All Forum Posts by: Andrew S.

I have a couple of those carry back notes and I get more unsolicited mail about those then I do about my rental properties.  Lots of folks out there looking for notes.  I have never pursued any of these letters, so I don’t know what they would actually offer, but I’m sure you are right, many are looking for “lucky punch” situations  

Are you trying to convince those 40 or 50 heirs to sign over their share to you for free, or are you trying to convince them to give the "caretaker" the power of attorney to sell the place with the expectation for some split of the proceeds?

If it is the former, then I'm not surprised that many of them refuse to sign - why would they?  What's in it for them?  

If it is the latter, then I'd guess you'll be stuck trying to collect the remaining signatures.  I'd be surprised if it truly proved impossible to locate the out of state heirs - there are may tools available to locate folks (though, I don't claim to be an expert) - just depends on how much it is worth to you.

What did the probate court decide/approve?  

I would sell it, if I were in your shoes.  Really hard to cashflow with those numbers.  

I don't understand why everyone is talking about 1031 exchange - there don't seem to be any capital gains to defer????  What am I missing

Thanks @Nigel Guisinger for the useful summary.  What do you mean by your comment on washer/dryer?  "Mechanical" as opposed to what?  Clearly, I'm missing something...

Keep in mind that rules and regulations (and expectations) can be very different in Europe from what we are used to in the US.  For example, my personal experience with rentals in Switzerland is that they are vastly more tenant friendly than even the most liberal places in the US (CA, NY, MA).  So, what might be “optional” here in the US, could get you into hot water really quick over there.  I assume your new tenants are US military related?  If so, perhaps their expectations are more US centric, but if they are locals and know their rights, then I suggest you proceed with caution.  You seem to have good and functional communication with the tenants - keep it that way!  Try to go the extra mile, if reasonable at all.

As far as asking for extended lease in return for repairs, that may or may not be legally feasible, but if it is a military family, they will move out whenever they get orders, regardless of what your lease says.

Agreed - and that's what has kept me from self-insuring also, but perhaps there are companies who will write "liability only plus umbrella".  If so and if the premiums are reasonable, it may still be worth exploring. 

 Well, you may be ok - looks like the sucker is headed straight for us in NC now....

I know, and I'm a little nervous about it.  She only lasted a little over a year and her departure must have been fairly sudden as I was in e-mail contact with her in April/May (of course) with no indication of trouble... 

I wasn't able to find much either, but when I tried to contact her at AHP, the new COO responded as follows:

Thanks Chris.  For the current project, I'm doing an owner finance deal on a piece of land and literally all I need is a servicer to deal with the monthly payments and escrow.  I think APH charge about $25 a month.  I have not done any comparison shopping - is $25 expensive?  I felt it was probably worth it for me, but if I can get it done for $10 then all the better... :-)