All Forum Posts by: Sean Walton

@Anna M. here is a good thread if you read it all the way through  https://www.biggerpockets.com/forums/311/topics/43...

From what I gathered from the presentation is that most banks don't seem to notice the difference between a land trust and a living trust and they assume you are doing some estate planning and it will probably not trigger the due on sale clause (but I'm a relative novice and that is not legal advice)

There was a guy who came to a local real estate meetup calling himself “the land trust guy.” He had a self study course on these. He seemed to really know his stuff so if you plan to do several of these the price seemed reasonable (I think $525?). I’m in no way affiliated with him. PM me if you want my notes from the meetup

@Ivo Draginov , @Account Closed what did you guys think of it? I'm considering going to the one in Vegas in February. Is it only worth it if you are in sales or have an established business or good for newbies too?

There are people doing very well converting buildings to self storage. If there is not a lot of saturation in your market that may be a good solution for the deep floor plates. You don't have to add or maintain plumbing 

A change in use may require adding fire sprinklers which is just one of those costs to factor in.

Hi Al,

    I agree with what others have said your existing walls may not be able to support the weight of an extra floor. Not insurmountable but adds cost. Do you have an existing attic? You could probably finish that out easier and pop in some dormers. 

You could also look into medium term rentals to traveling nurses, doctors, professors, business people etc. Don't formally convert to a duplex but see if there is in-law unit or accessory dwelling unit legislation that is often less stringent. May also be attractive to a multi-generational family end buyer. I would talk to a good local realtor to see if that is seen as a positive.

Also depending on your lot size you may be able to put a small in-law unit in your back yard. There are some companies making cool prefab ones that come out fully assembled just bolt it to the foundation and connect the utilities.

If you are trying to evict in most places if you accept payment even partial payment from a tenant you that will start the process all over. I would make sure whatever method you use it has the ability to be shut off

It depends how much time you have. Planning code is sometimes dense and confusing but the city planners are usually helpful in answering questions. But they will only answer zoning limits on what you can do. There are structural and fire protection requirements that you will probably need an architect or structural engineer to answer. I think they are worth the small amount they will charge for a feasibility study

I have a friend who is trying to sell a comercial Condo in Barcelona that can also easily be converted to a residential condo. It is pretty central and recently remodeled. Does anyone know a lot about the market there that can give her advice?

Mindy Jensen I agree with Jesse Mao quote search should only return things with both words in that order and would be very helpful

You need to figure out your goals is it financial freedom through passive income? Improving neighborhoods flipping? Figure out what you’re good at or interested in getting good at. If you aren’t into sales or learning it or you don’t like people avoid wholesaling. Read a lot your library will have a lot of these: Rich Dad, secrets of the millionaire mind, set for life by Scott trench, 10x by Cardone, the psychology of selling by Tracy, smash your alarm clock by Jason Buzi. Listen to all the podcasts by bigger pockets and topics you find might be a fit for you. It is easier to get loans with a w-2 job and nothing wrong with learning on someone else’s dime. Get a job doing for someone else what you want to do.