All Forum Posts by: Dwayne Poster

What’s different now then the many times in the past, that you need to ask?

I’m thinking the bigger issue is your insurance coverage. Not only for your building, but third party liability. I would bet that an inspector will search title for permits before attending. Comes down to mitigating risk and what your comfort level is.

What, in your lease agreement, constitutes a ‘guest’? Sounds to me like maybe you are not charging for a tenant. Considering your health situation though, I agree. Hire a manager.

As one of my purchases approached possession, the seller called to say he had just leased to tenants and couldn’t honour ‘vacant possession’. I told him no problem, we’ll delay possession, and for every month of delay, you will pay me $1k a month, and he can keep the balance of rent he was charging. 3 months later he was able to provide vacant possession and we went on to close. I told him, no rush, we can do this forever.

Your purchase contract will guide you with your options, which basically comes down to either the seller provides vacant possession, or you assume tenancy. 

'Seller financing' and 'no ties to the property' is a contradiction. What security are you offering to be 'done with the property'. The simplest legal document would be a registration on title, of the payment schedule and agreement. But that brings the seller back to the property title to launch litigation, if required, which he is indicating he doesn't want to do.   You are going to have to produce security to his satisfaction. What will that be?

The way I see it is that there are two types of people, consumers and producers. 

Consumers save, so they can spend. Producers don't save so they can generate wealth.

As a young man I saved because I had nothing to do with my money. Once I learnt how to make my money work for me, I stopped saving. Sure, I have a cash account for security, but I ensure a degree of liquidity in my investments to call upon when needed.

The definition of 'saving' is up for grabs, but I see it to mean, setting moneys aside as contingency, and for soothing financial stress. Having too much money set aside, not producing more than savings account returns, would be stressful for me.

just like any other service provider. If you try and pass something off on them, you'll get their backs up and now they get picky. My contracts state that any maintenance items must be  communicated. 'As is' would clearly indicate you have no rules, and a judge, should a decision be required, would see it that way. Not my kind of investment.

I would only deal with the title holder and contract them to provide free and clear title.

are you the only child?

I would look at the broader estate, starting with a living and final wills, and who executes. Then how the estate can grow while managing tax implications.

In my books, physical contact is the highest value. A phone call from a neighbour ranks right up there. I wouldn’t dilute that opportunity with a letter. Same with landlord. A phone call is sooo much better. If they aren’t ready, don’t be shy and get their permission to drip mail their way as a reminder.