All Forum Posts by: David Dachtera

Quote from @Jeremy Pastor:

Quote from @Carini Rochester:

You didn't get an instrument survey at closing? 

 I'm not sure exactly what an instrument survey is, can you tell me what I'd be looking for? I obviously have the legal description of the property that came with all of the closing docs.

Thank you!

-JP

There should be a document in with your closing papers marked "Plat of Survey". 

Quote from @Adam Bartomeo:

@David Dachtera

Too funny! Thanks for the personal attack. BTW I have been the top salesperson at every organization where I spent my previous careers - Home Depot, Fastenal, Century 21, etc.

Funny how the experienced investors that I know and work with NEVER ask about fees up front but all of the newer investors do. The more experienced investors try to understand how you might fit into their team to make sure that you would be a good fit.

Maybe you should listen to the BP podcasts to learn a little more about investing before you play in the big boy forums... Happy Easter!

Thanx for the laugh! Can you show me where I "attacked" you?

Sounds like ...

A. You're marketing your services to the wrong audience. Your marketing should filter out the prospects you consider undesirable so you only deal with the ones who won't offend your sensibilities.

B. Your salesmanship skills may be good, but apparently still need to improve, as does your marketing.

The fact that we're having this exchange proves my point. 

Quote from @Adam Bartomeo:

@Theresa Harris Did you read the whole post?

"Now, I am not saying that understanding the fees or negotiating fees isn't important but it is nowhere near as important as other factors."

Those ARE going to be the first questions out of an agent's/broker's or owner's mouth. Get over it.  

They are business people. Cost effectiveness will be of top-of-mind interest to them. Balancing that against your (company's) value-add comes down to salesmanship on your part.

Here's how you may want to handle those questions (just a suggestion) ...

Them: "... and would you consider lowering those fees?"

You: "We can certainly discuss that. First, let's look at what you get in return for them. (Speil.)" 

Some salesmanship  / entrepreneurship classes at your local community college may prove helpful.

My $0.02 ...

Quote from @Chelsea Allen:

I am asking  because I want to know if it is a good idea since I am brand new to the whole process.  it is not required in FL where I would buy.  

You're signing binding contracts. Having a trusted attorney review them before hand can be a lifesaver should any issues arise after closing.

Quote from @Mary Winter:

Hello BP community, I am really anxious about the current situation in my rental in FL.  

I have a 3 bedroom rental that is managed by my PM. End of February, one tenant moved into the property. She has good credit scores, job, money in the bank, etc. She is the only person on the lease. Our neighbors told us that there are at least 3 adults ( one young couple, one old man) and 2 very young kids living in our property. They are there since the beginning of the lease. However, it does not look like the tenant on the lease is living in the property. When our PM confronted her, she said they are her family visiting her. They will leave in three weeks. She also did not notify us ahead of time. Our neighbors also noticed that the kids like to lean on the second floor windows, and it looks like the windows are open. So the kids are leaning on the screens, which is a HUGE SAFETY HAZARD! I also don't believe these people are her families visiting her because she does not live in the property. 

I want them out. I am so anxious that the kids can fall out of the window. My PM said if the kids fell, I would not be responsible for it because my windows are locked when I rented out the property. However, I don't want the stress or any accidents. I don't want to take any chance. My PM is telling me that I can't remove these people because the tenant did not break the lease, even though she is having guests that stay over 72 hrs without any notifying us. 

I am so anxious about this situation. Any advice you can provide would be greatly appreciated! 

Consult your attorney. Have the attorney review both the lease and the PM contract. Seek advice about actions you need to be taking to protect both your property and your interests within the confines of those documents. 

@John Halvorson,

What I like to do is scope out a home I've found that may be in distress and tell the neighbors (before the homeowner) that I am looking to buy a home in that neighborhood and ask might they know anyone looking to sell. When I get to them, the home owner might think of me as his "fair-haired boy" and want to talk to me. I get to meet people and it keeps me out of trouble, relatively speaking.

I don't let on that I may have awareness of the owner's situation. Some folks don't take that well.

My $0.02 ...

Quote from @Jon Puente:

Hey David, 

No you shouldn't.  You dont really have any "liability" with 1 property.   Just buy a property in your personal name and learn the game first. 

That seems backwards to me. Learn the game first - THEN buy a(n income) property.

If you want to go the business entity route, then learn that first, as well. Most folks think it's to limit your personal liability, and they're right. The part they typically miss, however, is the "control everything, own nothing" aspect.

The purpose of a business entity structure is to protect you and your personal property (estate) from the liabilities of your real estate investing business. Those who think an umbrella policy is enough miss one important point: if your policy has to pay out, that means someone took you to court, and you lost. At that point, your ENTIRE ESTATE  is exposed and subject to discovery in subsequent litigation.

I am not an attorney and this is not legal advice.

My $0.02 ...

@Kyle Johnson,

Check with your attorney and see if the seller may have misrepresented the property and its condition. You may be able to go after the seller and at least get a judgement, even if you never collect on it.

Also, you should have had an inspection prior to closing. Verify that the inspector reported the roof issues and, if not, see if there are any remedies available to you.

My $0.02 ...

Quote from @Jonathan Klemm:

Appreciate the clarification @Xingcai Wu.  What does CBRAP stand for?

Does anyone know what the hit rate on collections is for unpaid rent?

 "Court-Based Rental Assistance Program". Found it via Google.

Quote from @Carlos Ptriawan:

Quote from @David Dachtera:

Purely my opinion ...

What we've been seeing is not inflation, it's corporate price gouging.

There was a report on Good Morning America today about breakfast cereal, for example. It was reported that even with decreasing sales, General Mills increased retail prices of it's cereal products. GM claimed that supply chain and other issues increased production costs. Yet, instead of decreasing production to match reduced sales they raised retail prices further reducing sales.

It appears that America's business schools are failing miserably.

 .. totally and it's not just one company

... hence, the phrase "for example".