All Forum Posts by: Account Closed

@Jennifer Sandusky welcome to BP! I would be skeptical on that and make sure you research the company and any success stories before you go. which it looks like you are. I do not have personal experience at these but have heard from others that they can be valuable mostly in motivating you as you just dropped your whole paycheck to attend.  Investing in yourself is by far the best thing that you can do, however you may get better results with books and BP if you are looking for knowledge. Welcome and best of luck out there

@David Faulkner yes thank you.  I always refer to my tax professional CPA  or my real estate attorney. This is a title twister that I thought may help other folks in a similar situation realize they may need to talk to a professional CPA/Attorney before/during/ and after acquiring property.  The big question is can you un twist it @David Faulkner

@Jenny Keffer You need to notify the tenant of change in management and deposit responsibility of whom is holding it all in writing asap. Everything must be in writing. With tenants you have to go off of what is in writing on the lease. Although something may have been said to them by the prior manager whatever T is crossed and I is dotted is what you will need to go by.  You will need to ask them if they have received their deposit yet in writing email/snail mail.

@Jenny Keffer You need to notify the PM in writing of the cancellation of agreement. I would email and certify mail with signature required.  I would let the PM know that you will be taking this complaint to the board if your money is not returned within 30 days if that is your law also in your state.  Either way if he returns it or not REALTORS are governed by 3 boards.. local, state, and national.  I would take this complaint to all three and if he was paying his fees they should take care of you and take his license or at least a violation of mis representation.  Also I would yelp, zillow, realtor, trulia, and anywhere else you can blast this horrible job out there on the internet. You can go after him personally also but fear this may be more trouble then it is worth. Make sure to do a move out check list and take lots of pictures and better yet video to prove what work is needed. Property managers are worth their weight in gold if you have a good one.  sorry this happened

@Bill Gulley thank you.  I am still learning how to post on here I appreciate the input.  Lets call mom=mary Dad= dave son which is the client = pete  clients x wife we will call x wife.  so Mary and Dave bought the property as a rental and held title as joint tenants. They gifted it to their son and daughter in law years later pete and x wife and all held the property as joint tenants.... Pete and his x wife split up years later and x wife quitclaims to pete.  pete's dad dave dies years later and after the death the mom sue opens a trust and places 50% into the trust as tenants in common. hope this helps if I left out any other info that is needed please let me know.

@Account Closed once again thank you.  I have realized that you are just going to continue to teas me and that is fine.  I decided that I will not let it effect me nor will I react but continue to post these weird scenarios I come across regardless of what others say.  Especially this one as it is not the first time that I came across this disaster and people ask me how to buy houses from family members all the time.  This is a perfect question for you to help folks on BP @Account Closed as I know you are very knowledgeable regarding holding title. thanks for your help

I should add a question into the scenario of .... HOW SHOULD THEY HAVE HANDLED THIS FAMILY TRANSFER

Hello BP.  Thought this one was a tough one that only a CPA could figure out and a good learning lesson on how to take title. What will he/mom be taxed if they sell? Can taxes be avoided? Had someone come into my open house and say they want to sell their house they have lived in for years that they purchased from their mother.  They want to move into a different primary that's not as much house.  Sounded easy enough until I found out how they took title!, and advised that they should probably never sell and rather rent it as it cash flows 550 a month. His mother and father purchased the home for 142k in the 80's or early 90's.  His parents were using it as a rental the gentlemen gets married and purchased the home assuming the note of 250k at the time. His mother and father gifted the property to him and his wife but stay on title all as individuals and joint tenants.  Years later wife and him split and she does quitclaim the property to him. He continues to live and raise his kids there all while Mom and Dad have the property as an investment still and not claiming any income or write offs. No homestead filed. Years later his father dies.  After father dies mom realizes she needs a trust and places her portion of the property into the trust as tenants in common.  Should Mom claim the property as a rental and write it off?  should he claim a homestead? should he rent it out and write it off? should he sell?  How should they hold title?  What taxes have they dug themselves into? If they wanted to sell is a 1031 possible? Thank you for your help CPA's and Attorney's 

Hello BP. 

should they sell or keep their property? Another client that is looking to exchange into 3,000,000 from SD,CA.. This gentlemen has 2 cash flowing cows in SD,CA that he wants out of the HOA of 900.00 each month 450.00 x2 properties that he has! rent is at 1950 each month each condo. 2 bed 1 bath 800sqft in SD. YIKES! no rent control! 3,900 a month gross rent between the two... 900.00 a month for HOA. Tenants pay utilities. 375.00 each month for taxes. Insurance of 155.00 a month. He Has very nice reserves saved as he has little to no maintenance needed so far and only 2 vacant months since 2011 when he Purchased cash for 145k per property. Current market Value 475k per property. He is an Active investor and accredited. Client is looking to 1031 one condo and buy with the rest cash for the down payment or 1031 both condos if their is an extreme value add opportunity. Looking for a 8-15 cap but willing to go as low as 4. He would prefer to stay within driving distance from SD but is more than willing to travel for the right deal. If you have a pocket listing please email me

@Dan H. you are not insulting at all.  It was the earlier comments saying I am trying to trick grandma into some poor investment to get a commission. I agree with your advise and hope that grandma will want to down size. 

@Dave Foster @Michael Swan  That would be great to listen to how someone cashed out on high equity gains in san diego and bought apartments.  I am in escrow on a property and will be moving out of my primary in which I can sell for 250k net or rent out for 500.00 a month. would love to here pros and cons of both

@David Faulkner  I really do appreciate your advise. Was there really a need to insult though?  I am in a fortunate boat that I can go to a  mentor who has been investing for 60 years in real estate and at his peak owned 5 brokerages with 200 agents. Whom told me three valuable things. 1 never buy over leveraged  must be cash flow from day 1   2. " There is only one reason to sell and that is you found a bigger/ better property" 3. and the last one was go straight into multi family because it is by far his best real estate investments.   I highly dought grandma will be buying any more properties but rather down sizing into one of her rentals. I know that I have a lot to learn and was simply looking for stories of success from other investors either in the multi family or other real estate investing options. Your advise was really good advise and the same as my mentor but thanks again for the backhand. 

@Simon Wold thank you. She would like to pass the houses onto her 4 kids. Her biggest goal is to increase income and get rid of the ticking time bomb of deferred maintenance she currently has.  I agree with the 1031 or downsize 

@Melroy D'Souza all great Ideas thank you.  Never thought of having grandma lend to me, I guess i've just always done it on my own.  The property has been a rental the entire time and is great for the 1031. Whatever she chooses I'm sure it will be the right one.