All Forum Posts by: Cheryl C.

Oh, I see you are in New York. I know that NY has some wierd stuff with those title abstracts (don't you have to have the original abstract going back forever?). Perhaps the recording and title issues I mentioned don't even apply there. Probably best to ignore my earlier response - although I am curious as to why you didn't record.

Michael,

Why haven't you recorded them? In my state title issues could arise if interim liens are recorded. It is true that you own the property once the deed is delivered and recordation is not required, but my state is a race/notice state and failure to record can cause some real problems. How did you get title insurance without a bring-down and recording?

To answer your question about listing and getting the places under contract, you don't have to wait for the recorded deed to be returned to you. Around here that can take months.

Are they going to pull a permit? Also, I'd want to see some of this guy's work. Sounds like a win to me; provided permits are pulled, the guy has insurance and your review of his other work is acceptable. Don't give away any rent until the project is complete to your satisfaction.

Mogi,

I, too, think you made a good choice. I find that many tenants (responsible ones) tend to nit-pick about small stuff. They seem to have a "settling-in" period of a few weeks or a month where they drive you nuts. If they go over the top I suggest that perhaps they aren't happy and would like to be released from the lease. This usually ends the nonsense ("the upstairs tenants wake me at 6am, a kitchen cabinet knob is loose, the kitchen light is not bright enough AND the latest...light from the street lamp comes thru the blinds into our bedroom" = maybe you want to leave...and "Oh no, we LOVE it here".

Grad students don't tend to have alot of money to move around. You may get one leaving and a substitute. Teens and section 8 spells trouble and damage in my mind.

I'd agree with Jason. You didn't find it on the street or in a public place (treasure trove). This is just my thought as I don't know the law with respect to this. Lucky you!

My last house was built in 1922 by the treasurer of a local bank. He embezelled (sp?) a ton of dough and caused the bank to go under. The house went into receivership. We were the second real owners - he only lived there a month. I searched on a regular basis...to no avail.

I've never used a property manager. I don't work and have plenty of time so it's hard to justify the expense. I have rarely heard of a good experience with PM's, but I am sure there are many good ones.

I try to stay very close to home with my rentals. I know and trust my tradesmen and contractors. I can supervise any work and do occasional drive-by's, etc. I do have 3 in Naples, FL but have a good handyman and long-term tenants (10+ yrs in 2 of them) and I go down there several times a year because my winter home is there and my mother and my in-laws are there. I didn't buy them blind (well 2 were sight unseen - my mother checked them out for me). I wouldn't be able to handle buying in an area that I wasn't extremely familiar with and that I couldn't be "hands on". Just me, I guess. I don't have the stomach for it. I'd be a nervous wreck.

OT

Mark U.,

I'm from Ithaca. We always went to the Cornell Orchards for bushels of apples and cider. Once I was at Cornell that cider was mixed with some libations or left to go "hard". I know lots of people for Roch-cha-cha. Upstate is beautiful. Very depressed economy for decades...

Marc,

I had a license back in the 80's. I still think right now that it's best to try to go with the lister. I believe, however fair or ethical, you'd save more than the 3%.

The problem now with commercial is the REITs and Vulture funds. They have a ton of money and are over-paying for these assets. And I doubt 2mil would put you in the game for quality properties. Perhaps buy some REITS - some of the returns are quite compelling, but you have missed the boat on the best entry level on share prices.

As said before, much depends on your overall situation. Do you already have a portfolio that is diversified? Clearly CD's are abysmal. Me? I'd probably take half for mutual funds/REITS/Metals/cash, etc., and then leverage the rest into quality RE.

Joel, no one is driving me around and showing me 20 properties. If you aren't bringing anything to the table, why are you worth 3% as a selling agent? I don't need hand holding or have buyer's remorse or flip over a home inspection (I waive all contingencies). He tells me that listing agents are being threatened by selling agents along the lines of "you better present my client's contract or there will be a report to the Board of Realtors", etc. Lots of anger going around about agents "double-ending" stuff. Well, I see stuff I didn't get come up with sold details showing a double-end (or, at least, the same office). Why shouldn't I go to the lister? BTW, I've had 11 transaction with this one agent and I've only hammered him on the commission 4 times. He didn't manage the appraisals on the sales - wasn't present, provided no comps or reno invoices. Cost me ten's of thousands. Maybe this isn't the right guy for me, but do you really think an agent working with me should get the full 3%?