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Dt Atkins Day 1 and rental and other updates

April 22nd, 2014 at 03:54 pm

Hi all

Dr Atkins day 1.. I did not have proper food in the house and had to run out for food ...starving. anyway I finished the day with 37 carbs.. goal is 20 for the first 2 weeks. I am doing this for 2 weeks. I will do better w proper food in the house. I also got those ketone testing strips. I lose weight pretty easily so thinking even though I am over I am off to a good start.. just starting is good!!

Interview. we are trying to coordinate for next week. 401k looks possible at the new job

Got a $550-600 water heater warning from my property manager.. for the 6 homes..(unless I have MASSIVE repairs in addition to this.. this does not exceed my monthly budget)

I am 'short' approximately $1200 (not including roofs) for bills due on or around the 1st (even with no 401k) . I will continue to sell stuff. Sold $450 so far this week! and listed some more high dollar items too..some of this shortness is because credits/refunds are not going to be in by the 1st and that rental guy has not paid me yet.

7 Responses to “Dt Atkins Day 1 and rental and other updates”

  1. Another Reader Says:

    There is not much you can do to force him to pay. The money technically belongs to the lender if you signed an assignment of rents document.

  2. Rachael777 Says:

    Legally I can .. practically I will not.. I still own the property until it is confirmed and thsi guy moved out last month and signed something sayig he still owed $810.. I have never sued someone and will not be doing so now but hoping and pressuring him to pay and hopeflly that will work... usually does if you start with good renters.. occassionally does not.. but money is due and I am expecting this guy to pay in my mind but prepared financially if he does not

  3. Another Reader Says:

    The bank, not you, is probably the affected party. If you signed the assignment of rents document as part of your loan package, the rents belong to the bank. Banks can go after people that pocket rents while missing payments, but in practice rarely do.

  4. Rachael777 Says:

    No way to check if an assignment of rents clauses was hidden in the normal mortgage docs. I know I signed on on the hard money loan. maybe it is not regularly included in residential loans (which is what this loan was)..either way. you are right if it is in there these guys are not going to come after me.. still trying to get teh $81o from that guy who is already out and will settle up with current tenant next week (settling through May 13)

  5. Rachael777 Says:

    also asked bank attorney to see if they will delay confirmation date.. not super likely but worth a phone call. he was semi interested to hear what I had to say.. if no call back in a week I am settling out and then June or end of May I will call that first loan guy (who may be able to get me out of this hard money loan.) I know I have to keep the hardmoney loan for 6 months or pay a prepay penalty so not switching soon but interested to start talking now and prepping for hopefully near future

  6. Another Reader Says:

    If you bought the two family as an investment property, it's very likely you signed one. The document is not hidden, it's a standard part of an investment property loan. Out here, it's explained to the borrower at closing. Having title ("owning") does not put you first in line for the rent. Read the assignment that was in your hard money loan documents.

    Banks rarely bother to enforce the assignment on small residential properties because borrowers in foreclosure rarely have assets and the cost of suing the borrower usually exceeds what they would recover. Your bankruptcy may have made things more complicated and it certainly sent the message that recovery efforts would be fruitless.

    Good idea to keep up with alternatives to the HML and get out of it as soon as you can qualify. If you can get out from under that loan with a fully amortizing 30 year mortgage at 6 percent, you will have won the mortgage lottery.

  7. Rachael777 Says:

    k, it was not an investment loan. but glad to be rid of the 2 flat as soon as possible. Thanks Smile

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