expenses or contingencies, and we can close quickly usually in a matter of a few days. It may be a good solution for you if you're looking to sell quickly. Call 612-208-7878 to get an offer on your home today.
A divorce is just a legal proceeding and a division of assets. Just like any legal proceeding, agreements or settlements can be made along the way. A home, just like bank accounts, jewelry, vehicles, or a recreational vehicle (RV, snowmobile, ATV), is an asset and must be adjudicated through the settlement process.
There are really 4 options for the home:
#1, One party can end up with the home either for "free" or compensating the other party (the compensation will be viewed holistically as a part of the settlement of the case).
#2, The house can be sold and the proceeds can be "split" (one party may get more or less but it'll be viewed holistically as a part of the settlement of the case).
#3, The house can be lost in foreclosure and then neither party gets the benefit of the home.
The best approach is to try to remove as much of the emotion from the home and think of it as just another asset that will need to be split. Most people find this challenging and that's one of the reasons the home either goes back to the bank (through foreclosure) or gets sold. When the home gets sold, there are expenses to pay for the realtor commission and closing costs. Using a professional home-buying company like ours will give an offer without any expenses or contingencies, and we can close quickly usually in a matter of a few days. It may be a good solution for you if you're looking to sell quickly. Call 612-208-7878 to get an offer on your home today.
Tuesday, May 7, 2019
How to sell my Central Minnesota Home Now
During the housing downturn of 2008-2010, property owners who wanted to sell really had a problem because of the lack of qualified buyers. Due to the financial crisis and subprime-crisis of 2008, banks pulled back and stopped lending; therefore, the number of "qualified" buyers went to zero.
The pendulum had swung too far to the left on banking and lending practices in the boom years of 2006 and 2007. Once Bear Stearns collapsed, banks started back peddling, calling loans due, and severely restricting new loans.
Not only were some of the largest banks failing (like Bear Stearns), but over 500 smaller banks (federally chartered lending institutions) also failed. This caused a serious constraint in the financial market, which trickled down to new loans being granted, and that trickled down to homes not getting sold.
Like the San Juan River, which dries up ever summer leaving boaters stranded in shallow water, the real estate market screeched to a halt and no one could sell.
Thankfully, that's not the case today. Banks are lending again, and have been for quite some time. In addition, demand which was bridled for so long (while the number of new potential buyers entered the market and continued to grow), supply was limited. Supply was limited because builders stopped building (because they couldn't get the funding). This caused an exponential housing demand curve for the last several years.
And who caused all of this? What was the leading force behind all of this demand manipulation? It was the financing. The banks did this. If the money is easy to get, it fuels a robust housing market. When the supply of money restricts, so also does the housing sales.
So how do you sell your central Minnesota house fast? Call a professional house buyer like Lakes Area Home Buyers. They can provide you a written offer within 2 days and close within 5 days. Would you like to sell your home fast? Call them today, 612-208-7878.
The pendulum had swung too far to the left on banking and lending practices in the boom years of 2006 and 2007. Once Bear Stearns collapsed, banks started back peddling, calling loans due, and severely restricting new loans.
Not only were some of the largest banks failing (like Bear Stearns), but over 500 smaller banks (federally chartered lending institutions) also failed. This caused a serious constraint in the financial market, which trickled down to new loans being granted, and that trickled down to homes not getting sold.
Like the San Juan River, which dries up ever summer leaving boaters stranded in shallow water, the real estate market screeched to a halt and no one could sell.
Thankfully, that's not the case today. Banks are lending again, and have been for quite some time. In addition, demand which was bridled for so long (while the number of new potential buyers entered the market and continued to grow), supply was limited. Supply was limited because builders stopped building (because they couldn't get the funding). This caused an exponential housing demand curve for the last several years.
And who caused all of this? What was the leading force behind all of this demand manipulation? It was the financing. The banks did this. If the money is easy to get, it fuels a robust housing market. When the supply of money restricts, so also does the housing sales.
So how do you sell your central Minnesota house fast? Call a professional house buyer like Lakes Area Home Buyers. They can provide you a written offer within 2 days and close within 5 days. Would you like to sell your home fast? Call them today, 612-208-7878.
Wednesday, May 1, 2019
Fastest way to sell my Central Minnesota House
What is the fastest way to dictate the sale of your home?
Simple. It's the TERMS of the sale.
Terms will out pace any other variable when it comes to selling your home.
What do I mean by terms?
Terms is a generic word for the details of a transaction. It goes beyond "when" you want to close, and the "location" of closing or "possession" terms (immediate or rent-back to the seller, etc).
The terms dictate the details, and specifically, it is the details of the money-part of the transaction. The terms dictate the when, how much, for how long, and to whom.
One time, I bought an inherited home from 6 siblings. Each of the decedent's heirs had their own priorities and restrictions and requirements for their inhearitence. The youngest was a drug addict and wanted his cash as soon as possible, even before we closed. On the other end of the spectrum, the most successful of the kids didn't want the money this year because of tax-purposes. In other words, some of them wanted all their money up front either at the closing or prior to closing, and others were more flexible for when they got their money. We bought the home for $120,000, but it wasn't split equally at $20,000 a piece. Since the requirement for cash upfront is more expensive, the drug addict got the least amount, $10,000 and the person who could wait the longest for their cash, received a premium of $30,000. The rest took a combination of some cash up front and some cashflow along the way while I was fixing it up, and the rest at the end. My goal with that home was to rent it out and fix it up while it was being rented for 3 years. I paid everyone off at the end of the 3rd year (4 year term total). It was great deal for everyone involved.
We bought that house in 14 days. Doesn't that sound fast? Terms are all about flexibility. The person with the most flexibility has the most control on the system. That means, if you have flexibiliy, you can have the most control.
Although, most people think "All Cash", is the only way to sell a home, that reality is much greater. When you open your mind to different terms, the beauty of real estate becomes unlimited. Remember, "all cash" is just an example of a term. There are infinite other options available which will move your property immediatly.
Simple. It's the TERMS of the sale.
Terms will out pace any other variable when it comes to selling your home.
What do I mean by terms?
Terms is a generic word for the details of a transaction. It goes beyond "when" you want to close, and the "location" of closing or "possession" terms (immediate or rent-back to the seller, etc).
The terms dictate the details, and specifically, it is the details of the money-part of the transaction. The terms dictate the when, how much, for how long, and to whom.
One time, I bought an inherited home from 6 siblings. Each of the decedent's heirs had their own priorities and restrictions and requirements for their inhearitence. The youngest was a drug addict and wanted his cash as soon as possible, even before we closed. On the other end of the spectrum, the most successful of the kids didn't want the money this year because of tax-purposes. In other words, some of them wanted all their money up front either at the closing or prior to closing, and others were more flexible for when they got their money. We bought the home for $120,000, but it wasn't split equally at $20,000 a piece. Since the requirement for cash upfront is more expensive, the drug addict got the least amount, $10,000 and the person who could wait the longest for their cash, received a premium of $30,000. The rest took a combination of some cash up front and some cashflow along the way while I was fixing it up, and the rest at the end. My goal with that home was to rent it out and fix it up while it was being rented for 3 years. I paid everyone off at the end of the 3rd year (4 year term total). It was great deal for everyone involved.We bought that house in 14 days. Doesn't that sound fast? Terms are all about flexibility. The person with the most flexibility has the most control on the system. That means, if you have flexibiliy, you can have the most control.
Although, most people think "All Cash", is the only way to sell a home, that reality is much greater. When you open your mind to different terms, the beauty of real estate becomes unlimited. Remember, "all cash" is just an example of a term. There are infinite other options available which will move your property immediatly.
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