Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Scott Mac

Scott Mac has started 59 posts and replied 5021 times.

Post: How Can I Acquire Neighboring Properties from Slumlord

Scott MacPosted
  • Austin, TX
  • Posts 5,132
  • Votes 5,186

It also might be wise to speak with your escrow company about how they intend to handle the LLC in its closed down condition with the state due to non-payment.

Good Luck!

Post: Tax Lein vs Tax Sale - How To Get The Actual Property?

Scott MacPosted
  • Austin, TX
  • Posts 5,132
  • Votes 5,186

Is there enough of a data set of these tax sales In your area, during the recent economy, to come up with a statistical likelihood that is reliable??????

Post: How do you know if you have stable enough income for House Hacking?

Scott MacPosted
  • Austin, TX
  • Posts 5,132
  • Votes 5,186

If you have to ask that question, nobody knows your situation better than yourself, and you could not answer yes your income is fine-  most likely it is not.

That is my thoughts on how you would know.

Good Luck!

Post: High maintenance costs.

Scott MacPosted
  • Austin, TX
  • Posts 5,132
  • Votes 5,186

What kind of maintenance costs are you running into?

Much of What remains of Detroit appears to be brick, a low maintenance exterior.

Many of the refurbished structures seem to have new windows put in.

When you do a rehab are you using new appliances or used appliances?

Are you upgrading the old 110v electrical system to 220v 3 wire?

Are you sludge hammering out the old coal heating systems for modern natural gas Forced air HVAC units?

Exactly what kind of maintenance costs are you having problems with?

Post: Can Seller Financing Benefit the SELLER?

Scott MacPosted
  • Austin, TX
  • Posts 5,132
  • Votes 5,186

Let's turn this crystal ball a little bit, and look at OWC from another angle.

Something that hasn't been brought up is the no money down dreamer who is just starting out with empty pockets.

And also the risk that may be associated with not having experience in this business handling a refurbish and bringing a property up to stabilization.

What I'm saying is, a cash cow for some, might be a very sharp tooth alligator for others.

Just my 2 cents.

If it were mine, I would have the same company come out that did the install and refurbish the area back to its original condition.

And dun the security deposit for the amount that it cost to restore it.

All the while remembering- there are no pit cats, only pet cats (and dogs using the backyard as a restroom is one of the reasons I think cats make better renters than dogs).

And the reason I say cats and dogs are both renters, is because the signatory to the lease typically considers them to be family members.

Move to ban their pet, and see how long the signatories continue to pay you rent or just move on. 

Good Luck!

Your outdoor setup reminds me a little bit of this classic movie scene:

https://www.youtube.com/watch?v=JrYtD7gSWsI

I think this owner needs to screen his renters a little better, And fix that hole in the wall.

Post: LLC Strategy - The Overlooked Management Co?

Scott MacPosted
  • Austin, TX
  • Posts 5,132
  • Votes 5,186
Quote from @Pete Wolven:
Quote from @Scott Mac:

Why would the landlord not want to be the managing member/ sole member of the management company and just take its earnings back onto his 1040 directly without passing them through to another shell company?

If the landlord draws a lawsuit while acting under the cover of the management company llc, wouldn't he or she prefer not to have privity with the llc that holds the title to the properties?

Such as in a slip and fall suit, or a broken stair tread lawsuit.


 i'm not sure if this for me or the guy above me.  

 For @Carl Stenberg' .....

Post: Defend subpoena to trust.

Scott MacPosted
  • Austin, TX
  • Posts 5,132
  • Votes 5,186

It seems like that would be a question to ask the attorney that set up the trust up.

Can you not get courtroom legal defense from the attorney that set this up - or is this person just telling you comply with the subpoena you have no choice ? 

Good Luck!

Post: Nightmare Surprise Before Closing

Scott MacPosted
  • Austin, TX
  • Posts 5,132
  • Votes 5,186

Small claims against the lender maybe, maybe, maybe???????