All Forum Posts by: Marc Winter

@Timothy Desrosiers,  this is an interesting post, especially the part about "stuff with the association has been turning lenders away".

There are over 100 posts of great, tested ways to procure a good tenant here in the forums.  However, I think many folks (me included) would like to know what is going on with your condo association to keep lenders away.

Yes, I'd allow access to the attic if/when:

1. You have the full contact info on the licensed/insured pest control company,

2. They supply you with photos of the attic inspection and their findings,

3. You have your maintenance person inspect the unit after the pest control to make sure the attic is properly secured.

Also, I'd have maintenance check the batteries in any smoke/co detectors in the attic.

@dan 

@Dan Keefe it sounds great on the surface.  Personally, I won't partner with friends or relatives.  Maybe wait until you have actually completed a deal or 3?

If you do decide to move forward with your relative, consider forming an LLC, with all your roles spelled out in detail in your partner agreement. Take title in the LLC.

Yes, there will be more expense doing it this way; however it would protect you both in the event of a deal going sideways--especially important for your 'silent partner' relative with the large f&c property.

Hi Ryan, and welcome!

Congrats on starting on the road to freedom with real estate.  

Question: What's more important than finding your 'perfect' deal?  Answer:  patience and timing.

Without being patient, staying consistently on the hunt for a good opportunity, you might be able to stumble onto a winner--but that won't keep you in the game long term.

Always be looking, and when you do find the deal, pounce. That's the timing aspect; having your ducks in line so you are able to pull the trigger when you do spot the opportunity.

I've found that the most important part of real estate (besides your knowledge) is your mental attitude.  Don't quit, stay encouraged, and NEVER give up.  Every potential deal that doesn't work gives you more street smarts and brings you a step closer to that next big beautiful deal.

Lastly, real estate is a neighborhood business.  As a beginner, maybe concentrate on the area that you feel most comfortable with.  Become an expert in that one area you choose, and speak to as many investors, agents, contractors, sellers, and even buyers as you can.  You'll be amazed how leads will come from totally unexpected places.  

Hope this helps you a bit.  Looking forward to hearing about your first deal!  Best of luck!

Normally, I would not approve a tenant request like this, and just say 'no'.  

However, @David Peschio and @Wesley W. make very compelling cases for approval-with-terms.

So now I would consider a 'one-room' sample with inspection. 

Who says an old dog can't learn...?  Thanks!

It's hard to go broke taking a profit.  

I'm sure someone can find a way to mess that up, but for most of us, taking some profit along the way will give you a capital reserve to deploy when you see another opportunity.

In this situation, unless you seriously want more drama in your business, just say NO.

Of course, there are always legal/liability issues when you open a rooftop for tenant use. It's best to speak with your attorney, city zoning/permit office, and check with your insurance provider. 

Proper fencing, access/egress routes, and signage are serious considerations.  Other issues may become apparent as you progress with your plan.

In PA, when working with other licensed brokers/agents, the emd is given to the listing broker. They hold it in escrow until closing or termination of the contract of sale. Check with your state or local MLS policy.

Verbal offers are kind of 'iffy' to me; we like to see a written offer, followed by emd if/when accepted.

Crawlspace vents have been closed off in many of my properties for many years--never had a mold issue in the crawlspace or flooring.  

We found that insulating the walls of the crawl space with solid foam board insulation and keeping a small oscillating fan on at all times keeps the crawl space dry and comfy.  (I don't recommend insulating the ceiling of the crawlspace--it will cause condensation and dripping.)

Make sure there is some sort of vapor barrier on the floor of the crawl space--either thick plastic sheeting or cement.  Cover the plastic sheeting with gravel.   

Hope this helps.  Good luck.