All Forum Posts by: Andrew Isaacs

Hi Rachel - I'm an active investor in the Cleveland area (based out of Avon, but work all over).  Let me know if I can help with anything as you get started.

I didn't try to go back and find the 2yr old thread, so apologies if this is redundant.  My wife's dad is an Ohio licensed RE Broker.  Here's a note (straight from the Ohio Division of Real Estate) that he shared with our investing team about a month ago:

Thanks for the kind words Mark!  Look forward to seeing you there!

Andrew

Hi BP Friends,

I'm launching a brand new coaching and mentor-ship program next week!  Well, actually it's me, a private lender with more than 600 deals under his belt in the last 5 years, and my business partner -- a real estate broker.

We decided to launch a coaching program a couple of months back during a conversation about all of the "gurus" that have rolled through town in the past year.  After sharing stories of folks who had called us after paying $5k to $50k for "real estate education" --- and they were still clueless --- we decided something needed to be done. 

Our premise is simple -- real estate investing is like swimming:  You can't learn to do it without doing it!  You can take all the classes and learn all the theory and the proper elements of the breaststroke.  But if you want to learn how to do it, you have to get in the water!  Not only do we "know how to swim," we live "pool-side" right here in Cleveland and are able to provide real feedback.  

If you have thought about rehabbing a home for a profit, but just haven't had the courage, or the resources, or the network, or the information you needed to take the plunge... Join us!  Check out the flyer here or just sign up here.

Hope to see you there,

Andrew

ps - feel free to post questions or whatever!

I appreciate the vote of confidence, Bill Gulley. There are a variety ways to limit or eliminate MIL's control over the property by affecting the governance of the company that owns it. But it sounds like you're suggesting doing that as a means of reducing the value of the shares that MIL owns before she transfers them. Did I get that right? I think that's a great idea, but I don't know too much about it.

I think the key to getting the best overall outcome is being able to pose the question to the attorney(s) with as much precision as possible, which will require some preparation and prioritization. What is the most important thing here? Is it that the new fiance never has any control? Or is it that he never have any potential rights in any of the property? Or maybe something else? Once that is determined, then what is the next most important thing... that the least cash possible is expended by you/your husband? That the least taxes possible are paid by you/your husband? By your MIL? I'm sure you get the idea.

If those objectives can be clearly defined, your attorneys should be immensely helpful in a shorter amount of time.

Everything Bill is saying makes sense, but I just don't know enough to be much help.

Hi Mariah. There's a ton going on here. Calling in the attorney and the CPA was the right move. The issues presented raise a lot more questions regarding tax brackets, net worth, future gift amounts & probability, etc.

The information that you included is great and should lead to a fruitful discussion with the experts. I would probably try to meet with a team of attorneys, so that I had experts on estates, trusts, income tax, and corporate sales/acquisitions. There are just so many types of tax that you/Husband/MIL/etc. are potentially exposed to.

You can google "tax on lifetime transfer of property" or "tax on sale of c-corp shares" and get a ton of information. I think the best use of your time would be making sure you're working with a law firm that has expertise in all of these areas and having a clear picture of everyone's finances/tax brackets/etc. so that you can readily provide this info during the meeting.

So, I stumbled upon this article as I was getting caught up on my weekend news. Apparently 21 people suffered second and third degree burns at a Tony Robbins seminar in SF during a motivational "crowd participation" stunt last Thursday.

Of course, I'm sure there's more to the story. There always is. But, I'm curious about the BP constituency's reaction to this. Is this a case of guru-gone-crazy or an O-ye-of-little-faith problem?

You can view the story here: http://news.yahoo.com/21-burned-walk-over-hot-coals-robbins-event-202003508.html.

Hey Dan, in my market it wouldn't be too much of an issue to find a vacant REO multi-family. But to better answer your question, it is a mixed bag. In 2009 a federal law was enacted that protects tenants in foreclosed properties. Their leases remain in effect despite the foreclosure (as long as the tenant performs his/her end, of course).

Here's the good news for you -- if the Bank sells the REO property to an O/O the buyer can terminate the existing leases with a 90-day notice. Here's an excerpt from the National Association of Real Property Managers summary of the 2009 Act.

Not sure exactly where to file this post. I'm in search of a high quality excel file for doing some strategic planning. Anybody got any hot tips or good resources? I don't need any reporting capability, just some modeling and financial statements.

Thanks!

Not doing that, Luiz. If I understood you.