All Forum Posts by: Chris Seveney

What would you do in this scenario?

Tenant just moved into the house and is complaining that his English bulldog is have a severe allergic reaction to something (undetermined if it’s inside or outside the house)

Note, last tenant we had smoked weed in the house but after they moved out we had a remediation company come out and scrub and wash all walls and all surfaces. 

I really don’t want to do any duct cleaning because I’m concerned that could damage the flex ducting.

Is this my responsibility to deal with? Never had to deal with this scenario before. 

My raw land is closing in the next 3-6 months in Florida. I have a potential partner with 2 vacant lots in Colorado outside of Steamboat Springs. We want to roll my 1031 money into building a duplex or SFH on each of his lots to sell. Is this possible or do we have to own and rent them out?

How the Ashcroft Capital Lawsuit Is Shaping the Future of Real Estate Syndication - Heralds Post

poorly written piffle, probable AI bot article about Ashford, no reference to the risk disclosures in the Offering Memorandum/Partnership Agreement, which is the whole legal case. ie, did they disclose all reasonably foreseeable risks of the investments. real estate clickbait.

Ashford acted like hundreds of other Multi-family syndicators, greedy to keep dancing while the music played rather than grab a seat in 2020 or 2021 before the music stopped in 2022, after the most easily foreseen and predicted rate rise in US history, following inflation by Trump mailing out 3.8 Trillion directly to the people. Investors/LPs due to their usual combo of profound ignorance and even more profound greed kept dancing well after the music stopped and a deafening silence could be heard by anyone qualified to hear. 

The problem : >95% of Americans are not qualified/educated enough to buy real estate, nor any private company, nor any public company. The current law that sets "accredited investor" was written by Congress - Regulation D in 1982,
"Net worth must exceed $1 million (excluding the value of a primary residence), or individual annual income must exceed $200,000 (or $300,000 for married couples) in each of the two previous years", and it hasn't been adjusted for inflation since. Tens of millions of people meet these incredibly low standards, and an inflation adjustment alone to 2025 would take these up to about 3.5 million net worth and 600K income alone, which still wouldn't add what's needed which is a rigorous experience component or extensive written exam. Heck, I had to fill out a 2 page form and pass an eye exam last week at the DPS to renew my driver's license. 

sorry just venting now.  :)

The average American investor in public companies earns about 1/3rd the return of the sp500, (JPMorgan wealth management study) which is just blindly buying the 500 biggest US companies. If they can't be trusted to buy stocks how can we trust almost anyone to comprehend CRE/macroeconomics/200 page offering memoranda etc. maybe we shouldn't.

Happy Mother's Day🤠

 Thank you for your response. Doe its give Loan information and Owners address? The salesman said that their data provided all that, but he is a salesman and I'm taking it with a grain of salt.

Hello. I bought a jackrabbit cabin during the pandemic. It's a cinderblock shell on 5 acres of sand. It had no utilities or septic, so I proceeded to follow all the steps - I've since paid for and completed all the County required tests and have approved building plans. My little pink gem is about 380 square feet. The plans include installing a septic system, water and power, and creating a living space inside with a kitchen, bathroom and living room (studio apartment). 

The water meter alone will cost about $17k. I don't know the charge for an electric meter, prices for actually bringing water and power from the meters to the house, or any of the building costs. I overpaid for the property ($90k) and have spent more than I care to mention on the architect, permitting, PERC test, and miscellaneous fees... My mind tells me to just walk away, sell it for whatever I can get, and take the write off over the next several years. But part of me says to hang onto it, finish the job, and offer it as a long-term rental. 

It's a lot to figure out money-wise and I'm not sure I'm qualified to do the math... what would you do? 

I purchased the land from an individual mortgage company and paid cash for the home. I honestly do not know of any closing documentation wherein I agreed to pay POA dues. Good advice, however. Possibly Monday, I should contact the mortgage company and ask. Thank you!