All Forum Posts by: Account Closed

i just want to ask a question right quick...you said you received a cash offer 2,000 over asking?? why even consider the financing at that point?? you can make so much more money by cashing out (assuming you have equity) and using that money to invest TODAY, then taking payments and having to wait for money to come in..

Rob K, i responded 2 days ago, but i guess i never it send! anyways, i think some of those ideas are great, but as for the mailing address, i think that does little..as soon as a tenant hits legal aid, the department knows that you have to have a physical address on file...so either, you own in your name and they could find out, or you own in an LLC, and you have a physical addresson file, either withthe county or the secretary of state...as i said, when i lost the lawsuit for the previous owners of an apartment building, they didnt say bryan owed money..they said my company owed money...it was a small amount (think 200 bucks maybe), but i like the layer of protection...

yes, there's a magistrate in town that points all tenants to free legal aid which is just a few doors down from small claims (it's all in the same courthouse) ..they immediately appeal their lost eviction case and counter sue for some BS..normally they punch holes in the wall, scrap the oven and fridge at the metal yard, etc and then take pics of this "damage"...that's why it's good to have proof of move in photos, signed check in sheet listing damages, etc. once i had to subpeona the code enfocement officer and he came into court and said i had just fixed that exact apartment for that tenant, so he knew for a fact that there was no damamges just a few weeks prior...i lost once..i think it was 200 bucks...it was actually the tenant suing the previous landlord, and i bought the building at a great price to take the risk and liabilitiy for a few evictions gone wrong..they included me on the lawsuit since i was the new owner...the owner let some repairs go way too long, and so we lost...curious Rob K what you mean by keeping a lowprofiel?? it's easy in my area to look up online, find the owner and their mailing address, and serve court papers..it deosn't matter how many trusts, LLC's, etc. you still have to have a mailing address on file

agree with everything said above...i wouldn't worry too much about it..look up yor address..i woudln't be surprised if you find a few nearyou as well

jon's absolutely right..every time i've bought a house with a strange addition, it's been gutted so we can show the inspector that we've redone it the right away..as far as the measurements, just take a buddy with you and measure the house...in my area, you'er allowed a 10% variance, so i feel comfortable that i can hit within 10% of the true square footage :)

Quite a story j... You really have done it all in real estate :)

absolutely! i'm still old school and change out locks, but i do use the same brand each time..meaning i just switch knobs but not the inside hardware..takes 15 minutes to do front and back door (i'm not that handy, so i'm sure others do it quicker :) ) you don't want to 'god forbid' have a tenant come back and break in when new tenant has moved in...that could be a huge liability..in fact, i used to think switching locks between apartments and houses and keeping a few extra sets to rotate as tenants moved out would be sufficient, but now i prefer to just buy a new set for 25 bucks each time.

Jon Holdman and K. Marie Poe, thanks again for yalls interest and help...i guess i should run through the whole story...the mother passed away in 2009. since then, taxes and mortgage has not been paid..mortgage was originiated in 1981 so it had almost been fully paid off..no foreclosure yet...city and county taxes as wel haven't been paid since 2010. house is currently on the demo list and i have 6 weeks to fix up property. luckily, i've worked with this code inspector before so we have a good relationship. i've been working on finding the daughters for 3 or 4 months now, and i finally found them 2 weeks ago. so mother passed away, never willed property to anyone. currently still titled in mother's name...i have a great estate attorney who says he can get clear title as long as family members all agree to come sign docs, which so far they all seem willing to do. not sure if that is technically probate or not --i bought one house out of probate auction last year, but don't understand the exact legal definition of probate most likely...so there's the run down: house being demolished in 6 weeks when city will slap a huge lien on property, back mortgage payments, back taxes, and also other misc. city liens that add up to a few grand as well....as you can see, i don't think this is a case where the daughters are profitting much, and they seem like they want to sell..we just want to make sure we don't endanger their medicaid..thanks!

Andy Bankston, that is a fantastic idea...i'm currently working on a few smaller rehabs. in my area, the homeowner can pull the permit for work under 30 or 35k..i can't remember which right now..i can pull the permit and hire a project a manager to oversee stuff...for a small rehab like what you have glenn, i would recommend something similar..it may take a little more of your time, and you may have to order materials differntly than just turning over the project to a GC but you wouldn't believe how much some GC's make...

thanks for the comments guys...

K. Marie Poe, i appreciate the advice..i was thinking of offering them money to pay a decent CPA of their choosing to help them prepare their 2011 taxes in adddition to my offer..this could help a bit since they would typically file by themselves or use H&R block..

Jon Holdman, as always, i appreciate your knowledge and feedback. this house is actually a very unique situation. i found the house, and located the daughters who didn't know they inherited the property. it's sat in disrepair for years, and is not much of an asset.

Rob K, i usually appreciate your view point, but in this case, i think it's a little off base..i offered them 12k to split between the 2 of them..hardly a windfall...actually, they seem like 2 working families that struggle to afford health insurance for their families...i want to help them, while getting a good deal of course--not prohibit them from qualifying for a need based program that they truly need

that all being said, and now that yallknow what my offer was, do you think 6k each is enough to screw them up? any advice?