All Forum Posts by: Guy Yoes

@Max McGuirk

@Derek Wallace

The property is in Edmond Ok. We are at a stalemate. The aunt is willing to sign the property over to us ( she doesn't want to pay the taxes of $600 a year).  However, there are two structures on the land. One is a 900 sqft house and the other is an oversized two car detached garage. Both structures are filled with her "valuable antiques and collectables".

She doesn't want anything done to clear the land until she can move, sale or gift away her treasures. We have offered to assist in this process but the reality is, the thought of losing her possessions just overwhelms her.

There is nothing of any real value in the structures and the roofs leak and are causing damage inside. The true issue is this is the place she has spent her whole life. She never married and lived with her parents until they died and she still lives on the property in an adjoining house.  We get that and are willing to be patient.

The recent issue is we don't want to take ownership until we can clear the land and move forward. The issue is not paying the taxes ( we will end up paying them for her) but the liability of the property. The structures are vacant and dangerous if anyone went inside (kids or vagrants)  At some point the city will condemn the property and we don't want to in possession at that time.

We are her health care proxies and will handle the estate when the time comes. Until then, we are continuing to build our portfolio. We have bought some property in the Springfield, Mo area and have started buying first position notes.

Thanks for the follow to my post. I will update when the situation changes. The area continues to change with more MF properties being built. 

@Kevin S.

Welcome, Kevin. What kind of property are you looking to house hack?

 What areas are you looking at focusing your properties? 

@Tyion Bridgeman Thank you for your response.

In my situation, there was no lease just a verbal agreement on living in the property and the amount of rent.

As a landlord, I understand I can prohibit smoking, pets etc.. So I can, in reality, put anything I want into the lease and if they sign it, I can act upon the violation of any prohibited act even if it violates a constitutional right (in this case firearms)? Would this be true for political signs in the yard (as another example)?

Thanks again for redirecting my response.

@Tyion Bridgeman    It definitely isn't a second amendment issue as some posters are claiming. The second amendment allows one to have a gun but doesn't give carte blanche to take it wherever you like. 

It is true that some areas can be classified as a no firearm zone. However, that does not apply to your personal residence. IF you are not a felon, mentally unstable or on a terrorist watch list, there are no laws preventing you from possessing a firearm in your personal residence. 

@Greg Westergard   

 There was a story here about a man who backed over his grandchild with his car. His son was renting the house where it happened. Are you suggesting we should ban our renters from parking cars on the property or owning a shovel, golf clubs, steak knives, baseball bats, hammers, etc? You have the right to own all of those things. It will become a very slippery slope.

My situation may be local to the state of Oklahoma, but this was my experience. I was an educator in a rural school system. I lived in a house on school property used for the superintendent. I was approached by a school board member who knew I was a hunter. He informed me that I could not keep my firearms on school ground as it was against state law to have them on school property.

After I talked to a lawyer friend, I was informed that while the property was on school grounds (and owned by the school), it was my personal abode and therefore exempt from the law barring firearms on school grounds. He said a landlord can prohibit smoking, pets, drugs trampolines, and pools, etc but not firearms as are they are a protected right given to all citizens (whether they choose to participate or not).

My friend called the school's lawyer and the matter was settled. However, the school board member ( a local landowner) was informed he could no longer park his pickup on school property as long as he carried his rifle in his pickup (they all do in Oklahoma). ;-}  I am told he still parks across the street from the school during board meetings. FYI I always kept my firearms locked in a safe unless I went hunting. 

I'll be there early for burger and brew.

Where, outside of Tulsa, will make a big difference.  What type of study did you have done to ascertain the tenant pool, the crime rate in the area, and property tax, ins.?  There is a massive building of MF apartments in the Tulsa area now.  I see a lot of competition to get leases signed. 

I"d say make it clean, safe and affordable. You can always make an upgrade and increase rent after the tenants are in place. 

Don't want an A- minus property in a C+ area.  

@Thomas S. I agree. I drive by monthly and do a visual inspection to make sure the grass is mowed and there are no cars parked on the lawn, etc. Every 3 months I go inside to replace air filters. This lets me see the interior to assess any damages. In the spring I clean the A/C unit and do any minor repairs or painting.

In the fall, I send them a list of any items that need to be winterized. At most I'm there 30 minutes and schedule at their convenience.

@Matt Steele

How many siblings and what are there reasons for not wanting to keep? Are there any interested in working with you?

I see a few options

1. I assume the property is paid off. Get an appraisal. Borrow against the property and buy out their share. 

2. Form an LLC with all siblings as partners and manage it for them. They get a percentage of proceeds as you would, but you get an additional percent to manage. Each sibling would get access to it on an agreed upon basis.

3. If another sibling is also interested, partner up with them and buy out the ones who have no interest. Divide the shares 40/50/10. you get 50 for management and the 10% goes for repairs and maintenance.

My two siblings and I set up an LLC for the oil leases my parents had. they were spread out and had different cash flows. We did not wish to split them as that would make it difficult down the road. Forming the LLC, we split the proceeds evenly with a 20-year term at which time the LCC would sell off the shares and split proceeds between the children or their heirs.

Good luck

@Michael Blank   

Thank you, Michael!