All Forum Posts by: Andy Collins

Are you talking about an environmental test?  I had one done last year buying a radio station with towers/land involved as part of the due deligence,,the company I hired had someone come out and do the test for about $2k, there are different levels of testing, 

I wouldn't partner with someone that doesn't have values that would align with mine.  Even if he doesn't cheat you, he might be willing to do things in busines you won't (not disclose something, etc).

Personally I think character is probable the most important thing I look for in anyone I work closely with.

I make many offers before having one accepted, so as much as I hate to say this, you better get use to it.

I have had an offer turned down, then 3 months later when that house is still on the market, have the offer turned down again,,,they are waiting for the person that is willing to pay full retail.

Sometimes (especially a bank) will turn down $x, then after months of being on the market, accept several thousands below $x,,,,you just have to stay after it.

andy

I'm a former member of LU, I think they have a great program, and for someone starting out, spending the $500 (or whatever it was) for the first year was a great investment for me.

I was a member for 3  years and still listen to the radio shows,,,good organization, good guidelines for someone starting out.

The really expensive programs are really designed for someone getting into multifamily, not single family, and involve use of their real estate agents, etc,,,,I can't speak to its effectiveness because I wasn't a member on that level

With your first property most of us learned a LOT, then quite a bit with the second, etc.

I am glad I finished my first, got it rented and had that experience before I jumped to the second,,I knew somethings I had done with the first I wouldn't do with the second.

I still learn, and that knowledge helps me make every purchase/rehab/renting better (hopefully anyway),,,,do what you think is best, but I know it would have been better for me to learn from the first before moving to the second

Putting the title in someone else's name won't get rid of your problem,,you were the owner of record when all this went on.  It will stop any additional fines/taxes, but you are still liable for all  of the back taxes unless you can come to some agreement with the city that you will be donating and asking them to forgive the back taxes/finesj.

When you say "the loan will be discharged in 2 years",,,that doesn't mean it will be paid off,,,you need to get a payoff from the bank before you go any further to see exactly what is still owed,,,that is the first thing to check

The question I ask people that want to carry is simple, besides knowing how to shoot a gun, are you totally willing and able to pull the trigger.

Many people learn the mechanics of how to shoot, but aren't totally sure they could/would if put in that situation.

If you are going to carry, many people like 9mm, however I don't really like the lack of knock down power (as a friend who was a chief of police for 20 years said, it will kill someone,  but it doesn't tell you body your dying very fast).

A 40 caliber, I have a chiefs special, is a fairly small gun that has some knock down power, it is also VERY loud ,,,,I don't care if I hit them or they run away, as long as they leave!

No, not since you used it as a rental, who you sell it to doesn't matter, if you had only used it as your primary residence it would be money to put in your pocket, but now it will be a bit more complex with depreciation recapture, etc.

Most of the answer has to do with the property, does it have a pool (sell), does it have expensisve, hard to maintain landscaping (sell) does it have really high end finishes (sell).

Will the property cash flow as a rental,,do you think it has a chance to appreciate,,,

You also need to look at what you need,,do you need the quick cash from a flip for anoather property, or are you in a good cash position and can afford to hold?