All Forum Posts by: Art S.

Ok, here's real life... Maybe I'm wrong, but it sounds like you can fix it yourself with the proper vent-type heat rated tape from Home Depot. But here's what real experience will tell you: Don't file any complaints, or sue, or do anything reactionary. You can't act in a knee-jerk reaction to things you don't know much about. Instead: 1. Next time something like this occurs, have the guy show you the code in writing, right then and there. He probably won't be able to. 2. In any event, politely tell him you are required by your "partners" to confer with them before incurring any substantial expense, - and then get them off the property - tell them you'll contact them in the next day or two. 3. CALL and talk with other plumbers on the phone to confirm the info. That way none come out to the property (just in case they do the same thing), so you don't burn through all your plumbing contacts or get further into a mess. 4. You can also call the city (without disclosing the address), and ask them about the situation, and if any part of it is grandfathered. This will let these plumbers cool off and likely not file any complaint because you're so nice, and they're still hoping to do business with you; it will also give you the proper information you need; give you time to plan and save up for the expense; and preserve your plumbing contacts.

Hi Julie,

Your reason for wanting several rental income properties is to feel secure and enjoy life in your old age. But your feeling won't end when you get there.  You get just one life.  Not yet, but some point you must live in and for the present, not the future.  I was like you.  So I learned to better enjoy life by acquiring buy and hold small multi family properties in places I liked to visit. I kept one of the units in each place for my own use.  Now I travel alot, which brought me out of the frugality mode I was in during my early acquisition years. I know your area well. Perhaps a duplex or fourplex in sunny Scottsdale might be on your acquisition list someday...

Lawyers will almost always kill any creative deal. Why? If you were a lawyer and your client came to you to review a deal, then they are paying you to protect them from anything bad that could potentially arise from the deal. If the client told you they were getting quite a bit less then fair market value, how could you advise your client to go ahead with the sale. If the client later gets sellers remorse, or a relative convinces the seller that the deal was too opportunistic, then who is to blame? The lawyer. There could be a civil suit, a bar complaint, discipline, etc. No lawyer would let their client proceed without strongly suggesting they first seek other options. The same goes with low down payment deals or creative deals. If any complications or defaults arose, the client could recover from the lawyer because no other lawyer could defend the client lawyer's recommendation that the creative deal was sufficient, particularly in hindsight when the client has now suffered a loss and made a bar complaint. Of course, there are exceptions, but don't get your hopes up when a client wants to run it by his lawyer. Regarding the lawyer stealing the deal to acquire the property himself, the general rule is that a lawyer cannot engage in business dealings with a client. However, it can still occur if many hoops are jumped, like a professional neutral appraisal, fair market value being paid (or pretty close to it), and full disclosure along with another attorney representing the client through the deal, and full disclosure of all conflicts and issues. But this is a lot of trouble to buy a property where the lawyer can't ethically "gain" much from it because he has to pay close to FMV. It's likely the lawyer did not buy it himself. Having the client sell to the lawyers friend or relative, or a straw man, has the same issues. I would suspect that if the lawyer did not instruct the client to get an appraisal, nor to talk to a realtor, nor list the property for sale, then this may be exactly what occurred. It's an ethical violation. It would be interesting to ask the seller what she was told. And interesting to find out from a title company who eventually buys the property, and then see if you can determine how the buyer knew the lawyer. But none of this will help you. It's a numbers game. Find another property but keep this one in mind for a time being to see if it ever transfers. If it doesn't after two solid months, then maybe re-approach the seller. If she's still willing to sell, she likely won't talk to the attorney the second time around. However, you may want to offer just a bit more.