All Forum Posts by: Harry Gamble

@Terry Robinson Terry, they are hard to find now, but if I were you I would post the same question in the Nextdoor app for Alabaster and you should get some input. I live close to you in Indian Springs and someone posted the same question on Nextdoor for my neighborhood and got some recommendations. Good luck.

@Melanie Liu I agree an attorney should be consulted to review the contract and go from there. Also, if the builder is licensed with your state’s home builders licensure board, it may be worth contacting them as some states licensure associations have funds set up that can reimburse homeowners for actions of licensed home builders under certain conditions

@Alex Petrov. Yes, it’s an absolute must even on a cash transaction.

@Sam Mitchell not sure why you would use a quit claim. A quit claim transfers only what the grantor owns, and can be an indication that the grantor doesn’t own 100% fee simple absolute title. Seems like a warranty deed would be better assuming you own fee simple absolute title.

@Paul Stamm agreed. Consistency with your criteria and keeping everything documented keeps you out of legal trouble.

@Justin Husband

By no means exhaustive, just a few thoughts....

some pros to selling:

-since the property appears to have transferred at death, you may benefit from a stepped up tax basis if you sell (consult tax expert),

-strong sellers market now

- hard to find good builders now in many places

- avoidance of building and renting headaches

- some pros to fix and flip:

Can be satisfying to see the house turn around, although not worth the headaches for many

Maybe better profit if you do it right and get the profit a flipper might make too

Some pros to fix and rent:

As previous poster noted, if it cash flows well you have long term cash flow.

An LLC is most common, unless the owners are seeking lending and the LLC doesn't have enough history to qualify for a loan, in which case it is done personally.

@Geoff Pettis Are these family businesses set up as LLCs or owned individually? Either way it sounds like all members have the same authority to do most everything, which is where the problem is and also may not be the best set up for the family for many reasons depending on their situation. A lawyer who forms partnerships and LLCs could advise what's best. Maybe whomever put in the most initial capital wants to be the sole person with authority. However, even with an LLC, the person making the day to day decisions can have personal liability in some cases, so it may make sense for the person who contributed the least amount of capital (if they have fewer personal assets) to have sole authority. If they insist on all having equal authority with no way to "break a tiebreaker" then I can see how there will be problems with some families.

@Joe S. You’ve documented the incident with the video, so I think that is good. If they are willing to steal water, what else are they willing to do? If something else comes up in the future worth calling the police you’ll have the video in case you end up with a pattern of problem/illegal behavior, or if they are a suspect for stealing something else.

@Mike Bianchi you’re probably not going to get many suggestions to invest in the stock market on a real estate investors website, but it could be something to help diversify your portfolio. I would talk to a tax attorney.