All Forum Posts by: Remington Lyman

I’ve been a member and active forum contributor of BP since 2009.  People arriving at BP since say 2015 should (if they’re available) read thru some of the 2009 - 2012 posts.  Talk about CRAZY!  

This has been a good thread and there's nothing wrong with a healthy dose of self-examination from time to time, but at the same time some posts have been allowed to remain standing despite being in violation of several forum rules (1. Don't attack staff or moderators in the forums, 2. Don't troll, flame or create incendiary posts meant to stir the pot). Let's not let the thread become a self-fulfilling prophecy.

Beyond that, a few random thoughts:

1. No one should mistake the forums for a town hall where all speech is permitted. Posts are censored, have been censored and will be censored in the future at the pure discretion of staff and moderators. I know most of the moderators (I've been one for almost a decade) and I think they all try to be reasonably even-handed and err on the side of letting things stay up rather than yank them down - even more so as AI has started to run amok. If censorship or the possibility of it makes some people leave, well that's probably just how it will have to be. Personally, I can't imagine being so thin-skinned that someone changing or taking down one of my posts would lead me to throw a fit or leave in a huff, but that's just me. I know at least a few of my posts in the days before I was a mod were probably changed or censored for rule violations, and I also know that I have edited or taken down at least a few posts from people who later ended up moderators (I don't name names :) ). I don't really see it as a big deal. Sometimes we say stuff we shouldn't have said, or get overly heated or emotional. It happens, life goes on.

2. I have interacted with @Rene Hosman plenty of times and have found her interested, reasonable and easy to get along with. I think overall she's done a nice job here and has been more involved with the moderator team than some others have been in the past. I'm sure she sometimes does things that make people mad but I'm sure I do as well as does @Chris Seveney and @Joel Owens and lots of other mods and staff members. Again, that's life. I wouldn't take it personally. I have seen some of the threads that she has moderated or edited and some others would have taken a harder tack on some of the posts. 

Cleveland 

Buyer default after extension — enforce EMD or keep waiting?

I listed a property recently that got about 20 showings in the first week but only 1 offer (layout isn’t the strongest). Went under contract with a relatively small non-refundable earnest deposit and a short closing timeline. It’s been 55 days it went from 25 day close to 55 and counting 

The buyer missed the original closing date, asked for an extension, and I agreed. The new closing date has also now passed with no closing. Buyer still only has conditional loan approval, and I later found out they withheld a material fact that impacted their financing. They’re offering just a token increase to the deposit, and my realtor is encouraging me to give them more time since there weren’t multiple offers.

My concerns:

• Contract has technically expired after extension.
• Deposit is small and currently stuck in escrow.
• Buyer hasn’t been transparent about their situation.
• I don’t want to lose more time off-market, but I also know the layout limits buyer pool.
• I could, in theory, always draft a retroactive extension if they really got their financing together later.

Question for the community:

If you were in my shoes, would you enforce the contract and re-list now, or grant one final, short extension but only with a substantial non-refundable deposit?

Quote from @Remington Lyman:

Quote from @Shuff Mauldin:

i agree with @Caleb Brown - really get someone you trust to eval the crawlspace. It can eat your lunch on its own.  If it has knob & tube make sure none of it is active.  Pay to have the sewer lines camera'ed.  If the windows are original prepare for a crazy power bill & budget for double the normal insurance cost. 

If you do end up purchasing, ADT has a feature which will monitor the elect in the home and alert you to any potential hazards/hot spots.  I recommend getting it.  

 A lot of the rental properties I see in my market have knob & tube. Most of the time the investor needs to get comfortable with if they want 1-4 unit properties that cash flow.

I agree.  I see knob-and-tube on a very-regular basis. A lot of landlords may have it and not even know it. 

Usually, parts of the house have been upgraded over the years.  I will find ROMEX and Metal Clad at the service panel and in the walls.  But when I get up to the attic there is frequently a mix of new wires tied to knob-and-tube using junction boxes.  

It's kind of funny, actually.  Upgrades start at the basement and go up through all the walls.  But when they reach the attic they stop.  Why?  Because it's cheaper to tie into the existing than to spend a few hundred more putting in new.  

Hi Jeremy

Thanks for sharing your feedback — even if it’s tough to hear, I appreciate you taking the time to express your concerns.

That said, I want to be clear that I’m no longer involved in the day-to-day operations at BiggerPockets, including forum moderation. I don’t have oversight over the moderation team, and I don’t have visibility into the specific thread or situation you’re referring to.

I also want to clarify that I don’t manage Rene or her manager, and I’m not in a position to step into this issue or weigh in on it meaningfully.

What I can say is that during my time as CEO, I valued Rene’s contributions. She came to the role as an investor herself and consistently approached the work with a positive attitude. She handled some challenging situations thoughtfully and was receptive to coaching and feedback. Rene was chosen for the role by Mindy Jensen, who led our forum moderation efforts with care and dedication, and who entrusted Rene to carry that forward.

At this point, though, I’m not in a position to provide feedback — positive or negative — beyond my own past experience. I’m also not able to engage in back-and-forth discussions on this topic.

I hope you're able to get a resolution through the appropriate channels.

i agree with @Caleb Brown - really get someone you trust to eval the crawlspace. It can eat your lunch on its own.  If it has knob & tube make sure none of it is active.  Pay to have the sewer lines camera'ed.  If the windows are original prepare for a crazy power bill & budget for double the normal insurance cost. 

If you do end up purchasing, ADT has a feature which will monitor the elect in the home and alert you to any potential hazards/hot spots.  I recommend getting it.  

Hello BP Community,

I am considering my first off-market deal through a wholesaler. The property value is definitely a good deal, and the house checks out. The wholesaler has picked a title company but is willing to use my own as long as they are able to deal with an assignment of contract. I am requesting this for my protection and to ensure the title is legitimate.

What else should I be aware of in a transaction like this to avoid any problems?

Thank you in advance for your answers!

Hi BP family,

Wondering what some your thoughts are on properties older than 100 years? I am looking at a few opportunities in the Midwest and the numbers seems to work, my biggest concern is some of them were built in the early 1900s. I have done most of my investing down in south FL, so I am used to looking at properties closer to 50-60 years or younger. 

Any feedback, advice, or thoughts would be appreciated. 

Hey everyone! I’m a new investor; just bought my first duplex as a house hack in Omaha Nebraska. Still learning the ropes of all this but I’m anticipating a move to Dayton Ohio (I’m active duty Air Force so Wright Pat AFB). Once I move I’d be looking at another small multifamily to house hack. Just looking to get to know some people in the area and understand the market a bit! What do you all think about Dayton and surrounding areas for investing, specifically for small multifamily? Thank you!

Coming late to the party, well, because BiggerPockets has not held the same value it used to 5+ yrs ago.

To your point, @Remington Lyman, yes it has been a noticeable decline in content, interesting threads, etc.  I think the primary driver is the market shift.  While it gets old answering the same newbie question "how do I start investing in real estate without any money?", at least 4 and 5 yrs ago those questions came with some sort of genuine desire to learn.  

So,while the AI issue has become frustrating, I think the bigger issue is just the decline in interest, resulting in fewer active participants with an actual interest to learn, resulting in a less robust forum.