All Forum Posts by: Neil Schoepp

@Peter Fokas I second Joel's book recommendation. Brain talks form the trenches. It's a very good book. 

I'm not sure how to handle the business but I will say, just In case your unfamiliar, to make sure a phase one envirormental study is performed. Dry cleaners use some nasty chemicals and if any of that contaminated the ground you will be on the hook for it. 

Hopefully someone else will chime in on the business end of it. 

@Erica W. 

It's a very nice area and I'm always hearing good things about it. So it is definitely worth looking into.

The true bottom line in any market is buying at the right price in the right location. That location could be block by block. I would start my search with the top 3 or 5 areas within the larger Wilmington area. Then hammer down on finding a specific property. This where family and @Nigel Whitmarsh may be able to help. They may be able to steer you towards certain neighborhoods. Remember when looking at neighborhoods Schools and crimes are the two big ones when buying a SFH.

Then if the numbers work and you can post them here and ask for advice, then we will be able to give you a clearer picture.

@Bobby Gillespie

If I understand this correctly you want to buy your parents vacation home for 180k.

Yes you can do that. The tax for them would be based on 60k. The sold price minus   What they paid for it. 

@Charles Lee

When you sell you are allowed to take some of the profit for yourself and some for the 1031. Any money you take for yourself will be taxed. Please remember to use an intermediary you can not touch the money directly. There are some very strict rules about 1031s.

You will not be able to use 1031 money (meaning tax free) to pay off your heloc.

@Kevin Farrell have you given any thought to R.U.B.S. 

Bigger pockets forum post

Much more detail on rubs 

Hey @Mark Graffagnino how's it going? Did they accept your bid? Just curious to see how you decided to price this into your offer. It's a great learning experience. 

 @John Kent I did not take @Account Closed as facetious. Though I can see how by me listing the question it could be perceived that way. It was my intent to clarify his question as I was slightly unsure by how it was worded.

There are two ways of answering. I gave both.  All my tenants have my personal cell. If they call at 3 in the afternoon or morning they get me. I don't hide anything and I don't turn my phone off.  That's how I choose to run my operation. 

If someone wants to answer that question as the property manager what's the problem with that, if that's how they choose to do things. Their being dishonest?There is plenty of debate over that. Only you can decide how to run your operation.

If it's that big of a scam in a certain area and renters are overly concerned then they should not be asking me. They should be verifying on their own through the county. I can easily print up "official" paperwork from the town proving I'm the owner.

Bottom line is if I'm taking a property of mine that's worth north of 100k and giveing some stranger access to it then THEY WILL jump through whatever hoops I desire in order for me to protect that 100k. 

@Account Closed

So I should prove I'm the owner?

1. I'm not I'm the property manager

2. It's public information gather in just a few seconds I whip out the tablet and pull up the tax record. 

@Daniel Alegre

If your policy is 1.5x then that's what it is. No need to change just because. If this is indeed a power play then what else is to come. My attitude especially in the beginning when I don't know them or their history is to error on the side of sticking to my policy. That's why it's there. My policy was made when I could think clearly. Now your emotionally involved. Stick to the policy now if they walk you can decide if you should update it.

@Matt Crain

Here are a couple of links.

The 21 Best Books For Real Estate Investors

Books recommended on BP podcasts

I just finished Lindahls Emerging markets and found it very helpful. Just disregard the guru sales pitch. I do not know for sure but I've read his books are much better than his seminars.

One of my favorite is Frank Gallinelli's what every real estate investor needs to know about cash flow this book explains what each item is gives examples and then offers problems for you to solve. I use it as a reference all the time.