All Forum Posts by: Drew MacDermott

From a recent city auction, a couple purchased all the common ground areas of a private homeowners association, including the grassed islands, sidewalks, and private roadway.  I would like to think the association would be sure bills were being addressed correctly!  What are your thoughts on the story?

"Tina Lam and Michael Cheng snatched up Presidio Terrace — the block-long, private oval street lined by 35 megamillion-dollar mansions — for $90,000 and change in a city-run auction stemming from an unpaid tax bill. They outlasted several other bidders. .... 

The couple’s purchase appears to be the culmination of a comedy of errors involving a $14-a-year property tax bill that the homeowners association failed to pay for three decades. It’s something that the owners of all 181 private streets in San Francisco are obliged to do.

In a letter to the city last month, Scott Emblidge, the attorney for the Presidio Homeowners Association, said the group had failed to pay up because its tax bill was being mailed to the Kearny Street address used by an accountant who hadn’t worked for the homeowners since the 1980s."

http://www.sfchronicle.com/bayarea/matier-ross/art...

Speak with your real estate attorney today.

Hard to say what they were thinking.  If it was a service/emotional support dog, most likely they would have disclosed that when they first called you.  However, maybe since service/emotional support dogs generally don't require a certification for housing the tenant already knew this and didn't tell you.  Again, hard to guess between the two - I'd say call your attorney.

@Justin Frye Great write up! I'm looking at a property now and trying to get it under contract.  Were you able to do any of the finishing work? I'd like to add sweat equity myself and have the contractors do the big ticket items.  I'm going to be asking my lender about this later this week.

@Tavaris Little Realtor.com only pulls all the properties currently for sale from the MLS. They won't show you who's having their scrambled eggs and toast every morning thinking about retiring to Florida in 6 months, or the adult children who just inherited their parents home. For example, if you sent direct mail to this person eating toast, they might call you up and sell to you without going through the MLS. There are plenty of blogs and resources at the top of the page here. Do some research and find your path!

All the best.

@Tavaris Little  Have you found your Town or County Property Records database? Usually they are a GIS website these days. 

As @Matthew T. stated above, buying right is the key.  Only you can answer exactly how you will buy that property.  What is your cash flow requirement?  Can you find a distressed property or someone who is burned out?  Drive for dollars, direct mail...

For fun, I just found the Greenville County GIS... If I searched correctly, in the town of Greenville, SC alone there are 474 duplexes, 204 'Multiplex', and 63 'Apartment - Conventional' (not sure what Multiplex or Apartment - Conventional means in your area).

Use the FHA on a 4-unit for better cashflow. Plus, if there is one unit vacant, you still have the other units to cover some of the expenses. You could use it for a SFH, but you have to cover every expense. Why not let someone else pay for you to live there?

Good luck!

just my opinion, but my first thought is that you know for a fact right now the job relocation is only for 6-12 months, but are speculating on how long you can milk the position for. You would need to discuss details with both your employer and your lender to get a better idea. perhaps if you have a 12-18 month commitment with your company THEN they require you to relocate again unplanned - I think that's the point you're getting to in your post.

Congratulations, @Justin Frye!  I'm looking to use the 203k loan soon as an way to break into the market. Looking forward to seeing your write up!

That makes sense.  I appreciate your input - thanks!

@Joe Villeneuve
Sorry about that.  Earlier in the thread, someone suggested you to be aware of PPM and/or SEC rules.  You had replied that the example $20k promissory notes from each 'wannabe investor' are cleared and aren't commingled, therefore not falling under PPM, or SEC rules.  

I do not know much about the SEC rules and PPM, but am interested in how these funds are not commingled, as the other reader suggested. Is this because they are simply business loans, not raised capital for an investment?