All Forum Posts by: Blair Poelman

the percentage is going to increase or decrease based on the amount of the transaction and what your title co. is charging you.  as was noted above, percentage is not a good indicator of price.

There is a kind of a floor - where it's not going to get any lower - for example, "legal" costs could be a flat $400, or $600.  But then a title policy is based on either the loan amount or the sale amount.   So if the purchase price is super low, the title policy could be pretty low, but the legal fees aren't really going to change much.  

It takes a certain stomach to flip.  Some people have it, some people don't.

wouldn't a referral fee get paid through your brokerage?

Fishy part is the guy bought at 90k and has been there since 2001, and all he has to put in is 40k to hit a value of 250k?  He would be all-in about 130k, right?

So why sell at 149k and walk away with only 59k when he could just finish the job and walk away with 120k? 

Not saying the deal is bad, maybe the guy doesn't want to, or can't finish the project (sometimes these are the best deals).  Sounds like you need to learn what the seller's situation is in order to understand the deal completely. 

Most cities along the Wasatch Front have a rule that prohibits renting a SFH with a MIL to 2 parties. Typically one of the dwellings has to be owner-occupied, otherwise you're renting it as a duplex when it's zoned as a single. Check with the city as this is very common across the state.

Typically A clause is enforceable if it is legal and your tenant agrees to it.  Probably best to speak with an attorney about your specific situation.  

There are bits and pieces of RE statutes written into the UT code that will kick in, but only if a contract does not address whatever item / situation you're dealing with - a contract may override a state statute (emphasis on "may"). 

Seems to me that any basic lease should cover renewals, notices, etc... So if you wrote it out in the lease, and the agreement doesn't put either party in a position where they are breaking any laws, your contract may very well be enforceable.  If you don't have a renewal clause in your lease then you probably need a new lease doc. 

If your tenant is just being a turd it's probably better to let them go.  Either way it's going to cost you, but it might cost you more to fight a dummy than to let them have their way and then move on. 

Kris is a nice guy.  I have met him a few times around here (we live in the same county).  I have never personally done a deal with him, but I know a few people who say they were cash positive on the deals - not sure how much money or how much brain damage it took to make the money, but they said it was profitable.

I have heard stories of people who were pretty unhappy with his system/program/whatever you call it, however never heard anything negative first hand from somebody who actually did a deal with him - always through somebody else - so really who knows how bad (or good) those deals really are / were. 

No telling when we're going to see a correction, but it will happen.  I hesitate to call the current market a bubble - there's just too much up in the air to really see what's what, and while RE is a big part of the general health and status of the economy, there are a number of other factors that determine what / when / how the correction happens.

The bigger they are, the harder they fall, so unless we (collectively as a society) really have our crap together (which we don't), when we eventually do go down I think it's gonna be a doozy. 

Title companies are highly regulated - "investor" and "client" really shouldn't be treated any differently by either a title co or an attorney.  If you do a lot of volume you can work a volume discount with the title co, but most attorneys charge what they charge.

Also as a side note, I commend you for taking this on yourself without using a guru program, but I hope you really don't believe that you've already figured it all out just by being here on BP and watching youtube vids.  Many of us have been in this game for a very, very, very long time, and I am confident saying that none of us have most things figured out.  I learned something new the 60th deal, and I guarantee I'll learn something new on the 6,000th deal.

The health of the economy is arguable, the validity of previously used indicators is arguable.  Everything is arguable because times have changed and our economy and the regulations are all very different compared to the early 2000's.

There will be another crash.  Nobody knows how soon it will happen or how bad it will get.  Personally I think it's gonna be a doozy, and I've heard economists and analysts say this time things are different - followed by those same people saying the most terrifying thing you could hear a financial analyst say is "this time things are different".