All Forum Posts by: Chris Soignier

Why would you want to continue doing business w/ a party you don't trust? I'd first request an audit of your JV and explanation of the downward trending revenue to the complex. If you're not satisfied, go look for another laundry partner, or consider running laundry yourself if you're sufficiently capitalized.

Ditto on RE Express.   Look on Groupon, they occasionally run specials there.

I certainly don't want to explore any grey areas or motivate someone to sue me, regardless of my innocence.    I decided to stick w/ the original contract, and am taking the other offer as a backup.   This will certainly strengthen my negotiating position w/ the current contract when it comes to repairs.    

On Thursday, I executed a contract for the sale of my rehab using a standard TREC 1-4 unit purchase agreement.   They had it inspected the next day, and relayed some concerns about the roof and plumbing, which is a segue to a repair amendment that's going to cost more money.   The contract calls for escrow to be submitted pretty much w/ the contract (it's a little vague) and for option money to be submitted within 3 days, which is today.     

Yesterday, I received an offer which is worth about $10K more and is cleaner.   I'd prefer to take this contract, but I want to do the right thing and be ethical.    Do I have a legal right to cancel the contract based on now getting escrow $$$ yet?    I believe there will be no option if not received today.

Gifts don't need to be repaid.   Did you just publicly state that you're planning to fraudulently obtain a loan?     Why not make them equity participants, and "repay" them by distributing the excess cash flow to them?

The tax appraisal plays a minimal role in establishing property valuation, especially in non-disclosure states like Texas.    For a single family house, sales comps are the primary determinant of value.   How concerned am I about my reduced appraisal impacting my market value?  Not at all.   Buyers and sellers, not the tax appraiser, establish market value.

I'm a passive in an apartment complex that's vigorously contesting a tax appraisal, to the point that we may have to litigate. The outcome of the protest is the primary factor as to whether we put up the property for sale late this year. Why would we want a lower tax appraisal prior to sale? B/c it increases NOI by the tax savings/cap rate.

I recently got an appraisal reduced from $356K to $155K, saving me about $5K in taxes for the year!

In my deals, 3-3.5% is typical, but they're usually more doors and concentrated in one location.

I think you should get at least 2 more bids, but don't just pick the cheapest.  Get several references from each PM prospect.   PM is a huge responsibility, and an incompetent manager can destroy a lot of value in a short time.

How long would it take to save up the 10%?   Alternatively, can you buy 2 decent full duplexes within your $200K budget?    

Hi Michael, Welcome to BP!   Let me know if you have any questions about the local market, I'm about a mile from Keller city limits (and Keller ISD is in my neighborhood).