All Forum Posts by: Account Closed

http://en.wikipedia.org/wiki/Flip_This_House_(TV_series)

http://news.yahoo.com/nphotos/Upside-down-house-built-Germany/ss/events/lf/091108upsidedownhous#photoViewer=/080905/481/fbef9fb1c5474a59ac74dd6b15afebf6

That house is probably a DIY project. LOL!

Originally posted by Tim Wieneke:

Taz, while I can respect your post - again, you stated earlier that while you built your investment portfolio over a span of 20 years, you had a job for 15-20 of those years if I remember correctly. I'm sorry but I'm just not willing to give up that much time to an employer so I can outsource running my business to someone else.

Yes, I retained a full time W-2 job, BY CHOICE, until December of 2007.

I know that is the popular view of work by many in this country today but when you aren't dependent upon your employer for your financial survival you don't have to shove your nose anywhere you don't want. My real estate investing gave me the freedom to put principles and ethics above my job. It gave me the ability to fire a customer, at their offices, and bring my team home when I was a consulting project manager and the customer was being unreasonable. I didn't worry about what my "boss" would think or say because it was the right thing to do. BTW, my company fully agreed with my decision.


You aren't saving as much as you think and you could easily split test to find out. Theoretical numbers are fine, but they do not tell the real story.


True, but it is also an attitude thing. If you don't hire someone our outsource there is a physical limit to how much you can do, or more to the point for me, want to do. To me, a total and complete living hell would be dealing with properties, tenants and toilets as my full time job.


They also dig men who have the flexibility and free time to devote to them. Lots of couples get divorced because money and life get in the way.

I guess I have a different take on this whole DIY verses hire it out debate. It would be impossible for me to do the maintenance myself due to distance and number of units even if I wanted to do it; which I don't, thank you very much. I know how to do it, even used to do it about 20 years ago but part of the reason I started investing was to improve my life. Somehow, pulling another stuffed toy out of a backed up toilet just doesn't meet that criteria for me. If it does for you, more power to you.

I guess where I have heartburn is when people claim the ONLY way they can run their investment profitably is if they do it all themselves. That is just bogus and the sign of someone who, well, you get my point.

Some people enjoy the satisfaction of doing it themselves and knowing it was a job well done.

Some people aren't emotionally attached to the properties and see the real value in the tenants. We experience satisfaction in providing a great place to live at a fair price providing a fair profit to the owners.

It isn't really a matter of having that time to find other deals. For me, while my wife was battling cancer for over ten years, it was having that time to spend with her without having to worry about running to do "something" at a property. Now that I am a widower and single parent, it is having that time to spend with my son.

I am perfectly willing to trade a few dollars here and there to improve my quality of life. Great deals come along about once a week. I can always buy more property to increase my income, but I can't ever get back a single minute wasted on anything. And yes, to me, time spent doing the maintenance would be wasted because I could spend it in so many other ways.

It isn't always about the money.

Originally posted by Eddie Ange:

Just quickly. I have completed many a real estate transaction with not having a inked signature from both parties. When closing the signatures have to be inked and verified by the notary. Just a thought.

Yes, but with a service like Docusign you can close a transaction via eSignatures like I did just 15 minutes ago. I signed the closing documents for an apartment complex in another state after I got word the seller signed them. Because of the federal legislation and because the service meets the standards, the documents are recordable and enforceable.

I signed us up with DocuSign because we can use any document at any time.

We only use it capture signatures. We don't use the fill-in-the-blank features because we use other document assembly software.

We have seen the process upheld in court. DocuSign took care of that part by proving to the court their process met the standards required. The challenge to the contracts was vacated with prejudice.

No, I use a third party intermediary that guarantees the requirements of the 2000 law are met.

If your entity operates or owns property in CA you will have to pay the franchise tax. There is no way around it.

Some have suggested creative trust usage with an out of state entity as the trustee but they forget that means that out of state entity now does business in CA and becomes subject to the tax.

I would have an entity for CA ownership and only have CA properties there. There is no reason to have to pay CA for profits generated out of state until they hit your personal income tax return.

This is where you really need that attorney.

Actually, I was referring to the way he is capturing the signature rendering the document unenforceable. Not questioning eSignatures which I use on a daily basis.

Sorry if it was unclear.

Originally posted by TheInnerCircle:

Taz is wrong, see here:

http://realestate.about.com/od/representationagency/tp/esign_act.htm#

You need to read the act and actually talk to companies implementing eSignatures.

Capturing a signature on the LCD screen of your laptop does not meet the standards required in the 2000 law.

I urge you to talk to a lawyer, preferably the one you would use to enforce, or more to the point, defend these contracts.