All Forum Posts by: Joe M.

@Joe M. knowing there is an attorney involved and a PM, the best thing would be for your fried to go down and meet with both of them and get as much information as possible. the Atty ad the PM are the ones that will know what the financial and legal situation is.   Dont let any of the posts here overwhelm or scare you/her. it is absolutely doable to own an 8 unit building in a college town as your first investment - I know as I did it. :) 

Use the available resources to her advantage.  the people in place are there to help her and she needs to give them a chance. Why does she not trust them?  She needs them at least for the time being and she should avail herself of as much info as she can get from them. 

@Joe M.

You have 409 posts, you have to have something to contribute.

1.  Update and re-sign contracts.

2.  Update insurance

3.  Photograph and do individual room and all facilities inspection asap.

4.  Check all property taxes, water, gas, electric billings

5.  Provide her your checklist on your investments and adapt.  Provide it on this post.

6.  If she inherited, make sure it is registered with the treasurer.

7.  Do a lien, mortgage and title background search.

8.  If it includes extra acreage, have a survey done.

9.  Have a plumber, electrician, foundation, window/door, roof inspection performed.

10.  Engage a local property manager up front.  She can choose later to do it herself.  She doesn't have the contacts for when the sewer backs up Wednesday night at 9pm, from 4 hours away and it will.

Hhaha my only advice was read Brandon Turners book.  I wasnt real helpful.  Really appreciate your checklist.  I think this is what she was looking for

She should keep the property for at least a year while  she researches her options, etc.  Making big  decisions when you first get an inheritance is not really a good idea.  Is there a legal firm involved? Do they know of a good PM? Who managed the property before?   Can she use the same manager?   i think her job #1 is finding a good manager if the property does not have a manager now. 

As for what she should do - that is for her to answer and she should take a least a year to figure this all out.  I know student housing can be an excellent investment. 

Also she needs to get to know her building and figure out what it needs. maybe a trip or two to see it and figure out all the systems, what needs work, what areas need improvement etc.etc.   Lots of things for her to research as she makes a game plan