All Forum Posts by: Tom Goans

@Doni Healy,

The Small Business Administration (SBA) has many articles on their website and also have very economical seminars in cities across the country. In some communities, the seminars are taught through a college partnership.

This leads me to other opportunities. Many colleges offer Continuing Education courses that are generally very economical. Many also have college credits.

In my area, local banks, credit unions, and businesses offer free to very economical seminars.

Even the local school districts offer some seminars throughout the year.

Then, some of the local real estate associations and organizations have seminars, such as property management companies.

Real estate trade schools offer excellent courses, but they do cost more.

Attending the seminars and classes are a great way to learn and meet others who have similar goals to yours. Who knows, you may meet your future partner or lender in one of the seminars or classes.

Have fun.

@Dion DePaoli,

It would appear you are very knowledgeable in this subject. Admittedly, I am not.

The question that comes to my mind, the person who filed for bankruptcy is probably represented by an attorney. If so, would this attorney be able to apply the options you referred to?

Another question that comes to mind, from what I have seen in other bankruptcy cases, the court makes the decision on whether or not to sell an asset. If this is true, could the attorney for the person who filed for bankruptcy through the attorney request the court delay foreclosure to allow the property to be sold?

I am guessing the real estate lender is not the only creditors listed in this bankruptcy case. I would think this too would affect the disposition of assets.

Kudos @Michael Smith,

It would appear you very well educated in the lending profession. You also are very good at articulating your points.

You should do very well in your endeavors.

@Evan R.,

Legally, legal advice can only be provided by a licensed attorney in the state where the property is located. You should only consider legal advice that is provided by an attorney you hire. Any other advice is ILLEGAL.

Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative. The penalties can be harsh if you violate tenant rights. An attorney will assure you are abiding by the federal and state laws. Every state has unique laws. The attorney will also provide the best advice and options for your specific situation. The results will be legally drawn up agreements for your use that are within the law.

@Lindsay Wilcox,

You have a legal issue that needs to be unraveled by an attorney where the property is located. Just from your post, the issue is not clear.

I never rely on documentation obtained from a seller. I confirm everything with the governing entity. In your example, if the county or city provided a zoning variance, one will be of record.

Legally, legal advice can only be provided by a licensed attorney in the state where the property is located. You should only consider legal advice that is provided by an attorney you hire.

Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative. An attorney will assure you are abiding by the federal and state laws and so are those with whom you are dealing. Every state has unique laws. The attorney will also provide the best advice and options for your specific needs with a consideration for your future.

Seeking legal advice from a licensed attorney where the property is located is the very best way for you to get accurate answers and options.

@Account Closed,

I would ask for specific details about their education and experience.

Then I would get more specific by finding out their area of real estate expertise. If they do not have one, or it is broad, or does not match your area or areas of interest, you may want to move on. There are agents who specialize in working with investors. They understand the investor’s premise and goals. This is much different from agents who only like to deal with retail buyers.

If you are focused on particular neighborhoods or types of properties, ask the agent if they have experience in this area of your pursuit.

If there is a neighborhood you have an interest in, seek out the real estate agents with the most listings in the neighborhood. Most likely, they have become very knowledgeable on the neighborhood and target market.

By the way, not all real estate agents are REALTORs. To become a REALTOR, an agent must join the REALTOR club.

@Darrell Lee,

If I understand your post correctly, you want to specialize in working with "wholesalers/flippers".

If this is correct, I feel one of the most powerful and at the same time most economical form of marketing is a well-designed targeted website. Your website should address what your target market is seeking and your special interest in being their go-to person. Most investors are always open to new sources for investment opportunities.

Once this is up and running, perhaps consider making a tri-fold 8-1/2x11 handout sheet. With this in hand, attend local real estate investor club and association meetings. You may want to include property manager associations and organizations. Often, they work for real estate investors and can introduce you to them. At the meetings, you will have the opportunity to hone your skills and understanding of what the target market seeks.

Best of luck with your business plan.

@Sam Dal,

I have been in the real estate business for almost 50 years. I sense there is more to this story than is being told. I certainly sense animosity.

Nevertheless, you would be very wise to seek advice from an attorney in the area where the property is located. An attorney will analyze your situation to make sure you and the landlord are abiding by the federal and state laws. Every state has unique laws. The attorney will provide you with the best advice and options for your specific needs with a consideration for your future plans.

I never felt it wise to play games when it comes to legal issues and the roof over your head.

Legally, legal advice can only be provided by a licensed attorney in the state where the property is located. You should only consider legal advice that is provided by an attorney you hire.

@Deborah Burian,

Ask your attorney which is cheaper, hiring a professional to address the problem or defend a lawsuit filed by the tenant.

Another consideration, what if the place blows up and someone or someones loose their life. How will you feel about this for the rest of your life?

@Yiv L.,

There should be one or more paragraphs in your lease agreement that covers tenant nuisances and disturbances. This is your directions of how to handle the situation. If the lease agreement does not contain any language on this subject, you should meet with an attorney where the property is located to redesign your lease agreement to cover this and similar situations.

My method for resolving situations is to seek a solution where everyone wins. In your situation, there is no winning side or argument. If you try to pick one, I predict the situation becomes much worse. I would probably turned it back on the parties and ask them how they would resolve the situation so that everyone is happy. I would stress the importance and benefits of being good neighbors. During my calm and casual conversation, I would continually use the work HOME. “This is your HOME where you and your family live and call HOME.” “Help me come up with a way to make your HOME more pleasant for you and the others who call this complex HOME.” Something along these lines. My idea is to remove the situation from strangers fighting at their apartment to neighbors resolving a minor and easily fixable issue at their homes.

If you turn your property into a home for people, they are more incline to be neighborly. You as the landlord and property manager set the tone of the attitude.

You may have a more serious problem than you realize.

One important added consideration, as a rule of thumb, real estate has an implied warranty of “Quiet Enjoyment”. This is typically extended to tenants unless there is a law in the state where the property is located that removes this covenant. You should be aware of this covenant and how it applies to you and tenants rights. Your attorney will be able to explain the legal ramifications.

After a discussion with an attorney where the property is located, you may find that whether or not the lease agreement states the tenant right to quiet enjoyment, it may be part of the state law. If this is true, the tenant may have the right to legally terminate the lease agreement prematurely and move if it can be proved you have neglected your duty as a landlord to ensure quiet enjoyment.