All Forum Posts by: David W

Throw me on the list too please.

Hello All,

I am looking for long term rentals for retirement and one thing I have been wondering about is "how much is too much" in property taxes? Some areas around town appear to be higher than others but it seems that 1.5 to 2.5 months of rental income can be eaten up by property taxes alone. What should I expect to spend and should that be a major determining factor in an acquisition?

Thanks!

Yeah, I had a friend try and get me involved with a similar product the FIRST time gas came close to $4 a gallon. MLM also, of course, he soon realized the benefits were bogus in most situations including a couple fleet trials from friends of his that had fleet departments in their businesses. When the results were inconclusive, he dropped the product.

Yes, that is the avenue I am proceeding with. She is now saying that since SHE never received any money, the check was to be deposited with the title company (which it has), that it is not a binding agreement. Any input on this?

Well, I think she is using the "will" as an excuse as she had mentioned that she had a friend take pictures to show other investors. If it truly states so in the will, I have no problem with that.

What kind of a relationship do you have with the title company? I do about 5-6 deals per year with mine and have had to cancel 2 deals and they had the attitude that "sometimes it happens" and did not charge for the search. Maybe you should look somewhere else if they are not willing to work with you. Especially if you have done deals with them before.

I visited a seller on Saturday and she signed a contract. Later that night she contacted me and made up some bologna that "her father's will would not allow her to sell it so cheaply" and she was within the time frame for Missouri to rescind the contract and wanted to do so. I have a couple questions.

1) If anyone knows Missouri law, the only way that can be done that I can find, is if the seller is in foreclosure. Then they have 3 business days to cancel. Is this correct?

2) If I REALLY wanted to do the deal, would recording the contract cloud the title to prevent her from selling to another entity? I know I can't FORCE her to sell without a lot of hassle and potential legal expense, I would have a hard time proving damages anyway, but could I prevent her from selling to someone else?

The house wasn't a BAD deal but not what she represented on the phone. I think there is money to be made but I don't want bad Karma either. I basically want the information for future knowledge when I REALLY don't want the deal to go south...

Thanks for your input.

Hello, I went to a Pete Youngs real estate seminar and he had a sheet that listed the repair prices for items for any damages tenants left him with. He would have his tenants sign it upon move in. By doing so, he reduced any complaints for the price of repairs left undone upon move out ( it listed changing a light bulb at like $18 because it takes into account time to acquire the bulb, drive to home and repair).

Does anyone else use this method? How did you come up with pricing etc. I have misplaced the sheets from the seminar since we have moved.

Thanks
Dave

I have been very happy with Wrenn Ins. if they write in your area. Just a quick call to bind coverage and pay by the month not long term commitment like most vacant dwelling.

I place my properties in Land Trusts with my LLC being beneficial interest and have had no problems getting insurance with up to 4 at a time with State Farm, very reasonable. I don't know about larger numbers of properties though.