All Forum Posts by: Andrew S.
Andrew S. has started 51 posts and replied 1006 times.
Post: Forget leaky toilets, we've got a squirrel!
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
great story! Good for you to have "processes" in place and have trained your tenants well. That said, I have 12 sets of tenants and I would NOT, definitely NOT want any of them to attempt pulling a toilet themselves.
Post: Landlord/ Tenant dispute
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
No legal advice - just my personal opinion: Based on the info you provided, I predict that you will have a VERY hard time convincing a judge to rule in your favor. Especially in a tenant-friendly state such as Cali (if that is where you rental is located). Even if the AC is broken, you can't prove WHEN that happened. Similar with windows - the fact that the move-in inspection doesn't mention water condensation, doesn't mean much - could have been dried out temporarily. How much of the deterioration of the windows is due to normal ageing and how much due to excessive moisture will also be hard to establish conclusively in court.
Post: Rent at least 1% of sales price? Bad Deal or not?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
If you don't need to put anything at all into the property in terms of renovations/upgrades (rare, in my experience), you may be able to break even but it will be tight. Also depends on how much cash you put down.
Post: Lender won't allow transfer of ownership to LLC
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Robert Gilstrap:
This thread is so old it seems stupid to even post a comment on it but after reading some of the bone headed responses from people who clearly know little to nothing about lending or legal issues it's hard not to retort.
One guy above writes: LLC's shouldn't be used to hold title to real estate and just get a bunch of insurance. WTF?!!!! Wrong on so many levels I don't know where to start.
Or how about the lady above who says it against federal law to transfer to anything but a trust. Again, What?! Which federal law exactly?
Then the post directly above mine here talking about banks losing some of their interest in a slip and fall lawsuit or not being able to collect on an insurance claim? Complete lack of understanding about how the law works. I only wish I was the lawyer who collected $3K from him for 2 hours work?!
Folks, please question everything you read on these forums, ask for backup, citations and explanations when people make ridiculous claims and god forbid don't take someones advice on here without running it by one or more professionals so you have a real understanding of the issues.
Why not take the time to enlighten everyone?
Post: Do you guys think this is wise?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Most 401k's I'm aware of don't allow rollovers to SD-IRAs for active employees.
Post: "real estate professional" designation
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Genevieve B.:
This is really helpful guys. We are trying to figure out if this makes sense for us as well. My husband works on the properties while I usually find/select and design. But the heavy operational work is done by him. I don't think we will have any issue hitting 750 hours or more. Is there somewhere I can go to read deeply about the tax advantages of this approach and review a few more examples?
Thanks!
Note, that you cannot combine the hours for both of you to reach 750. One or the other individually (or both) must reach 750
Post: Is PM Responsible for Bursting Pipes?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Of course, we don't have both sides of the story, but given the limited info your provide, I'd say the PM should take (at least partial) responsibility for this.
The PM blaming the power company sounds bogus - I have dealt with many power companies and none of them ever turned power on or off via e-mail. Now yours may be an exception (check with them, but I SERIOUSLY doubt it), so if the PM refers to an e-mail as proof that he requested power, then they are most likely full of it. Naturally, that also explains why he doesn't want to re-send it....
PS: It would be very unusual to take 20 days for the power to be turned on once properly requested - more typical is 24-48hours. If the power company really did take that long, it would have been up to the PM to a.) inform you, and b.) put into action a mitigation plan
Post: selling - home inspection came back - water
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Check local codes also. Ask the inspector what specific code he is citing.
That said, expansion tanks cost about 40 bucks and are pretty trivial to install, so I would consider just putting one in instead of arguing with inspectors and prospective buyers. Not worth the hassle and once the buyer is spooked about a possible exploding water heater, it won't matter whether YOUR interpretation of the code is correct or not
Post: Hello Raleigh,NC & Greenville,NC
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Welcome and shoutout to @Joshua Dorkin !!!
Post: How to destroy a reputation
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @David Zheng:
"....I'm also going to make them stick to their finish date or else they get docked a percentage of the costs per day the project is late."
Yes, it only took me one rogue rehab to come to this conclusion too! I now ALWAYS build "$200 deduction per day late" into my rehab contracts. That said, I'm not unreasonable - if something truly unexpected happens through no fault of the contractor's, I might let them off the hook, but if not, I deduct from the final payment. It has drastically improved the situation (though even this is not perfect...).