All Forum Posts by: Alex K.
Alex K. has started 6 posts and replied 253 times.
Post: Condominium Parking misrepresented by seller
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Anja Schepp:
Hello All!
Hoping to pick some brains on this one. I am under contract for a condominium near downtown Austin, TX. Intent is to occupy/heck for about a year to update, then rent. The seller listed the unit as having 2 spaces, and that is what is written in the contract that I have been signing to date.
Title, the lender and everyone else has signed off, assessment and inspection are done, and we are set to close on the 5th.
However, I cannot find legal record ANYWHERE of the second parking spot. The HOA docs that were provided showed only 1, and I flagged the issue to my realtor and asked for clarification. What I've read online says title and assessment should've caught this in their reviews. Regardless, it seems I have to choose between asking for more credit (unlikely), dealing with it (making this a significantly worse first investment), or walking away (not even sure if I have that option anymore). Or, eventually sue when the home purchased doesn't match the contract, but that sounds horrible, and more like I just didn't do my own due diligence on the property.
If I went the credit route, I'm not even sure how I'd begin to quantify that.
Any advice would be much appreciated!
Very Simple! Conduct a Darcy's Law test per capita income.
Post: Handyman fell down the roof
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Post: More rent vs. good tenant
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Long Term Tenant(s) With positive cashflow will always be your best bet. At least in Detroit it is.
Post: Open Door Capital and K1 Investment losses
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Matt Pulkrabek:
My question is regarding passive real estate losses. I am a real agent and investor, therefore I am considered a "real estate professional" for tax purposes. With that being said, my accountant has always allowed me to offset income with losses from investment properties. I recently had a conversation with my accountant regarding investing in Open Door Capital. ODC typically does cost segregation on their Funds, which accelerates depreciation up to 40% of the asset purchase price in the first year. My accountant is unsure whether I could use the ODC K1 losses to offset income because I am considered a limited partner and not an active owner. Any advice would be appreciated.
I would have Anything with depreciation of up-to 40% reviewed Twice by your Taxing authority and a competent Legal Professional prior to making such a significant move in your life! At least that's what I do :)
Post: Why Do You Invest in Detroit? (Testimonial Request for BP!)
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
12/27/2021
For Any Property Management Emergency Please contact: 248-403-9003
I will be back in the Office after the New Year!
Post: Why Do You Invest in Detroit? (Testimonial Request for BP!)
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Drew Sygit:
@Olu Lijadu prices have gone up in Deroit like the rest of the country, but there are still better deals here than anywhere else!
I agree!
Post: Why Do You Invest in Detroit? (Testimonial Request for BP!)
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Detroit Michigan is Getting Better By the Day, I was just Visiting Some of My old Sites Last week and it truly amazes me how far the City has came from Implementing the Amazon Partner Program From Brownstown Michigan to DTW to Taylor, To Redford, To old Redford, stretching Back to Belle Isle where it all Started!
IF You know Detroit like I do or anyone one my Associates they will all Tell you the same and if they don't then they should come to town and see for themselves and Id be happy to send one of my tour guides to show them around!
Happy Holidays and Have a Blessed New Year to all Michigan Investors!
See ya!
Post: I've got 2 properties I want to sell as "Rent to Own". Ideas?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Jay Hinrichs:
Originally posted by @Drew Sygit:
The term, "rent to own" is a marketing gimmick.
A better name is, "lease with option to purchase".
As the others have said, most do not work out. Tenants are tenants for a reason. Even if you give them 5, 7 or 10 years to get a loan to pay you out, they won't get their lives together to do it.
So, if you go down this path require at least 10%, preferrably 20% down. You'll need those funds to offset the cost of getting rid of them AND of course the retaliatory damages they do on the way out.
One of my lovely buy on contract Detroit homeowners when they defaulted did so much damage i just let the property go for tax's.. for the average investor starting out thinking this is the bee's knees this type of situation could be devastating.
It happens but Its a learning experience, as long as you come back to fix it the proper way Everything works out just Fine here in Metro Detroit!
Post: I've got 2 properties I want to sell as "Rent to Own". Ideas?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Keep them insured from any mishaps and pay your taxes and monthly dues on time and you shall be just fine!
Post: QOTW: What is the funniest thing to happen to you in RE Investing
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
I have been in a similar situation myself during of course during COVID! But At the end of the day the truth comes to Light and that lady was put on the news for what she did!
This is why we don't sleep on WETT signatures in DETROIT!
Originally posted by @Jay Hinrichs:
Having a buyer of mine ( land contract) forge the deed to the house so he wiped me out without paying me.. then sell it to another person.. he did not realize this other person was a detective.. then when confronted his attorney said his client is as stumped as I am.. Well Detective buyer had a heart to heart and he deeded the house back to me LOL.. I mean come on cant make this up.. I am hot on the trail of the notary that did stamped and notarized my signature and I was 2k miles away. During covid no less.