All Forum Posts by: Adrian Tilley

@Ali Boone I only got through about the first 2 paragraphs before I up-voted your post.  Great inspiring info.  Thanks!

@Mitchel Durfee As your math shows, you are cashflowing negative at least $35/month.  If you take principal paydown into consideration, you may, as you say, "make" a few bucks/month.  However, tenant damage/capital expenses/one extra month vacancy could wipe that out quickly, and even without unexpected expenses, you're still paying to keep the property.

Whether you bail or keep it is up to you.  If you have any signfiicant equity, you might consider turning it into a flip.

If you're not familiar with the 50% rule as stated by Brant, it says that generally you can expect 50% of your gross rent to be spent on taxes/insurance/maintenance/vacancy/PM/cap ex/tenant damage, etc.  So you have 50% to spend on P&I.

Good luck and congrats on taking action.  That's more than 99% have done.

Welcome!  Lots of friendly helpful folks here on the forums.

@Brit Foshee As Jerry said, it depends.  If it were me, I would accept anything from a tenant as "written notice" but would send anything required to be "written" as both an email and letter.  That way no one can complain later.

They're helping themselves make money. Nothing wrong with that, but as Bill said, they may get theirs in the end.

The first response said "generally speaking the title company is liable for issues like this". Other comments included" Sounds like your partner is going to have to sue everybody, including you, to get the title co/closing attorney to step up", "A claim that you were verbally upfront and didn't realize you were signing a warranty deed isn't going hold any water", "If it contains some exclusion for the 25% owned by dad and you omitted that exclusion in the deed you gave then I think you may be in deep doo doo. You sold something you didn't own. OTOH, if the deed you gave is a carbon copy of the one you received, then I think you have a case against the grantor of the deed you received", "I agree that the 75/25% "claim" is invalid, unless there was some fractional ownership defined on the title", "If you have just a bunch of verbal BS that won't stand up in court and is heresay, "The way I read this, the hml can only foreclose against the 75% which may very well not be enough to cover the loan amount."

I didn't get through the whole thread. These may not sound like legal advice to you, but they are, or are very close. I'm not calling anyone out for trying to help and give input, but I think it's a huge mistake to take advice about a complicated situation from people who have incomplete information and no knowledge of local laws. Just because some attorney did a poor job for the OP previously says nothing about whether he should get another attorney now. IMHO, free online legal advice is almost as bad as free online medical advice. Of course, OP is free to do as he wishes.

I agree for the most part. The problem is that he's getting lots of legal advice from non-attorneys regarding what his rights are and what he should do. If he takes action based on incorrect advice or information, he could get himself or his end buyer in more trouble. The law cares not if your intentions are good.

@Ethan Jensen Beware of formulas. There is no magic "formula" that guarantees success. Being out of state you will have to be extra careful.

This. You're getting lots of people saying "I'm not an attorney, but..." That's a pretty good sign that you need an actual attorney. I AM an attorney, and my advice would be...wait for it... SEE AN ATTORNEY. You might not need one right now (your friend the end buyer probably does), but I would definitely get one lined up and do an initial consult now. That's the only correct answer on this thread. Everyone else is just guessing. Good luck, that's a complicated situation.

Doesn't there have to be a notice published if the property is to be transferred? And if there is any equity in the property, wouldn't the heirs want it transferred?

What's the advantage to having the list first? Doesn't it generally take a while for the property to be available to sell anyway?

What would be the cost for, say, Denver county?