All Forum Posts by: Bridget Smith-Osbourne

@Cody Lewis. I appreciate the feedback!   I believe the only way to avoid probate is with a trust, correct me if I am wrong. The issue with putting my assets in a trust is that it may pose a problem if in the future I would like to borrow against them 

@John Underwood. Thanks for the input. I will definitely take your advise & consult counsel in both states. This is something I've put off for some time now and I  need to get it squared away. 

@Eamonn McElroy. Thanks for the feedback. With a property/properties in a revocable trust are you still able to borrow against the asset? 

Hello BP Family,

I am in need of an attorney for estate planning .......Do I need to obtain an attorney in the state I live (N.Y) or the state (N.C) where my rentals are? 

Thanking you in advance for your feedback!!!

Recommendations appreciated. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $37,000
Cash invested: $87,000

This is my final project of the year. Just recently closed on a quad-plex. 1 bed. 1 bath, everything will be completely new, including plumbing & electrical. Each unit will rent for $550/month. Got this deal from a wholesaler who reached out to me to see if I wanted to sell one of my properties. Answer was no...but I told him to keep me in mind for deals he may come across. Paid $37K. Similar quad-plexes in this subdivision are on the market for $169K. Loving these value add deals.

What made you interested in investing in this type of deal?

I currently two other quad-plexes in this subdivision.

How did you find this deal and how did you negotiate it?

I got this deal from a wholesaler who reached out to me to see if I wanted to sell one of my properties. The answer was no...but I told him to keep me in mind for deals he may come across and so he did.

How did you finance this deal?

Used own cash

How did you add value to the deal?

Rehabbing property, Everything will be brand new.

What was the outcome?

Job is still in progresss

Lessons learned? Challenges?

Don't let fear stop you. Get several quotes from contractors and verify their licenses. Try and get bulk pricing by buying materials in bulk.

@ David Barrett. I do not know the dimensions of the building. I definitely will ask for pictures and references of past work if I decide to pursue this deal. The rehab cost is the determining factor. Also I failed to mention that the property is a historical building. We must go thru the historical preservation office and follow their guidelines for completion of work.

@ Bryan Devitt, I really appreciate the sound advice. Asking for pictures for a tar and gravel removal job is something I didn't think about. You are absolutely right about screwing up. I've had bad experiences with so- called roofers in the past and do not want such an experience with a roof of this magnitude. 
 

@ Theresa Harris......the 7000 Sq ft is on one level. Thank you for the feedback

I am looking for a roofing contractor in Hartford, CT. I need to replace a flat roof (currently tar and gravel) on a 7000 Sq ft building.

The entire roof needs replacement including rafters. The existing roof was damaged in a fire. Before pulling the trigger, I need to know the round about cost of the new roof.

I am awaiting other estimates, but was baffled when I received 1 quote to the tune of 60 K. BP family please let me know if this estimate sounds way off.

Thanking you in advance. 

I would like to thank everyone for their feedback, you've all been a tremendous help. I feel I am beginning to get some traction since reaching out to his job. One thing I can say.......  is that tenant & his wife have stopped inundating me with crazy text messages and phone calls since reaching out to his job. Hopefully it will remain this way. 

His SSG wants to work something out with me to help family remain in their home but frankly I am not interested in them as a tenant base.