All Forum Posts by: Steve Morris

Well, if you're going to self-manage, your software needs to have 2 high-level functions:

1) Be able to enter financial records and create reports that are useful for you to see what you're spending, trends and exceptions.

2) Tenant management - As a landlord, your main defense are good records and following service guidelines, both set mostly by your local govt.  So stuff like copies of leases, tenant notices, reminders to renew, etc.

XLS are just kinda tough way to do it.  I'd call some of the subscribe services and have them show you how they help you do 1) and 2).

Good question - I'd like to know.  If you know a property, you can get title recordings and it should show up there.

So I'm almost certain title could pull that list.  Hence, you got a buddy that's a escrow officer, I'd ask them.

That all depends on your EMA/PSA.  I do apts and you have 4 contingencies which you need to affirmatively waive to proceed:

1) Books

2) Physical

3) Title

4) Financing

Residential contracts are written differently, but ask your agent if you haven't done this prior.

BTW - For reference, how did you "find" the property?

Well, since you can't rip the walls to look at framing, wiring, and plumbing, look at what you can see:

1) Level of trim, appliances

2) Finish carpentry or gaps in joints

3) The flatness of floors and squareness of rooms.  For flat, you may want a large level.  For square, electronic tape measure and diagonals across corners should be equal

4) The stickiness of doors, windows, and sliders.

5) Eyeball the roof for flatness.  Also if you have a guy that knows, look for edges like joints and chimneys for potential for moisture invasion

6) Crawl space and moisture and barriers.  Maybe no LV or PHX, but you do NOT want a chance for moisture.

"Is it frowned upon to talk to multiple agents/brokers to make them aware that you are looking for properties that need some work?"

If I don't know you beyond an intro, I'm assuming you're talking to other brokers.  Heck, brokers talk to other buyers all the time.

I'd ask what specifically you want and then if I present something close and you're not too excited, I'd probably drop my interest.

As noted, just quitclaiming your interest in the property doesn't absolve you of responsibility for the debt.

If your son can't qualify on his own for financing, you may have to stay on the property.

Why did you want off the deed?  If it's estate stuff, you can do a Transfer on Death quitclaim.

As I have the seller disclosure attesting that there is no sinkhole when there is in fact what actions can I undertake?

Am confused.  If the sinkhole has been remediated, then why not go after the contractor since you should ask for warranties on physical improvements (assuming they're transferable).

Again, READ YOUR PSA AND DISCLOSURES - We don't get sinkholes in OR, but if he remediated it, I guess you could say there are none, unless the disclosure asks if there have ever been any.

Gary Kahn and Andrew Hahs both are good RE attys in Portland.

"Why do YOU prefer buying all cash?"

1) You should ask and get a discount for cash.

2) Quick close without a financing contingency

3) Some properties won't qual for financing due to things like CapEx needed and you can buy those.

4) Prop had operational issues which you can fix and stabilize and then do a cashout refi with a lot better terms.

"I started to wonder if investing with an experienced syndication company would be a better bet for me."

If you haven't done it prior, I'd put a min amount in with a syndicator and learn asset management inside-out.

Realize, most syndicators are locked in for a period (like 7 years or you get a hella offer to sell the prop earlier).  Some will allow you to get out, but prob another member will have to buy it at their option.