All Forum Posts by: Josh Caldwell

@Scott Smith is correct.  For "estate planning purposes" you can transfer property from your name into a land trust without triggering the Due on Sale clause, or incurring transfer tax.  Most PA lawyers don't realize this but my group does it all the time.  

The law was written to allow you to transfer to your own trust as an asset protection device, and it is a carve out in the Garin St Germain act of 1982, that created the due on sale clause in the first place. 

Because you still own/control the property, there is no transfer tax due to the state. The state's own form actually says this when you record the trust.  

PA is the only state in the union that requires you to record your trust in public record.  That sort of screws up the trust. It shows, clearly and in public who the beneficial interest of the trust is and who the trustee is. Now, you can change that AFTER you record the trust and that change is not filed anywhere in the public domain. 

I hope that helps

Josh 

I can give you the architect, and he help you cost this out.  Drew Weinhiemer is the guy I would go to on this.   I don't think I am allowed to share his email here so I will PM it to you.

Learn how to negotiate like a Pro. 

The President of the Pittsburgh Real Estate Investors Association will be teaching an interactive class on the art and science of negotiating. Josh has negotiated hundreds of real estate deals in his career. He will be using real world examples and live interaction to show you how to negotiate better deals. This meeting could be worth many thousands of dollars to your bottom line. 

Most people misunderstand negotiating to be an adversarial confrontation where the first person to blink is the loser. They believe old axioms like "the first person to speak loses". Nothing could be further from the truth. All real estate transactions occur because both sides liked what they got out of the deal. 

The heart of negotiation is an interview to determine where common ground exists and where partnership type relationships can be formed to accomplish mutually beneficial goals. All of that is just a fancy way of saying that you need to construct a deal where both sides win. Josh will show you how to ask questions, which will lead you to make a lot more money in the next 12 months. 

No need to pre-register. Just show up with a good attitude and a notebook. 

to your success

@Eric Schwake It sounds like you have done all you can as pre - due diligence.  I would get it under contract and use your inspection period to figure out the rest.  It sure sounds like the inspection will be key here. I have an inspector that I use, who is also a contractor and a landlord. If you PM me, I will give you his contact info. 

No idea about the DOM, I haven't done a deal in Verona in at least 2 years. The D grade is basically telling you that it is an old house in need of some TLC, beyond that, you wont find anything specific about that house in the county records.  You will have to hire a home inspector to look at it if you wish to buy.   400 days on market is a sure sign that nobody else sees anything special about the property.  It could be over priced, it could be a weird layout, it could be next to a halfway house, it could be a lot of things.  Your due diligence should discover the problem.  Then you can make a decision if you can deal with the problem or not.

PA will attempt to hit your with a transfer tax even though the form you submit to the state says that you are exempt.  It is easier to just buy in a trust directly. You also have the added level of protection by never having your name directly on the property.  In the case of an environmental issue, they can go back after the ENTIRE chain of title.  You are better off if your name is not on that chain !!

@Michael Long -  No pressure but we do have 1 member who lives in Tel Aviv and one who lives in Prague.  They don't come to every meeting but I do see them a couple times a year !!! You are welcome to make the road trip anytime.  Come as my guest. 

@Joel Owens - in a normal circumstance that might be the answer.  This is an odd case.  I am using a PA blight law to take over a property through the courts.  To do this I need to submit a fantasy of a rehab estimate without being able to get into the building. Once the judge grants my request, then I can enter and put real numbers into the equation. I am just trying to cut down on the bure BS that I am sending to the judge on this one. 

Ok gang, I need some general numbers.  I am looking at a building that I can't get access to until after I buy it at the tax sale.  I know the building is a brick structure and it is listed as fire damaged.  The price to purchase is super cheap. So I am looking for worst case scenario estimates on damage to a 12,000 2 story building sq ft building.  Any numbers will be appreciated.  

Thank you 

Josh

Have you studied real estate long enough to understand the concept, but you can't figure out how to implement what you have learned?  

If you answered yes, then you need to join your fellow real estate investors at the Pittsburgh Real Estate Investors Association July meeting this coming Tuesday. 

We have a team of local real estate experts who will give you the instruction that you need to turn your knowledge into real world money!!! 

To your success

Josh Caldwell

Pittsburgh REIA