All Forum Posts by: Eric Foster

I used to belong to that one... They have been around for a while. I am not a member any longer. I may join again in the near future.

And yes... most will have membership fees... They will let you visit as a guest to come check them out.

Let me know if you find any others... I was looking for a smaller group to join. Thinking of starting my own...

You may try sending a nice letter or just asking them... "if after this, they plan on entering again in the near future".

Maybe explain you are a private person and you didn’t realize they would need to enter so often... That may be enough for them to take a polite hint.

The reality is they can do it “within reason”... that hard part is to establish what is within reason...

They may be getting ready to sell the building or something... I don’t know why else they would need to keep coming in. I understand the smoke detector thing... many insurance companies have specific requirements and inspections for safety and liability reasons etc.

Good luck.

Hey everyone... Quick Poll...

How long have you been investing?

Welcome to the group!

Yea... We do need to know that!

Mike,

Very good points and I agree will all of them... My thinking was more based on the area in which I am in. i.e. 150k ish house would rent/lease option for around the $1100 a month range... and maybe more.

Houses are like stocks... it doesn’t matter what the value really is today… unless you are going to sell today. You lose the money on houses or stocks the day you actually sell. So I was just suggesting “is there a way to hold?”

I was suggesting that he should look at the options, and see what he could do to reduce the loss should he need to take one.

All good points Mike. Seems we need a bit more info to help better.

Take care...

I think that they are properly giving you notice. The statutes are different from state to state... buy usually a 24 hour notice is ok.

The duct tape thing is a little weird... or maybe unprofessional to say the least.

Owners do have the right to enter with notice like they have done…

Just one of those things…

I assume the note on the door was from the owner or property manager?

Let’s not jump ship so fast... And let's all remember...

The #1 rule in investing is... NEVER LOSE PRINCIPAL

The reality is... between holding it vacant while selling it... paying a realtor commission...you are like 30K in the red... That is if you sell now. Do you really want to sell and lose 30K?

#1 Where are you moving to? Across town? Or across the country? The reason Im asking is because once you make the move, I am wondering how close or far you will be from the property...

#2 Can’t you re-rent it?

#3 Can’t you lease option it?

I would do a lot of things before I took a 30K hit. I would rather lose a bit of money each month in cash flow and rent it for the next ___ years and sell it later when it is at a point you would not lose any or quite so much.

What city and state is the property in?

As far as being abandoned... also try and get a hold of the tenants... work phone, cell phone, other contact info. Try to get something signed stated they are gone. If you can’t get that… take pictures and change the locks.

Also, sounds like they own some money for not giving a notice too. Any damages? Or did the just move?

Best of luck!

Gosh...

You just can't get away with anything anymore!

The best rules are the ones I want... Why do all the state agencies and the government have to jump in a take away all the fun? LOL

In my opinion... land trusts are not as useful for “protection” as they are for “privacy”.

If you want protection, an entity like a Corporation or LLC will probably do a better job than a land trust.

As far as filling out the deed... you can ask any title company to help you, or... go pull a copy of a deed that is already recorded from your local county and use it as a sample.

The party giving away ownership is the grantor (they are granting title)
The party receiving ownership is the beneficiary (they are benefiting)

I know others have different views on the protection (or lack there of) a land trust may or may not provide.

This is my opinion on them… and this is just my 2 cents...

And you already nailed it… Go see an attorney.

What have you studied to learn about land trusts?

What are you asking exactly?... Are you the owner, the seller, a buyer?

With the limited info you gave, a short sale comes to mind...

More info would help everyone give you a better answer...