All Forum Posts by: Erin Church

@J. Mitchell Bernier

Thank you! I appreciate that feedback. I think he’s thinking the house would be a fix and flip (it was built in the 90s and just needs cosmetic updates). It’s good to know it’s a solid, but “still” area :)

 Hey Mitchell,

Are you buying in Sylvester? Or how do you feel about that area in general? I have a connection with a wholesaler/investor that has a property under contract there with the option for sub-to and I'm trying to figure out if that's a solid area to invest. I wasn't sure if Sylvester was close enough to Albany to generally have its same characteristics from an investment perspective. 

@Travis James - Do you buy in Sylvester? I have an investor with a property that can go sub to, but is also priced for a quick flip. I wasn't sure if Sylvester was too far out. :)

 I agree with Greg. They make a stamp you can buy off of Amazon (or any office supply store) so you don't even have to write it a million times.

If you want to be "nice" you could let them know of your plan. I feel like "allowing" their mail to come to your address 1. encourages them to break the law and look in your mailbox for their mail 2. could make you responsible for their mail in some way. Maybe share those reasons (or others you may have) as to why you will no longer be "delivering" their mail to them.

I've been lucky in being able to split utilities (water) or already having things separately metered. 

Do you happen to have bills with one unit empty (so that you could potentially look at usage of just one unit)? 

I would consider splitting the bill by squarefootage.  If the 4/1 is 1200sqft and the 1/1 is 400sqft, then billing back 75% (1200 out of 1600 sqft total) to the 4/1 and 25% (400 out of 1600 total) to the 1/1.  

You could also alter this slightly by adding a portion that you cover (maybe you pay for 20%, then have the other tenants pay for 60% and 20%) to help eliminate "They're using way more than they're paying" or whatever other complaints may come. 

As a side note, I know there can be some issues with a landlord "acting as a utility company". It's something I've heard on a few podcasts. It might be worth looking into for your area/situation. I don't know that I've heard of an issue with a landlord charging back utilities on a couple of units. 

Obviously, having separate meters would be the most direct way to go, but that may not be possible. 

Hey Antionio,

What's your plan/exit strategy? Is it worth way more than $50k as-is? (So, maybe you wholesale it.) Do you want to make it a rental? Will you be able to get contractors to work in the area? Would you expect the property to need extra security? (Extra holding cost)

Is there something that drew you to this property besides its price tag? I agree with @Chris Seveney that a key piece to this is your ability to manage this location (the rehab, to show the property to other buyers if you wholesale, possibly property management, etc). 

@Wesley Mullen - I would talk with an attorney to find out if doing a quit claim deed will nullify your title insurance. (I'd suggest talking with the attorney who closed it and issued the title insurance to begin with.) :)

Hey Peter - My experience has been that when going to a warranty deed, the title insurance stays as long as the LLC is owned by exactly the same people on title when the title insurance was issued. When doing a quit claim deed, the policy has not stayed in tact since the quit claim deed offers no warranty of title. I don't know if this varies by state or other circumstances though. :)

I wanted to mention that if you do a quit claim deed, that you'll likely nullify your title insurance if you paid for it. Just a tidbit to keep in mind as you're talking with folks about the process. 

@Richard Capers Jr