All Forum Posts by: Bill Patterson

Ivan,

All the advice and opinions so far are great and have merit. I would ask my CPA on this one since I see it could go either way!

Bill

The biggest benefit that I have found is in winter or late fall framing. The panels are built in the factory and I can frame and dry in the home in less than half of the time. In Michigan snow and rain can cause lots of problems for framing! Sam is correct about the quality control. I have had panels built as a mirror image! Make sure you review your panel drawings carefully for openings, dimensions, etc. Another consideration is access to your site and lay down area. You need to sort and store the panels as well as use a fork lift or crane to set the bigger ones.
Bill

There should still be an owner's policy for title insurance for the buyers protection, but Scott is right on in using the same title company.

Paul, you didn't say if the loan was only a first for the purchase. If they have a second, make sure you advise them to tell their cpa/attorney what the proceeds were used for. Additions or repairs to the home are probably ok. Vacation or a new BMW would probably not be!

It would be nice, but I see a few hurdles. How would criteria be set and who would approve the vendors? Would BP incur any liability or could a disclaimer protect them? It's a great idea, though and maybe it can be worked out.

Hi again Savannah! In my past life I was also a plumber and although I have not done residential repair and hire plumbers for my repairs and new homes, I may be able to help. What kind of faucet do you have (single handle, an old 2 handle, etc.)? What is the make (Kohler, Moen, Delta, etc.)? Does the duplex have copper plumbing or old galvanized steel pipes?
Bill

Savannah, welcome to BP! It sounds like you have a great start in real estate investment. You will do great with what you can pick up here. We will welcome the input from your experience, too!
Bill

Vikram, I had no idea if P NW is a "she" or a "he", since "they" have chosen to use a very anonymous profile. I do check those out to see where a BP member may be coming from when I answer a post. What does this have to do with Ryan's questions anyway?

Ryan came to BP with a fair and legitimate question and he got some good answers. I thought that was the reason BP is here....to give answers and constructive input to members. I think it was a big "jump" to assume that just because he was considering walking away from his home that he would not have the credit rating or ability to pay rent as a tenant or that he had no legitimate reason for doing so. Remember if you break "assume" down......it makes an "***" out of "u" and "me"!

I respect the question that Ryan asked at first and voted for it. I also like the way that Ryan handled his responses to the replies and made a vote for that, too. Welcome to BP, Ryan and I hope to have your input on more topics.
Bill

P NW got a little off topic with his reply. Most people react to a situation according to past experience or research. It sounds like he has had bad experiences with cats (as have many landlords, myself included). It also sounds like he has other issues that would cause him to not rent to a person. Credit history is not a protected area of renting. It is his right as a landlord to deny a tenant for this (or pets) reason.

I'm sure that you have a very good reason for losing your home and that it is a very hard thing for you to do as a responsible person. I have met many people who through no fault of their own, have been or are in your position. My advice is to continue to do the best that you can and you will eventually find a landlord that will welcome your cats as well as tenants that will care for his property. In our area there are many who will. Keep plugging away and I'm sure that you will get your life and financial situation rebuilt! Good luck!
Bill

Joe, I like your approach to investing...." I want to be the solution to this problem"! With this attitude to investing and taking care of the details, you will do very well! Good luck with the tenant! BTW, the lease should have a provision to allow the landlord to show the property to prospective buyers or tenants. This will save you $$ to see it, but the offer of $$$ to get them out is a good idea. The concept of buying out a tenant's leasehold interest has worked many times in residential and commercial sales.
Bill