All Forum Posts by: Karl B.

 "So you are saying "as long as it is convenient, we'll stay together."    I never stated nor implied this. Let me know where you gathered this idea.  

"I express my sorrow for you."    Such a wonderful, loving heart you undoubtedly have. Thanks!

"The only way to be successful in marriage is "right thinkin".    Oh, yes - right thinkin'! Of course! 

"What needs to be gotten rid of is "stinkin thinkin".    Yes. Gotta stay away from that stinkin' thinkin'! There's no place for that!  

Get access to your credit score (some credit cards offer this service or you can use sites like Credit Karma). Monitor your score and if you've got credit cards/student loans/etc. pay things on time.

A few months in advance speak with lenders about pre-approval.

Also, if possible, whether through an investor who buys often or through a contractor or RE inspector, do some property walkthroughs and you'll quickly learn what to look out for repair-wise when viewing a property.

Have your neighbor get ahold of the company that holds the mortgage (assuming this has been attempted). If he's unable to speak with someone then have your neighbor contact the FTC. Having the FTC involved would likely result in the finance company returning correspondence to the neighbor.  

For real. Years ago, when my sister got married, her now-husband's parents were insulted their son had to sign a prenup. What's ironic is my brother-in-law's dad was a lawyer. 

Those who work hard shouldn't lose their assets. I would gladly sign a prenup without hesitation as it's only fair (in the event of divorce) the other person gets to keep what's rightfully theirs. 

To lighten the mood, go on Youtube and search for Seinfeld prenup. It's a scene between George and Susan. It's funny stuff.

Many thanks! 

That's a good question. I found this thread on BP that's a few years old: https://www.biggerpockets.com/forums/51/topics/137569-prenup-tips

There are a few good posts in the thread. Jerry W. brought up some interesting points I wasn't aware of. 

No doubt there are different laws for different states. A good attorney would have the answers and your question is definitely a good one. 

Hi, Chaz. Nice seeing you again on the forums. When it comes to prenups, I say helllllllll, yeah! 

I've been told of bad scenarios where someone gets no prenup/a watered-down prenup and it doesn't go well asset-wise when there's a divorce.

When a couple gets married they're not expecting divorce but it happens all too often.

If I can somehow meet a woman who likes boardgames, playing NES, and laughs at my immature jokes I will marry her and there will be a prenup. 100%. Gotta keep my real estate, baseball cards and arcade machines safe! 

With the exception of my primary residence (which was my first solo buy) I've NEVER used a buyer's agent in the traditional sense. There's nothing wrong with doing so but I prefer not to (mainly because with the exception of my primary residence no agent has ever brought me good deals).

In my last deal the seller's agent was the dual agent. He saw that 6% commission and of course wanted to make the deal happen. He did a good job and was more than fair to me (kept me in the loop, let me view the property before closing, did good with the paperwork timeline). 

I don't know what he told the sellers but I got a ridiculous deal (it eclipsed the 2% rule and then some - 2.7% including rehab - that will be tough for me to top!) because I wouldn't up my offer over the course of a few months and waited it out. 

In short, there's no one way to do a deal, representation-wise (or lack thereof as I've had occasions where no agents were used - just me and the seller - though I very much recommend having a good RE attorney in those situations).

An inspection report will tell you everything you need to know. Many contractors are adamant that old properties were built better than more recent builds. 

I have a 4-unit from 1911. It's awesome. All the other properties I own are newer.

100-year-old properties (heck, 70-year-old properties too) often have cast iron plumbing (my 1911 has it and my 1939 home has it). Cast iron sucks. 

And a few multi family properties I bought have knob and tube wiring (it wasn't expensive to update). 

Plumbing is the bigger headache, IMO. If you can find old properties with updated plumbing, that's a nice plus. 

And of course, in older homes, if you're sanding, etc. be mindful that old paint often contains lead. 

Again, definitely get an inspection report done. 

100% YES. Not only because it's essential to know what issues/potential issues you're dealing with but when issues/potential issues are documented by the inspector you or your real estate agent can try and get credits or repairs from the seller. A good inspector is worth every penny. 

Hello. Part of it depends on how long the tenant was there. If they were there for a year and messed up the walls then deduct it. If they were there for way longer, like 4+ years I personally wouldn't charge them for the paint work/minor chips in the wall (large chunks are a different story). But I would deduct for the mini-blind. 

I don't paint every turnover because I'm in C neighborhood with monthly rents ranging between $400-$650. 

If I was renting out homes that rented for $1500+ a month I'd be more proactive in painting between tenants.