All Forum Posts by: Bill Gulley

Get an attorney, you already identified the issue, the Trustee can be replaced in probate court.

During inflationary times, bonds are up, stocks down, interest rates up, retirement plans depend on what they are invested in, but generally down. It's also a good time to be in a cash position. Hold your properties! I don't give investment advice I just taught economics, LOL. Best of luck!

I'd go with Chris on this, assistance is based on your personal income, after taxes, the source of income is irrelevant and is determined from your personal taxes. One of my sons is going through this with my granddaughter who is in line for academic and athletic scholarships to Duke. Talk to the college financial aid office on how to qualify and what the requirements are, they won't bite you.

I'll be going down for Bikes, Blues and BBQ, if they ever have it again. Nice college town, if you're under 30 you should have a blast, 30-40 one heck of a time and over 40, good fun! Might see ya on Table Rock, good luck! 

Micah, great start young man! My advice is not to get the cart before the horse. Go to college, trust me, you have time to work in RE after you are done with school. Keep saving. Enjoy your college years. Keep in touch with your dreams, put your time in on your studies and when you're bored, check out the markets.

You've done well so far, but college is not high school. You will need a couple finance classes and 3 accounting classes, up to Managerial Accounting, you need at least that for Construction Management. 

For the next 2/3 years, stay in a cash position is my advice for you. Best of luck! 

First make sure you understand your industry, the rules, regulations and laws so you don't get hung out to dry before you even start. Then understand your market, then identify and define your business. You may identify several options and should because things change and if all you know is how to fry eggs and you don't have any eggs, you're done.

From that you can look to a business model much like any other service/contracting/selling/leasing business.

Never stop looking for financing and understand your options. You need to understand the basic financing rules to know what is available under certain conditions, sources of money will be key. Good luck! 

Let's just say I wouldn't get sucked into a REIT discussed on any real estate investor forum. Your decision to buy should come from a qualified investment advisor paid by you. Good luck!

I suppose you mean you received the property by a QD from your father who still has a mortgage, no idea what a "tike" period is. 

First I suggest you contact your father's mortgage holder and inform them the deed was executed under "ESTATE PLANNING PROVISIONS" which should keep the due on sale clause from calling that loan due on your father. Continue to make the payments.

I suppose you want the money, right now find a second mortgage lender and allow that loan to season or stay in place for 1 year, after that you can then refinance based on the market value. 

I have no idea what your personal financial position is, if it is very good, a bank may refinance the property and hold the mortgage to season their loan. 

Actually, the best advice is talk to an attorney and your banker. Best of luck.

I suggest you speak to someone locally, an attorney, another landlord that has experience, a real estate broker or management operation with a simple question, can a tenant break a lease under this condition?

I believe all states have provisions for terminating a residential lease, examples include (but not limited to) a tenant called to active military duty or change in orders, the death of a tenant (releasing the estate) or of a co-tenant, medical conditions requiring special care or residential amenities, another situation could include ADA compliance after a life changing event. 

All real estate is local, how a residential lease is enforced in an area may well be an opinion of that court. Contracts that we enter into can be enforced, generally, but when a contract becomes impossible to perform or where an unforeseen burden exists for either party, not contemplated at its making the court may set a contract aside. 

I really doubt you will find your local Circuit Division Judge on BP. 

Over the years I have found it best to negotiate a settlement and being reasonable, it's always better than going to court.

I might suggest, since you reduced rents by $50 for a longer lease that you charge back that amount and treat it as an annual lease, you can also seek actual damages as you normally would.

As you gain more experience you will have a better idea of what usual and customary is in your area. I might suggest too, that landlords do a quick monthly check of court dockets, findings and judgements concerning tenant/landlord disputes as they are handled in your area; it shouldn't be hard today with courts being online.

Sometimes, a residential lease agreement simply puts a psychological seed in the minds of the parties to govern their relationship, there can be many valid reasons for either party to seek relief from the intended obligation under contracts.  Best of luck :)

I suppose it's a unique studio with an additional room, other than that seek advice from your building regs. dept. :)