Refi of Rental #1 Delayed

I got a call from my mortgage broker today. Apparently, the appraisal of Rental #1 hasn't been done yet! I had an appraisal from late last year, so we were trying to use the same appraiser to do the new appraisal, figuring it would be less work for him and it could be done quickly. That turned out not to be the case. My mortgage broker says the appraiser is not returning his calls and is just blowing him off, so we're going to use a different appraiser who should be able to get the job done in about 72 hours. I hope this whole refi can be wrapped up by the 15th of the month.

Another Louisiana Update

A month ago, I reported that payments on my investment in commercial property in Louisiana were close to resuming. I got word today that the lawyer who was drafting the second mortgage has been swamped for the past 2 weeks, but he promised to get a draft of the mortgage out today. The second mortgage holders have the funds ready to pay the first mortgage holders (including me) and we're just waiting for the paperwork to be finalized. The loan is about 4 months past due now and when payments resume, they will include past interest and late fees.

I also got the word that part of my investment will be repaid. My total investment was split over a couple buildings: $120,00 on two main office buildings and $30,000 on a parking garage. My portion of the parking garage note has been bought out, so I'll get that part of my investment back plus interest and late fees. I just sent over my bank wiring information, so I expect to receive the funds by the end of the week.

Verification Of Mortgage (Updated)

I got an email from my mortgage broker last night regarding the refi of Rental #1. He said the current mortgage for Rental #1 does not show up on my credit report, so he would need me to fill out a Verification Of Mortgage form.

There are two reasons the loan doesn't show up on my credit report: 1) It's in the name of my LLC, not me personally. 2) I have not reported any payments to any credit agencies. If you recall, this is a mortgage from one of my LLCs to another and no bank is involved. I haven't reported any payments, although I suppose I could if I wanted to establish credit for my LLC.

Anyway, I emailed the broker back and asked what exactly a Verification Of Mortgage is. After all, I've already sent him a copy of the actual mortgage, complete with the county recorder's filing stamps on it. I've also already sent a payoff letter to the escrow company. I can't imagine what other verification he would need. No response so far.

Update: Turns out a Verification Of Mortgage means the new lender wants something from the old lender showing that the payments were made on time, the loan is current, etc.

Property Management Blues (Updated)

Rental #1 is the first rental I've had that I've used a property management company for and I must say, I am not happy so far. I've had several occasions to contact them about various issues and their response has not been good. Whenever I call, I am unable to get the person I need to speak with on the phone the first time I call. I have never had a phone message returned and I only manage to talk to someone on my second or third attempt at calling. I have tried email, but even that takes two days for a response. Furthermore, the email address I was given seems to be a personal email address instead of a business one, so I have misgivings about using it. And finally, the item that bothers me the most - I still have not received my rent for April. It is the 24th of the month and it still isn't here. I was told the bookkeepping department was behind this month and that my check was put in the mail on the 18th. I called yesterday when the check was still missing. It was after hours in Oklahoma, so I got voice mail. I left an upset message and said I wanted a call back immediately. I still have heard nothing.

Update: Of course, the day I post this, the rent check arrives..