All Forum Posts by: Joe Calderon
Joe Calderon has started 8 posts and replied 91 times.
Originally posted by :
@Marcus Haywood from my understanding of probate law if it was left to BOTH the uncle and your mom it can not be sold with your mother's consent. @Ilidio Santana the property should be owned by the estate or in this case may have been transferred to the husband if he is the one selling it. If it's for sale then more then likely the party who is entitled to sell it is entitled to sell it. This is why you get title insurance to make sure your getting a clean title. You should always consult with an attorney and the title company you are working with to purchase the property in BOTH situations.
Ilidio, in Florida, when a husband and wife purchase a property together at the same time with the title holding both of their names, it is considered an estate by the entireties. In this type of estate the widow or widower claims ownership because an estate by the entireties includes the right of survivorship. The right of survivorship only means the surviving persons in the title claim equal interest in the estate.
Because there is generally only one person in the marriage the spouse claims 100% of the rights. There is a slight caveat, however: If a spouse gains a property by inheritance, receives a property as a gift, or owns a property longer than the current length of the marriage, the property belongs to the spouse and not the marriage. Florida does not recognize community property, where all properties obtained during the marriage belong jointly to both spouses.
As previously mentioned, check with a title company and obtain title insurance, along with consulting with an attorney. Way to beat me to it, Iden!
Post: I dropped the ball!
- Miami, FL
- Posts 92
- Votes 24
Originally posted by @Marcia Maynard:
Originally posted by @Joe Calderon:
Why don't you hire a property manager and bump it up to 64 units, effectively increasing your cash flow?
Because I have a passion for landlording, including the property management role! At some point, I may outsource the property management portion when I can no longer effectively do the work myself, but then I would still need to oversee what the property manager is doing. With the right balance and systems in place, the property management work is easy. We can get distracted by what life throws at us and occasionally we will drop the ball, but we can pick up the ball and stay in play. At this point I'm not ready to hand the ball to someone else. :-)
That makes complete sense. (-:
Post: I dropped the ball!
- Miami, FL
- Posts 92
- Votes 24
Originally posted by @Marcia Maynard:
Well, I didn't mean to imply that we only had one duplex. :-) Take a look at my BP profile and listen to BP podcast #83 to get a glimpse at what we are doing and our goals. My husband and I are pleased to own and manage 16 residential rental units, in four distinct neighborhoods in Vancouver. We own many of those free and clear, so our cash flow is quite good. In addition to our primary residence in Vancouver, we also have stake in a family home on the Oregon Coast (since1979), which we also take care of. Since my husband is a piano bar entertainer for a major cruise line (since 2004) and I have relatives in Australia, we travel worldwide too. So we have the vacations covered! I was commiserating with the OP that it's easy to drop the ball from time to time when living a very full life, despite our best intentions, so it's nice to know I'm not the only one. :-)
Why don't you hire a property manager and bump it up to 64 units, effectively increasing your cash flow?
Post: I dropped the ball!
- Miami, FL
- Posts 92
- Votes 24
Originally posted by @Marcia Maynard:
Thanks for the reminder. We have one duplex that is a little further out and we too have been lax in driving by it and inspecting it as often as we should. Last week we went there with a roofer to get a bid to re-roof. From the outside, we could see problems. The tenants of both units are good people, hard working, pleasant, pay rent on time, etc. but have been accumulating junk outside. We could also see condensation on the inside of almost every window. We had problems in the past with tenants disabling the baseboard heaters under the windows so they could place furniture there and then using a space heater instead. We're almost certain this is happening again, as the condensation points to a lack of adequate air flow at the windows and perhaps also a lack of using the range hood fan and bathroom fan as needed. Time to inspect again!
What are your goals? Do you want to invest and accumulate cash flow? Expand horizons and own several properties in different, producing neighborhoods?
You can't do that if you are your own property manager. In fact, it's difficult if you invest in only one home to manage it. Dealing with a tenant's trash is hard enough, no pun intended. But if you hire a property management company, right now...you'll have a lump sum of worry taken off your person and into the hands of someone that will make your job effortless.
Then you can move near a beach, perhaps just vacation there. You will find opportunities in tourist-friendly areas. And when you decide you will invest in a property in that location, you will hire a property management company to bring you your cash flow whilst saving you trips and jet lag and money. Sound fair enough?
Post: Opinions on using Craigslist vs. other rental websites
- Miami, FL
- Posts 92
- Votes 24
Craigslist is an amazing website for networking with people that want to buy, sell, or get rid of stuff. It's also used to advertise homes and properties for rent.
However, Craigslist is also known for robberies and scams of personal items such as phones and gadgets. Inductively, it may be a poor source of potential tenants looking for homes and apartments, and other properties.
As always, precaution is a necessary measure. In using Craigslist to obtain leads for tenant positions, what has been the result on first impression and post-rental?
Post: I dropped the ball!
- Miami, FL
- Posts 92
- Votes 24
If you have a manager...why didn't he pick up on this?
Life is all about giving value. What value can you offer the other person? As long as you know you have done your part with the best intent, you can live in peace.
It all depends on your goals. Maybe you want to find houses for many buyers in as little time as possible. Or you want to give back to what helped you rise to the top, so the partnership builds.
As long as you keep going, it's limitless. Raise your hand as high as you can. Wait for it, keep it raised that high for 5 seconds. Now raise it a little higher. Just when you thought you couldn't keep going, you could! Keep pushing.
Carlos, you have a plan before entering a loan. Follow the plan and it turns out well.
Post: Sam Zell on Today's CRE Environment
- Miami, FL
- Posts 92
- Votes 24
You've provided us with a summary of the webinar, which is great because most of us have not much time to analyze it. What's your view on these points?
Post: Leasing a property to own - Flip while still leased? Possible?
- Miami, FL
- Posts 92
- Votes 24
"Lease to own" That's a contradiction.
Leases create legal interest in the property but do not convey ownership. (Tenancy might.)
What exactly do you mean?