All Forum Posts by: Tyler Weiss

Welcome!  St Charles is a great market but deals are little more difficult to come by and are gone fast when they appear. Doesn't mean it can't be done. Where you invest is up to you. Do you know other markets?

 There are quite a few local meet up events and virtual events listed on biggerpockets. Check them out!  Great places to network with local investors. 

 Thanks for the help. Im still learning whats going on/terms myself. There was an original Beneficiary Deed with 4 children on it from the late 80s. They created another beneficiary deed with just 2 of children in 2017 without canceling or making any changes to the first deed. 

After my title company walking me through it, I don't believe this is on the title company. I believe the seller also doesn't understand what needs to be done to close. His expectation are not reasonable. Changing the title company won't change the fact that all of his siblings will have sign off on before we can close. He wants to solely control the sale of the property but doesn't want to bear the tax burden of the sale either. He doesn't want the Title Company emailing or mailing paperwork to his siblings either. Supposedly one sibling is rogue living off radar in the cabin in the woods with no internet....  He wants it all to go through him.  He will "get them to sign it". 

I was supposed to close a week ago on property but we are seeing delays. The seller now wants to back out or change title companies. He is furious with them for lack of communication, lack of internal communication, time delays and other things. He has been upset that it wasn't a checklist of all documents needed to be signed at once. They have trickled in one at at time over the course of several weeks.   I also don't think he understand the process. Unfortunately I don't understand it enough either....

This is an inherited property which had him and 3 other siblings on it as beneficiary upon death. In 2017 his mother listed just 2 siblings on it without canceling the first one.  The seller wants everything to go through him, all paperwork, warranty deeds, seller directions etc He does not want title company mailing it to his siblings to sign off. He wants to drive hours to walk them through it himself in person. . But is now furious that he will have to bear all the tax burdens. (instead of it being distributed between siblings)

The title Company has already did the the title search and 90% of work. I don't think this is their fault. But what can I do save this?
Is it too late to switch title companies? Would I still have to pay them for their work?  Is this out of his mind? 

Depends, how close it compares to the one listed.  Best to get an average of multiple listing. Some other great tools to use and compare would Facebook, Craigslist, Zillow Rentals, and Rentometer. 

https://www.rentometer.com/

One downside could be the seasoning period before you able to refi out. PMI payments could be another unless you put down 20%. But a 20% down payment could be downside as well. Just depends on personal preferences.
Have you considered the upsides? 

That's the best thing about Real Estate, there it isn't just one thing. It all works! What works for one person might not work well for someone else. You could also add house hacking into the mix. 

Pick the one that you are most knowledgeable in and then do it!  

Hey Everett, Welcome to BP.  I also live and invest in St Charles and surrounding areas. There are quite a few virtual and in person meet ups. Great place to learn and network with like minded individuals.  I will send you message about them.

In theory, Yes. Trump is a real estate guy.  Biden's tax plan could slash margins and eliminate some of the best tax incentives for real estate. (& other investments)
In reality, Its a wait and see. No politician has ever done everything they claim they will do. Additionally,  I highly doubt congress will go for it because it would affect their pockets as well. Perhaps an Executive Order could change that.

I think biggest and most realistic concern is a forced shut down due to covid. 

Hi Beata, Direct mail to sellers is a tried and true strategy that I use.  Bandit signs, Facebook ads, Google ads, cold calling,and text are other ways to market. You can get address from listsource.com or sometime county assessors offices. But do your homework because text message blast and bandit signs could be illegal in your area. 

It doesn't appear to bowing. Im worried about fixing it now but still having to deal with ongoing damage