All Forum Posts by: Nathan Williams

@Jim Cummings - Thank you. Your replies were very informative and helpful. I appreciate the time you took to write your response

@Guy Gimenez - Thank you as well. You helped reinforce my position.

Today, the buyer's agent sent over the termination for the contract. I don't think I have any recourse other than writing the agent's broker and submitting a complaint to TREC. I have 7 days to release their earnest money. I'm not sure if it is worth an attempt to collect the earnest money. I am guessing not. Do you guys have an opinion on recourse?

@Wayne Brooks correct they found a problem. However, they conducted an intrusive and potentially harmful test to my plumbing system without my consent which violates the terms  of the sales agreement. 

@Jim Cummings - Thank you for your reply!

I am the seller.

1. Yes, I would have agreed to allow. 

2. I suppose that is an unknown. We went under contract without the addendum to allow the test so I assumed they were not going to walk.

3. No - but excellent point I will try and get that.

4. TBD. However, I spoke to the plumber on the phone and he ensures me it wasn't a hydrostatic test because he didn't apply further pressure other than the water he filled up in the sewer system. I think he is confused on what the terminology means.

I totally agree with your recommendations and that is likely the course I will go. Thank you again.

Hi All - I am under contract on a house. The buyer's agent, within the option period, had a plumber come out to the house to perform (what I think) is a hydrostatic plumbing test without my consent. What they did was inflate a ball to plug up the main sewer line, removed my toilet, and then filled the sewer system up with water to the slab level. Note that nothing was pressurized.

My first question is - Is this a hydrostatic plumbing test? Per most sources it is. Per other sources, it involves actually pressurizing the plumbing system. Some are calling this a water test while other sources clearly define this as a hydrostatic test. Which is it?

Did they violate section 7A of the Texas Residential Sale's Contract? "Any hydrostatic testing must be separately authorized by Seller in writing"

The test failed and now they are using this as leverage (obviously). What recourse do I have (if any)? I had no idea about the condition of the plumbing until today. 

I need some work done on a property in order to get it rent ready. I am an out of state investor. Can anyone recommend a great (affordable) contractor in Birmingham? Thanks!

Nathan

Hi All,

I am an investor based in Austin, TX. I buy / rehab / rent properties in Texas as well as Tennessee. I am looking to expand to Birmingham. Does anyone know of a realtor I can connect with who works well with an out of state investor? I'm also looking for a little guidance, overview, and advice on specific neighborhoods. Any help is greatly appreciated.

Thanks!

Nathan

Hi All,

I have a rental property in Round Rock. My neighbor has asserted that the roots from a tree in my front yard has penetrated his sewer line. He was also told that the roots were "headed straight for his foundation". Long story short, he has asked that I removed the tree. 

My position is that this is a beautiful shade tree that, if removed, would not only compromise the energy efficiency of the home but significantly reduce the value of my property. Further, I don't think the city would even allow this.

Am I liable for any of this? Removal of the tree? Paying for the cost of these damages? My understanding is that if there are roots or branches on his property line they are his responsibility.

Any advice would be helpful-

Nathan

Hi All,

I am interested in transferring funds from my IRA held at a brokerage firm to a SDIRA with a custodian. I've done my homework on SDIRAs and I am aware of the benefits and the restrictions. However, my tax attorney is advising me against it due to the possibility of the UBIT / UBTI tax being triggered. So far, it is not a risk. But, if it is triggered it looks like it could be painful

Can anyone shed some more light on this? Has anyone opted out of this investing strategy due to this possibility? Here is an article from Forbes that explains in detail the risk:

https://www.forbes.com/sites/greatspeculations/2015/07/15/beware-unintended-tax-consequences-of-unrelated-business-income/#7b6970f926b7

Thanks all!  @Thomas DeMoss @Ben Van Gaasbeek 

Will give him a call. BP makes out-of-state investing a breeze. I found my rock star agent, handymen and now property manager here. Won't have to travel to Chattanooga at all to get this property rent ready and tenant occupied.

Hi All,

Can someone recommend a property manager in Chattanooga? 

Thanks!

Nathan