All Forum Posts by: Johann Jells

Well I've been kicking the can down the road for almost a year since I found out this year didn't financially count for my class of 2017 eldest. Basically I found out you need to "de-passive" your assets. Make it into as "real" a business as you can stand. LLC, C corp, whatever. I don't think anything form E like an LLC will cut it with most fafsa recipients. It says passive even if, like me, you qualify as a RE pro.

 I think we're going to put our 3 properties in a C. There's just too much at stake.  We'll lose deducting the 1/4 of the multi we live in, but if it pays off, it'll be worth it. If it really sucks, in 10 years when my youngest is done, we'll revert.

I have the unsexy but extremely practical Dodge Sport Caravan. Way more room inside than most SUV's and a trailer hitch for when it gets serious like moving appliances. Even with the benches inside (sometimes gotta do the carpool) I can lay them down and slide in room doors. Benches out I've moved an entire small kitchen of cabinets, a 60 gal compressor with two 30 gal hot water heaters, and other sizeable loads. I have a ramp for moving my snowblower or bigass generator. 10 foot pipes or moldings can fit diagonally, and I have a roof rack for larger loads, or my kayaks and canoe.

It's a 2001 I bought in 2004 with 60k for $7700. Similar Japanese minivans were twice that.

Pickup trucks are less awesome when you can't lock up what's in there or it rains. If you need a cap for it, you might as well have minivan.

Look at the location, tile throughout the home DOES NOT FLY in cold climates!  

Got a vacancy coming in January in a unit that needs BR & LR flooring,  I'm going to try out the newish Costco laminate with the beveled edges. Besides water damage, the one thing that you get on laminate is a tiny bit of lifting on the edge, particularly if there's a lot of flexing.

All that litigation and the title is clean? Sounds unlikely but I'm no lawyer, and you need a REALLY good one, specializing in tenant issues, if you want to move forward.  And the quick cash sale aspect leaves you little time to maneuver. Are you prepared to lose your deposit if the deal somehow crashes bad? This is gambling, you're trying to score big, and that always comes with risks.

If he was a paying tenant this would be a lot simpler, but not necessarily in your favor.  There are laws protecting even unregulated rentals for seniors.

Frankly Tina, I'm suspicious that anyone would give that deep a discount for this, assuming the title is otherwise clean and there's no other surprises. We're talking hundreds of thousands of dollars to avoid dealing with a family member?  I doubt it.  Even a lawyer and court is a lot cheaper than that.

Tina, while the battle is between the elderly siblings, she's looking for a "hitman" to come in and do her dirty work.  I wonder if "delivered vacant" even applies here, what you would have is a squatting family member. It sounds like the seller would not provide that anyway. Can you make an offer and use any other contingency like inspections to buy time and provide an out if you need it?  

Speaking as a husband of an NYC social worker, NOWHERE has social services funded like NYC. It's entirely possible the man can be foisted off on the public via some public eldercare/nursing home program. But that's not something you want to get into without even a contract.

Without giving you a satisfactory answer, I'll say situations like this are why people think landlords are scumbags: it's because sellers and/or the market sets up situations where people with a conscience steer clear and only someone willing to be the ******* will dive in. I've walked from a number of these, including a very similar situation of the estate selling a 2U with the SSI son still in residence.

 Sorry Tyler, but you're mistaken about the plastic, those parts are metal, as I've said, I've disassembled one myself, not just looked at pictures. This video shows the construction better https://www.youtube.com/watch?v=aQjXl78DdUA.

This does not mean the demonstrated vulnerability is less, just that they're not stupid enough to make it from plastic.

Last rental I followed my usual protocol of info overkill on a Craigslist ad: lots of pics including building exterior and window view, a drawn floor plan with dimensions, and lots of description and saying we credit check. What I did differently was not put my phone in the ad. I placed it on the 7th but the unit wasn't vacant till the 15th, so I replied to emails saying I would be happy to answer specific questions by email and there would be an open house after the 15th and I would notify them of it.  The notification email I sent had my number. Worked great, rented to the 1st couple that came, 2nd was great too, as a backup. I had very little general phone contact.

 Actually, they're metal, I've disassembled one myself to reset it without a key. But it depends on one tiny metal gear tooth per tumbler, so unless the gears are made of something insanely hard but not brittle, they can be broken with the force method.

So everyone has heard the same stories and seen the same videos as me, but no one has actually heard of a burglar forcing one?