All Forum Posts by: Mark Burlison

Ty Sir! Can I please have another? Lol! I was well aware of the circumstances prior to closing! I kept prodding my realtor to address it...but he never did. My question is still, what is the correct LEGAL position!

Down payment AND closing costs AND one year INSURANCE PAID in advance of closing! I found out the hard way!!!!! I thought the same thing ....I just need 65k for the down payment! Lol

I tried a different bank when I ran into this issue. My realtor had a recommendation that helped get the deal done! 

Hi All, on 1/31 I closed on my 4 unit. Going to close I noticed one lease had a signed addendum by tenant and landlord. It stated that she had given there deposit back to them. My attorney went after the issue very strongly....telling the seller we expected the deposit issue to be resolved at closing. Our attorney later recanted her position after conferring with a partner saying we can’t force them to produce a deposit unless the tenant produces it. I wasn’t going to walk from the deal for 800.00 nor get into a contract dispute. But I still think we should have NOT backed down! My question is what is the legal answer?  Did I receive the right legal advice? Thanks!  

I am 60 years old and I just got done blowing up my 401k to get a 4unit. I’d continue to invest up to the match point. My accountant always told me anything above match.... start a Roth. Investment and insurance is a scam. Buy term insurance and invest the difference was a old A.L. Williams line when they began blowing up the insurance industry! I personally have decided to avoid the stock market and build a stream of income off of rentals, SS and a couple nice safe annuities! I know your young and at a completely different stage of life. My 401k through the years helped me purchase my house and my investment property. So I don’t think you want to give up on it. I would definitely run the numbers with a professional. I have assembled a team (accountant, lawyer, realtor, financial planner, mentors, etc.) that help me analyze these tough financial choices. 

Well we closed on our 4 unit on 1/31. Our lawyer had a short addendum to the existing lease, that she wanted us to get the tenants to sign off on. So, it gave my wife and I a chance to meet individually with each tenant and introduce ourselves. We feel good about each one and just wanted to put to rest any questions about us as new owners. Also the ex-owner lives in unit 2. As part of negotiating the price I offered her 3 more months rent at 500.00( a 300.00 reduction), to drop the price 5,000.00! She was looking for a property and wanted to stay a few months extra to find one. Well we have gotten along so well with her, she has decided to stay! The other tenants are use to coming to her to get in there apartments, when locked out..... so I returned a “master key” to allow her to continue to do that. I also returned a “master remote” to close any garage doors at nite, before retiring for the evening. She also volunteered to continue mowing the lawn! 😂😂😂 REALLY! Lol! We had one tenant that had a frozen pipe and she fielded the call and advised them to thaw it out with a hair dryer!! SUCCESS! So it looks like we got a property manager too! I’m not so naive to believe we won’t have our challenges..... but so far, so good!

I am closing on my first property next week. I have a friend who is a contractor....I found his help very valuable. He pointed out a lot of things I missed. If you have someone in that capacity I think it would help. I bought a four unit for 260k, real similar rents. Good luck.

We hooked up with a local reputable realtor who has guided us through the whole process as newbies. He has several rentals, so his connections and recommendations for financing, home inspection, etc. we’re great! Made the whole process EASY! 

Absolutely!!

May be down in Houston in May for a conference. Maybe I’ll look you up.