On being a landlord

Colin Firth
In no way am I suggesting Colin Firth is a sluggard of a tenant. I merely use his picture to illustrate 1) an actor and 2) the truth that the world can never have too much Colin Firth.

An actor, behind in his rent and  trying to stave off the insistent landlord said, “In a few years, people will point to this apartment and say ‘Jones the famous actor, once lived there.'”

“If I don’t get my rent tonight,” said the landlord, “they’ll be able to say it tomorrow.”

For the investor, having and holding rental property can be a great source of passive income if done correctly, or a huge headache if not. Ideally, according to property management gurus, a rental should generate at least $50 per unit above and beyond all expenses. Expenses include obviously the mortgage (principal and interest), PMI, insurance, property taxes as well as scheduled maintenance (hopefully to avoid unscheduled maintenance). Continue reading “On being a landlord”


MERS on the move

Mortgage documents harder to findUpdate on MERS – the certified mail I sent to the PO Box in Flint, MI,  listed on Deed of Trust documents was received and forwarded to Ocala, FL, zip 34478. 

They really would like to make it difficult for homeowners to find out what is going on with their documents.

For the visual learners

ProPublica, an independent investigative journalism force, has done a series on CDO’s – Collateralized Debt Obligations, and how those packaged pieces of the mortgage world brought not only big money to the banks, but also meterorically increased their risk.

This piece is a simple illustration, and I’m thankful for that because sometimes the world of high finance is like wading into a big old pond of black water at midnight for my brain.

I post this because the next posts will be on “where’s the note?” It will be useful to keep these CDO managers and their dollies full of stink in mind.

I recommend reading the entire CDO series.  You’ll find links to the main article both above and below the cartoon.

Evaluating your cashflow

All owner occupied real estate seekers should stop reading immediately.  This post contains no information in which you might be interested.  Just kidding.  You never know what life has for you down the road, right?  Let’s arm ourselves with a little knowledge that if nothing else, is a good conversation starter at cocktail parties.

So you want to buy a property, rent it out and have your tenants provide passive income.  That is an excellent plan and I highly endorse it. Continue reading “Evaluating your cashflow”