All Forum Posts by: Dwayne Buckner

Yes, Jon, You were the person I was looking for. You have a very analytical, non-emotional approach to problems, that I admire. I was able to review the Oregon Revised Statutes, here online in the hospital, and it states that landords are (as with most states--like Ohio) are responsible for maintintaining heating and cooling systems in a safe manner). In fact, Landords must exercise the higest level of care to an invitee such as a tenant, motel guests, shoppers.
My question to you, is what is your personal experience in such a case? Is there a normal time frame that you have your rental systems inspected?

Thank you and read your statutes Mike!

Please. Looking for someone with a serious answer.

Thank You, Dwayne

Thank you Mike. Your reply was quite emotional. I love California and have done extemely well in it's real estate market- can't get views like this in OHIO!! I was looking for a level headed response from someone like Jon.

I forgot to mention. This was a month to month rental and NO leases were ever written.

Thanks, Dwayne

Hi Friends, I am writing this quickly, as I have to leave for the hospital soon. My nephew was recently taken from his apartment almost DEAD. THANKFULLY, someone check on him, as he was late for work. It was quicly determined that he had been exposed to CO gas--the heating company confirmed the unit was faulty. He almost died. He was life flighted to the SF bay area where there is a hyperbaric O2 chamber-- with a huge bill. I spoke with the landlord who claim he had never had his heating units expecteds (natural gas) and "Not my fault:. Where do I go??? Should a landlord have an occassional heating inspection where natural gas is concered. More later when I get back from the hospital. Thank you for any input--this happened in California. Without having time to read the statutes, I believe the liability to maintain and have inspected the heating/cooliing systems lies on the landlord.. Your opinion please.

Christina, I should have added. Your rent to value is so bad (about 1/2 a percent). You bought WAY too high.
I will not reveal the value that you told me on your PM of your option arm HELOC, but just know it makes the matter so much worse.
If I were you, I would sell now or these homes will eat up to you primary residence.

Again, good luck

Dwayne

You say you want to be retired by 27 or 29??? Are you single and plan to stay that way? I am 50 plus with several million and concerned--not scared. A triplex is pretty small taters for a retirement plan.

Dwayne

Christina, When you consider the momentum of the loss you will have to compensate for once the market at least stabilizes (probably a few years), it is difficult to see how you compensate for that loss.
Yours is a difficult situation. It is kind of like asking if you want to get shot (sell now) or bleed to death (hold the properties). It appears that you are not a candidate for the bailout or short-sale.

Sorry but this is a good lessons for newbies to do their homework up front.

Best wishes and good luck,
Dwayne

No so fast Matt!. My friends who kept their Chemistry books are making huge bucks, traveling the world (all expenses in top shelf places paid) as Chem Engineers and the like. When you get to a seven figure annual income--let me know!

Dwayne

Brice, You are so right! It is easy to take off in airplane, but just try landing it. It is the same with investment. Easy to get in to and easy to crash and burn if you don't know how to land. Try cleaning up that mess. You may recall the night that JF Kennedy Jr took off into the fog. The experienced pilots at the airport said as Kennedy lifted off, "Kennedy is going to kill himself". They knew he had gotten into situation that was way above his ability to deal with.

As for Donte, I will give you a one-liner (something you apparently relate to), that jumps back to the original post--please read that. Looking at the current state of the economy of foreclosures, over-analyzing of investment properties was not the problem.

Even with the best analysis, properties can still go negative for an unseen reasons--you can count on that. The best of the investors on BP consider all the angles. This is not an easy business to live in long-term, but if you approach it like the moderators here, you will have a much better chance of being successful than GOING FOR IT, when you don't fully understand what you are doing.