All Forum Posts by: Andrew S.
Andrew S. has started 51 posts and replied 1006 times.
Post: Can you change your depreciation value?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
might have some answers. He is a tax oracle....
StateFarm also only does 4 under personal umbrella, and after that offers commercial policies that are fairly similar in cost to the personal ones. That said, of course, now you have a personal one covering your personal property and a commercial one for the rentals. I'm definitely interested in better solutions for this too!
Post: Investing in Real Estate vs the stock market
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Funny! And, sadly, quite true. However, fortunately, the stock market doesn't consist of just the Fortune 500
Post: is this the correct order?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
@Account Closed
Before you even talk to your neighbor, you will want to do some basic homework on this property (configuration, size, size of lot, rough idea on ARV, etc, etc). All of that info can be gleaned in a few minutes for free on the web (Zillow, County tax records, etc, etc). Then figure out what you might want to do with the property if you can buy it (wholesale, flip, by and hold) - in other words what are the exit strategies. Then figure out some basic financials (how much are you willing/able to put into the deal either in cash or credit lines). This will allow you to have a much more intelligent conversation with your neighbor if he is interested in selling, and you will be taken more seriously.
Perhaps you know all of these details already because after all, you live in the neighborhood, but if you don't, that's where I'd start - even if the neighbor isn't interested in selling, you will have learned something about the process, and something about your own neighborhood.
Post: Underground oil tanks
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Account Closed:
I agree with Darren on this one. Oil tanks in the ground can be a huge opportunity. If you get a good/great testing and remediation company on your team you can take advantage of the opportunities that abound. Sure therare some that you should stay away from BUT not all. Just my opinion...
Yes, they certainly can, but they can also be huge disasters. I worked on such a deal for the past 12 months. I had a property under contract, did an inspection and found out that the tank was leaking. I asked to owner to remedy the issue and get an "all clear" from the State Environmental office. The owner dug out the tank and removed as much soil as possible but the oil had leaked under the foundation and was essentially impossible to remove. This led the State agency to require a.) that there can be no disturbance of the soil at all within a certain footprint of where the tank was located b.) this defect has to be registered on the deed, c.) all neighboring properties have to be checked for active and passive water wells and if any water wells are not properly decommissioned (I believe this involves removing the hardware and plugging the well with concrete) they have to be tested now and over the next several years for contamination.
As it turns out, the property has a water intrusion problem in the basement, which I was hoping to address with a French Drain system. Guess what, that French Drain would have to go exactly where the now prohibited "contaminated" area is located!
Needless to say, I walked away from that property and wrote off my due diligence money, inspection, soil testing expenses.
Post: kitchen renovation with tenants still living there
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
I have not done this job myself before so I don't have any additional comments on the workload itself (other than to say, it sounds pretty daunting to me...). However, can you just offer the tenants to pay for their lunch and dinner for Monday and Tuesday, so that you give yourself some extra time? While not using the kitchen for a couple of days may be an inconvenience, it doesn't seem like the end of the world and they ARE getting a new kitchen out of it. Just a thought
Post: HOA fees - The buy/hold investors uncontrollable nightmare. Share your thoughts please.
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
@Account Closed
I should have stated that I'm looking at this issue purely from a buy-and hold (and rent) point of view. I'd probably be more bullish on flipping these, but that's not my focus at all.
Post: HOA fees - The buy/hold investors uncontrollable nightmare. Share your thoughts please.
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
I very much share those concerns and that is why have stayed away from anything HOA up to this point. That said, just like you, @Account Closed every so often I look at those opportunities and wonder if there is not a way to make them work. Clearly, some folks here on BP (including some who were on the podcast) have discovered the secret sauce and are successful with HOA related properties. I'm definitely interested in those people's stories and how they sorted out the seemingly impossible....
Post: I like to place an add
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
First, welcome to the forum!
I assume you want to place an ad here on BP? The only place where ads are allowed is the Marketplace forum (click the button next to the "Forum" button.
You need to upgrade your account to Plus or Pro status in order to post in that forum. Anyone can READ the forum though, so you can go and check it out before you decide on upgrading.
@Helen Kolton
Post: Heloc 100% loan to value ltv
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Jimmy S.:
Originally posted by @Andrew S.:
is this on a investment property or your primary residence? Just curious b/c im at 5.25 on a investment.
Nate - thanks for catching that. This is my primary residence. I should have mentioned that.