All Forum Posts by: Douglas Snook

I hear you. I find myself in that situation from time to time. It is easy to feel beaten down. I get a lot of it especially since my spouse is not on board with anything about real estate investing. I call her the dream crusher. She says she is a realist. My response is at least I have a dream!

So come on here or go to a real estate investing meeting for encouragement! 

I can think of a couple of reasons.

If you have current tenants you may want to offer to renew with them (whether or not you plan on increasing the rent). 

If they are not renewing, you may not be able to guaranty the apartment will be empty if they can not find a place to move to and you may have to evict them and therefore the place is not available yet you already have a new lease ready to go. That can cause you big problems.

To some degree it depends on what you are renting. I have a client that rents to a lot of students so his leases usually run August to July. New students start looking as soon as they are accepted to the local universities so he may sign some up early or put them on a list to contact when he confirms the seniors do not wish to renew after graduation.

Hello all

I have seen this term frequently on the site and must confess I am not 100% sure what is meant by it even though I am an attorney!

So what are you looking for when you say you want an "investor friendly attorney"?

Someone that can review your (chain of ) title for defects?

Someone to conduct closings? ( In MA closings are done by an attorney not a title company)

A title insurance agent to write title on your purchase? Review your P&S? Evict tenants?

Just curious!

Thanks

I would be happy to talk to you about your needs. Please feel free to contact me directly

You really have to see what the market for 1 bedrooms is like in your area. As mentioned in Boston it is pretty good. I had duplex, one side was a 1 bedroom the other three bedrooms. Most tenants seemed to stay about a year on the one bedroom and never any issue finding a new one. Three bedroom was always an issue. Took longer to find tenants, had to be deleaded because of the with the extra bedrooms could have kids under 6. Now more people and more wear and tear. Also took longer to find tenants that could afford the rent.

Most anything can be bought or sold, it all depends on the price and its value.

The situation in Ohio sounds like a ground lease. You own the land but someone else is leasing it and can do what the what on it. You would need to check with an attorney from Ohio to be sure.

Since you are already involved in a court case and have a hearing date in December, I would push it to the wall and see what happens on that date.

If you win, it probably is not collectible but at least you know you were right. You could drop it then.

If you lose in December, what have you lost, you have nothing now.

Keep us posted

For a while my wife wanted to call her Savannah Georgia Snook but I think we will go with another middle name. 

Not to be nosy but I checked out a couple of your older posts. (not all of them) You were asking about securing funding. How did you fund this project? Did you use hard money or were you able to get a loan or did you borrow from friends and relatives? Just curious

Congrats! Love Savannah (in fact that will be my daughter's name when she comes in January) Was going to paint my porch ceiling blue like those down there (although I have seen it done in Maine as well) I think the term call it "haute" blue, to stop the evil spirits from entering as they don;t want to cross water. Around here they say its to keep the bugs off the porch.

Anyway good luck with it!

Find out how he is holding the property he is working on. If it is an LLC or otherwise not in his name, make sure the loan is also against him personally. Does he have a primary residence you can put a second on instead of the flip property?

Whatever you do, document everything!