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Mike Butler

 

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State Supreme Court Rules AGAINST Landlords!

Kentucky Leads The Nation Again!

Right here in Louisville, Kentucky, my hometown, a lawsuit against a landlord has made it all the way to our State Supreme Court resulting in another new case law against landlords. This ruling has spread like wildfire all over the U.S.A.

Here is the short version.

Tenant has a Rottweiler dog in a fenced rear yard. Dog gets out of the yard, runs across the street and attacks a little girl, tearing most of her face off.

Obviously, the girl’s family is tore all to pieces and sues both the tenant and the landlord.

The case ends up in our State Supreme Court and they ruled on this case just a few weeks ago.

In summary, the Kentucky Supreme Court, in their explanation of their ruling, sided with the girl’s family giving major consideration of who has the deep pockets. The court acknowledged most tenants do not have piles of cash and remarked the only opportunity for recourse for the little girl’s family would be the landlord.

As a result of their ruling a new “case law” was created making the landlord the true owner of any animal on the rental property, with or without the landlord’s permission. Don’t shoot me, I am the messenger.

FYI, because the dog escaped the fenced rear yard, the State Supreme Court ruled the landlord was not responsible for the animal when it is not on the rented property and ruled in favor of the landlord on this case because the dog was not on the property.

My concern is your insurance companies across America will jump on this bandwagon just like environmental hazards.

WHAT SHOULD YOU DO? I immediately created… Click Here for Full Video/Article (Members Only)

FHFA Streamlines Short Sale Standards for Fannie Mae and Freddie Mac

The program attempts to remove barriers created by some subordinate lien holders by limiting subordinate-lien payments to $6,000. This maneuver essentially cuts off any attempts by second-lien holders to negotiate for larger payoff amounts.

New short sale requirements for servicers proposed by the Federal Housing Finance Agency are giving financial firms a battle strategy for dealing with reluctant subordinate-lien holders who attempt to delay short sales on points of negotiation.

Some parties in short sales are able to delay the process by Click Here for Full Video/Article (Members Only)

Short Video shows you how to find your next great Office Manager

Click Here for Full Video/Article (Members Only)

How To Screen Contractors On The Phone

Short video

Click Here for Full Video/Article (Members Only)

SPECIAL REPORT!

by

Mike Grinnan CPA

 

“Your Inside Scoop on ALL of

Your New Taxes in ObamaCare”

31 Page Special Report from Mike Grinnan CPA

Click Here for Full Video/Article (Members Only)

Raising annual rental license fees was one thing.  But when officials in Columbia, Missouri added yet another regulatory requirement, landlords cried foul.

According to a news report, the Columbia City Council proposed a law which will require landlords to complete an “occupancy disclosure” form at leasing, verifying each occupant, and placing it on file with the city.

Landlords expressed concern that not only would this new requirement be onerous, but it would force them to violate their tenants’ privacy by revealing sensitive information.

Over the past two years, landlords across the country have been slammed with a barrage of government regulatory requirements, from non-smoking disclosures in Oregon, to radon disclosures in Maine, to the most recent voter registration requirement in Madison.  In 2010, Athens, Georgia adopted an “education form” where landlords are required to apprise tenants of their civic duties, including the rules for littering and the city’s occupancy standards. Landlords are challenging that law in court.

City officials in Columbia say that the intent of their proposed disclosure law is to cut down on overcrowding in rental properties.

For landlords, it’s just one more burden that falls on their shoulders, leaving them vulnerable to fines for failing to police the local laws.

The proposal to increase rental licensing fees – nearly doubling them in some situations — was placed on hold pending a study of the city’s actual costs for a rental inspection program, according to the report.

City officials say they will continue to collect comments on the occupancy disclosure form and forward the public input to the City Council.

Ignorance Of The Law

Is NOT Your Get Out Of Jail Free Card

                   While working my full time job as an undercover police detective, I had the opportunity to see a lot of things “behind closed doors.” One of the most powerful phrases most investors and Americans do NOT understand is the title of this short article. I can not tell you how many folks, after being arrested for a crime, would say “I did not know that was against the law.” 

          With the help of media and lenders and our economic market today, the word “real estate” has transformed into an almost bad word. In fact, many consumers are looking for ways to “get back” or get even, or sue the very folks who helped them graduate into homeownership. This means me and you have huge targets on our backs.

          Be very careful in today’s real estate market. Always use the proper disclosures and always do things the right way, the professional way.

          PROTECT YOURSELF NOW! Remember this powerful phrase.

Here’s some simple no-brainer tips and red flags to avoid as a real estate investor.

  • NEVER Buy using a Quit Claim Deed
  • NEVER do “kitchen table closings.” ALWAYS use a “GOOD and REPUTABLE” real estate attorney or title company.
  • ALWAYS buy Title Insurance when you are buying an investment property.
  • If you are selling a property and you want to sell it real bad…. Be very careful about what you do to help your seller. Many times a loan officer or loan broker will ask a Seller to prepare another form or they may ask you to just sign this form and they’ll say “We Do This All The Time.” If you hear this phrase, you might want to run. (Remember, ignorance of the law is not a get out of jail free card.)
  • AVOID buying using a “Contract for Deed, Land Contract, or Agreement for Deed.” Once again, always have a professional full blown closing with a real estate expert attorney or title company. (It is ok for you to sell on Land Contract or Contract for Deed)
  • Some common schemes seen by IRS criminal investigators include:
    • “Property Flipping” — A buyer pays a low price for property, then resells it quickly for a much higher price. While this may be legal, when it involves false statements to a lender who is regulated by the feds, it is not. (Now do you really want to say you are a “FLIPPER” or you “FLIP” Properties… the new F word.) 
    • Two Sets of Settlement Statements — FOLKS, This is FRAUD!
    • Fraudulent Qualifications — Some “professionals” assist buyers who would not otherwise qualify by fabricating their employment history or credit record.

Happy Hunting and watch out for these Red Flags of Fraud.

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