All Forum Posts by: Darius Ogloza

In cases where a person dies intestate (i.e. without a will) the state typically appoints an administrator (no idea what the official title is in Florida) who will be responsible for distributing what assets there are according to state law.  If you have enough identifying material, you can find out if a case has been opened by searching the probate court's website in the county of residence.  No harm in contacting the administrator, if one has been appointed, to get a sense of where things stand.   

If you have located a sister, she will likely have an interest in the estate under the intestacy laws (given no living wife, kids or parents).  However, if the former owner died with a will, she may not have any interest at all.  Again, dealing with the sister does not guarantee you that you will be dealing with someone who has an interest in the property.      

In California, we saw a beat-down on the most recent attack on  the statewide Costa-Hawkins Act - which, among other things, excludes SFHs (including condos) from municipal rent control laws.   If sanity can prevail in Cali, I have good feelings about NY.  

Last I looked there were some ramblers in need of rehab in the "cheaper" parts of Brighton (zip code 14620 south of Elmwood and north of Westfall generally).  Prices have moved up since then but so apparently have rents.  

Last I looked there were some ramblers in need of rehab in the "cheaper" parts of Brighton (zip code 14620 south of Elmwood and north of Westfall generally).  Prices have moved up since then but so apparently have rents.  

On a late spring day, East Ave is the prettiest street in the U.S.

One potential structure is that you enter into a secured loan agreement under which you advance repair costs.  You file your agreement as a lien against the property as protection.  You will now have a lien junior to the bank's.  The owner and you simultaneously enter into an assignment of rents agreement, whereby you receive all rents to cover loan advances and interest.  This arrangement should work until the rents you collect start to exceed the amount of loan advances and interest.  You can resolve this by also taking an option to buy the property at the same time you enter into the loan and assignment agreements.  Here is where it gets tricky if you are concerned about the bank's due on sale clause.  Before you exercise your option you should get the bank's consent to the sale.  If you cannot get consent, your loan advances have been paid back with interest and you are no worse for wear.  

For Marin County, these numbers are great. Your tax, HOA and insurance together should be about $845. NOI of $1,755/mo is unheard of in these parts on a $315K investment. I assume this property is in the Canal? How "real" is the rent here is the only question I would have.

Where I live/invest, the utility companies will not help you.  The owner has this information.  Any reason why you are not asking the owner about utility costs?  

Estimating rehab costs is an art.  Starting the journey with a knowledgeable contractor makes a great deal of sense.  

Hi Alex.  Glad my suggestions had some value for you.  By day, I run a small law firm in San Francisco.  I have been doing real estate investment on the side since 1997.  I discovered the value of Rochester real estate in 2004. By 2007, I owned 12 units in the city and suburbs.  Due to management/partnership issues (long story) I ended up selling all but one property (a 3 acre parcel in Pittsford) in 2014 and thereabouts.  I plan to re-enter in the near future and so continue to keep an eye out though this time I am thinking commercial may be the way to go.  I even subscribe to the online D&C to keep up with latest developments!      

I am relatively new to BP.  I have not tried marketplace yet.  I tend to focus my search based on local markets.  I will start at the macro level (demographics, anticipated growth, economic climate, etc) and work my way down to particular neighborhoods/geographies.  It's time-consuming, but it lets me proceed with confidence once I feel I understand my market.