All Forum Posts by: Eric Pinter

I have done multiple deals where I gave $ directly to the seller, and I have been on the receiving end of $ paid directly to me as seller.  It's not that uncommon. When you are dealing with an out of state seller who is seeming pushy to get the $, it might raise some red flags.  Depends on your risk tolerance and the potential gain.  In some cases, doing what the seller wants might make the difference between you getting the deal and not getting the deal.  If you don't already know, learn how to do some title checking on your own.  Then again, some people just do not transact in RE often enough to understand that there is a common procedure (close at title co, buyer gives $ to title co, title co sends $ to seller or seller's title co, etc etc).  In that case, educate them if you feel like spending the time.  If your spidey sense are telling you to walk away, then walk away.  Some of my best deals are the ones I walked away from. 

Callahan

The best thing about Little Rock (and surrounding areas in central Arkansas) to me is that it is steady.  We generally do not have the super highs or the super lows.  If you buy a house in a decent area, it'll likely be worth about what you paid for it in inflation adjusted dollars 10 years later.  But it's not hard to find good properties that cash flow without being in a war zone.  I personally am not a fan of the turnkey model (here or anywhere else) as I think it has some serious flaws (not to be rehashed here).  But some people love it.  So if it suits you, LR is probably a good place for it.  

CPA: Bell Foster Johnson & Watkins

attorney:  I would say myself, but I don't really take clients very often... 

@Jacob White mentioned earlier that he has had both property managers and owners pay his fees.  What I have mostly seen is a property manager pays the fees to the attorney and coordinates the eviction on behalf of the owner, but the PM then bills those fees back to the landlord (often with an additional fee for the PM).  It basically functions just like if the PM sent a plumber to the property. PM pays the plumber, owner pays the PM.

If it looks like an alley, ditch, or useless strip of land, it's probably an alley, ditch, or useless strip of land.  

Watch out for unrelated business taxable income (UBTI).  It will bite you... HARD!  Before you even attempt to do anything like you mentioned, sit down with a VERY qualified CPA / ERISA specialist / tax attorney.  It is very very easy to mess this up, and the repercussions for messing it up can be serious.

I'm an attorney, broker, & investor in Little Rock.  If you are talking about a residential property, I would be pretty shocked to see a property manager covering the costs of an eviction (unless you have enrolled in some type of eviction protection program like someone mentioned above).

@Mark Rogers if you're looking for local CPA, talk to Tim Johnson at Bell Foster Johnson & Watkins in LR. Do not want to publicly post contact info but just google that and you'll find it.

reglazing isn't a cure all.  that stuff rarely works well.  sometimes it's easier and about the same price to just rip it all out, put in a new acrylic tub & shower surround from home depot ($500), toilet ($120), and vanity ($200).  btw, ALWAYS put in new toilets.  ALWAYS.  when you think the existing toilet will be fine, refer to what i just wrote.  ALWAYS PUT IN NEW TOILETS.  nobody likes the thought of their business sitting on a toilet owned by a previous stranger.  best $120 you can spend in a house. 

most title companies charge around the same prices - the service is the main difference.  i work with mike sage at commerce title.