Fire at one of my last rental

ciak, is this not your property? all you need to do is call your bank tell them you are not comfortable endorseing the check tell them you will send them in signed contracts and an intent to complete repairs form as well as a w-9 from you then you tell them you are the general - tell them to endose and send entire amount back to you - you pay the ins premium - they will comply with your request as long as you know how the game works.

Otherwise you will have to get this paperwork from all your subs as well as yourself.

couple years ago homeowners would always do this endorse - until one job with WF could not pay do to insuffcient funds the bank did not have enough money to cash the check funny - they had to finally send the endorsed check to corporate office to be approved then send back. i know it does'nt make sence but it does happen. In these days who's to tell with so many banks going under it may take months to get your money from the bank especially if the Gov't already is involved like with citi financial i know a few contractors still waiting to recieve final check from them from last May. Who knows maybee your bank is better.>>>

Min. This is a rental . Now that being said it is the last one I have that has a small mortgage. The insurance company has compliance issues with the state and banking industry to include the name of the lien holder ( Bank of America ) and the owner ( ME ) on the check if it over a certain amount $2,500.0 I believe is the cut off. This check being over 40 times that . The lessons learned from Rita Katrina make this understandable .I've been told many checks were written to homeowners who thought it wise to run off to the Casino's to double their money , the consequences obvious . Abandoned homes never repaired still sitting in disrepair and a blight to the neighborhoods . After I take off the bankers hat , developer contractor hats go on . This is a very interesting event . Out of the ashes arises the Phoenix . Kool very very Kool>>>

Its over 10k here for bank to be on check - let me explain a bit if you fill out the proper forms as the general w-9 intent to repair certificate etc it is your baby now when you send this to the bank - they inturn release the whole amount to you - now if you do not complete the repairs in the specified time frame you submitted you would be committing fraud therfore prison time.

I do understand homeowners spending the money from insurance companies happens all the time still - does not make it right but as long as they do not sign the intent forms from the bank the worst that happens is the ins is dropped they still owe bank for home if they walk away oweing more on the house than it is worth along with spending the money - this is the banks fault for borrowing the money without requesting their name on the ins policy in the purchase agreement or not requireing the ins company to put both names on the check if over the 10k. Bad decisions bad policy.

So which is worse? The bank making a bad investment or the Homeowner either way you pick.

This endorsement gives the banks all that much more power and takes that much more power away from the Homeowner because of his / her lack of responsibility - The only way this works is to hold pople responsible even the bank -= Do not give them the money for them to gamble with - Grow some balls take your money do the repairs or you will be waiting for them to shuffle money around for 6 months or better saying things like soory we forgot you needed to send us a copy of the inspections--- or we need to assign another inspector -- or you need to get another opinion - we do not have a copy of this form on file - we do not cut checks until the 20th of next month - you never did a 50% -- we accidentially applied the check to your principle -- we have to send check to bahamas to corporate for funding -- etc.... all excuses i have gotten from banks in the past sounds like crackhead excuses huh? I have a whole other list from Homeowners.

You should get your money and if you spend it on other things you should go directly to jail - if your bank gets your money and spends it they get bailed out and no one goes to jail - People wonder why we are in the position we are nowadays it is because of the banks ins companies and irresponsible Homeowners that are not being held responsible for their actions.>>>

I am pretty irritated with he the whole banking ins issues- It seems to be such a simple fix yet no one sees it (hold these crooks responsible)does not matter (bank -- ins company --- Homeowner - Corporation) someone should loose something or go to jail for the risk they took yet no one does so the whole thing repeats itself over and over until everyone is doing it.

I run over 1 million through my bank every year - they have started charging me 10 cents a deposit have also started holding my checks to clear 3-5 business days - but they take their 10 cents up front. not to mention buying checks, montly acount fees, automatic withdrawl fees etc... They are charging us to use our money and it is almost impossible not to have a bank how do you cash a check without a bank?

Maybee i am old scholl but if i give money to my bank to borrow to people that need money and they make money from borrowing it should this not be enough this was the way it was intended - The banks are also allowed to borrow out 10 times the amount i give them - so i give them 10 dollars they can borrow out 100 and gain interest on 100 vs 10 should definately be enough - If i deposit a check the funds should be available immediately if that check does not clear the other bank someone should go to jail or loose something -- My bank should cover me that is what they are there for i utimately should be held responsible for the check if it does not clear money wise for making the deal with the crook of a homeowner that bounced the check- Homeowner crook goes to jail i take the loss on the money for signing a bad crook of a homeowner

>>>

Min It doesn't concern growing balls . As I have stated over and over " Knowledge is Power " I will investigate this side of it. I'm not worried about a lot of the issues you brought up. In the State of FL because it is a rental we need a contractor to do repairs on income property . I have a close friend who works with me on my properties . I'll let you know where this goes , Thanks>>>

So how does your knowing (Knowledge) Feel that your upgrades are being paid for by everyone else and premiums to insurance companies including yours are allowing your insurance company to profit even more by you taking the 20% - How does it feel when your bank says i do not trust you with this money you need to give it to us and we will give it to you as we desire - How does it feel to know you no longer are trusted and have to be takin care of by your insurance company at everyones expense? you are grouped with all the degenerates and the banks and insurance companies have the power to approve or deny anything they choose. Does it turn your crank when these people say i am sorry sir you are right we will send you a check soon - You in the dark not realizing while all this is going on you loose more and more responsibility and give it to your bank / Ins company.

Knowing the diffence in value of your property (before) and the value of you property (after) How much more will you get in rents - how much more the property itself is worth? I am sure you have a good idea of the number and how much more your property will be worth after all is said and done - Does this make you feel good? you are benifitting plenty anyone would feel great - The unknown to you is at what cost you think it is free? gain some knowledge in this area and take a look at were greed leads - I am not saying you should not take the money i am saying you should see how insurance companies and banks have been benifiting from it. They like i said have all the power to accept deny controll the whole ball o wax you are no longer trusted to do the right thing.>>>

Minn First off , you are correct $ 10,000.00 is the cut off . After that the lien holder is included on the check . Thanks for allowing me to correct that . Now what is the documents I need to circumvent to banks inspections as you alluded to ? I'm sorry I don't agree with your last assessment you make about the banks and insurance co's. I interpret your response as a victim mentality ." At the core victim mentality is a stewing rage of resentment and anger. " Of which I , have experienced plenty working the insurance angle here . People with a victim mentality feel afflicted and oppressed. They think their actions are justified because of what others have done to them , as has been notable in visceral blatherings levied against me through out this thread . The cure for this type of behavior.... become responsible for your own emotions. The first step is to forgive those whom you feel are oppressing you. Finding out what ails you is half the cure. The second step is to recognize that the world owes you nothing. I think it may be important to explore this behavior with in this thread " Knowledge is Power .">>>

Min asked me how I felt about this . I didn't answer him directly because I think I hadn't thought of it in a feeling way. If I were to try and explain . It is a euphoric feeling of direction purpose and accomplishment . Jimmy Capaldi explains : " Forty thousand headmen couldn't make me change my mind If I had to take the choice between the deafman and the blind I know just where my feet should go and that's enough for me I turned around and knocked them down and walked across the sea

Hadn't traveled very far when suddenly I saw Three small ships a-sailing out towards a distant shore So lighting up a cigarette I followed in pursuit And found a secret cave where they obviously stashed their loot

Filling up my pockets, even stuffed it up my nose I must have weighed a hundred tons between my head and toes I ventured forth before the dawn had time to change its mind And soaring high above the clouds I found a golden shrine>>>

I guess some have a taste for chicken shit :laugh:>>>

Sorry i am a victim :woohoo:>>>

Don't be sorry get over it . It is time to change the script to this old play . We are reading it and not feeling what we say . Tell me what your seeing anyway . Seems the simple things are the hardest to explain . Mason What is the doc you mentioned to get around the bank inspections and deposit the loot in my account ? It keeps tickling my nose I'm about to sneeze .>>>

Hello Ciak,

This will be short and possibly sweet. Before I say anything, this thread has progressed way beyond my dealing so no comment there.

Your offering of information is appreciated.

My believing you playing the part of "US" uninformed laymen in the beginning and convincing them of such. NOT

I don't know you personally but I have been reading your posts for years and know that NO way that these "VERY PROFFESSIONAL PEOPLE" didn't read you like a book. They wouldn't be professional would they? You are a salesman. You are not the only one. You are beyond the pretense of laymen. I believe you exude salesman, a way of life.

I do not doubt your intentions, BUT they knew from the getgo that you KNEW the ropes.

I wish I had a similar scenario to compare the outcome.

Again thanks for the input, hope I never have to refer to it.

Respectfully, PC>>>

...............ahhhh Patty, clarity of vision.....>>>

I think she is speaking to CIAK in his native tongue. She doesn't quite have it down though. After re-reading it five times I was able to make a wee bit of sense of it.>>>

:laugh:>>>