All Forum Posts by: Gary Campanaro

Thank you @Jimmy Lieu,@Michael Smythe,@Charla Palmer, I am doing most of the items you mentioned as far as reaching out to the city and the borrower.  I do not have an attorney yet and don't know if I should wait on the attorney.   However I do not want them to demolish the house without my knowledge, hopefully they can't do that seeing I'm in communication with the city.

Thank You Chris Seveney and Jack Smith for your great insights and advise. I am on it and will get to the city officials to get this resolved. 

Thank You Peter and Jamie for the information, it is very helpful.  I will definitely contact the city and talk to them to see if I can get an extension. I will also contact the borrower to make sure he gets these issues taken care of in a timely manner.

Hi Bigger Pockets collegues, I own a mortgage note on a SFR property in Canton, Ohio which was purchased by the borrower who secured the loan with a land contract.

I recently received a notice from the city of Canton, Ohio that this property has numerous code violations that has to be corrected immediately or I will be fined heavily daily for violations or face imprisionment.  

I didn't even know about these violations and never received notice of these until receiving this letter.  They give me less that a week to correct all these violations.   

I know you can't give legal advise has anyone ever ran into anything like this, and what is a good starting point to protect the tenant (person holding the contract) the property and myself?   Thank you in advance for any insight in this matter. 

Thanks Joseph for your recommendation of not lowering prices too prematurely, and doing other things with my listing such as updating photos and updating listing pages.

Thank you Mark,regarding its probably not the hurricane Helene effect and probably about the tarriffs and not lowering prices prematurely.

Thank you John mentioning to check my competition and if I see some bookings coming in to start to raise my prices back to normal. Also to check my cancellation policy and discounts.

Thank you Carolyn for your mentioning that the university layoffs may be affecting your MTR bookings and that lead times may be shrinking.  I suspect that may be the case.

Thanks Collin,for your insight to strive to be better than average, and yes we love Maggie valley when we visit from California.

Hi Bigger Pockets Friends

I have 2bed/2 bath cabin in Maggie Valley, NC, .   In years past my calendars have been 90% full year round. This year has been good up until this summer. I know it may be a little early to start being concerned about June, July, August bookings, but I only have a few bookings for the summer months.  I have already lowered my prices for the summer but I don't want to lower them too much.   I wonder if  hurricane Helene had an affect on tourism to our area for the summer. I know my lead time is usually 24days so maybe it is to early to be concerned.  Does anyone have any thoughts about being proactive instead of waiting until  the last minute to lower my prices too much?

Thank you Andrew!

Thank you Ryan for the information, I appreciate it.

Hi Dylan,  Thank you so much for the information, I will be in touch!

Gary CampanaroPoster

Can you give me your opinion of the best option for Elrod in the following Proposal for closure of LLC and sale of property...NOTE:

• Per attached you'll see just over $298k owed on mortgage
• If sell of property were $398k (current asking price "AS-IS" and inclusive of ALL furnishings)
• $398k - $298k = $100k less 6% Realtor expense approx. $24k = $76k

Option on table...

• Given: Capital Accounts are $75k Elrod, & $76,090 Stewart (due to $1090 put in last week that was NECESSARY)
• Assuming: $76k from Sale of property
  • Elrod gets his Capital account balance of $75k
  • Stewart gets $1k
  • NOTE: any less made on the sell will result in Elrod getting as close to his capital account investment and Stewart getting NOTHING

NOTE: as Stewart has majority investment AT THIS TIME, Stewart will continue as Majority Stakeholder and make all necessary decisions for prompt sale of property. NO further financial investments (capital account increases) by Elrod are required; but, requesting that Customer-facing (Front-Office) support as currently provided continues till completion of sale of property. I will continue all Back-Office, as well as cover any necessary expenses (capital account increases) and effort to promptly sell the property.
Alternate (legal remedy)...

• Given same capital account values as noted above
  • Elrod deposits $1,090 to maintain 50/50 capital account and Voting Rights as equal partner
  • Stewart and Elrod continue to add equally to capital account as necessary till sale of property
• Assuming: $76k from sale of property
  • Elrod and Stewart each get $35,500 after sell of property
• OR it can be any variation between the option on table and alternate.