All Forum Posts by: Hugh C.

Matt,

As you posted it looks like scientists are pretty confident of a big El Nino storm coming for California this 2015-2016 winter.

But raising deductibles on common property insurance is not going to cover for flood related damages.  Beach area or low lying areas should consider flood insurance for this winter.  I would agree that if you know you have a water drainage issue with a particular property in the El Nino storm risk areas this is a good time to sell.  But I wouldn't buy a property in such a water risk area.

http://www.laane.org/wp-content/uploads/2015/03/Ai...

Don't buy Los Angeles multi-family dwelling with the plan of doing AirBnB...

Los Angeles is likely going to limit AirBnB to primary residence.  There are many sides to this issue.  Most investors side with free enterprise.  But this article will give me some pause to use AirBnB because of the lack of sanitation standards!  Bring your own ultraviolet light! :-}

This is great!  I'm interested in Long Beach, Harbor City, etc.  Looking for small plex.

Any opinions of Harbor City area?

After entering into a PPM for multi family apartment, I have yet to receive any monthly financial statement from the general partners regarding said property.  There are plenty of SEC requirements BEFORE completing the funding of a PPM, but what are the SEC requirements AFTER funding of a PPM?  Is there a requirement to issue financial statements monthly to limited partners?  What other general partner requirements are there to investors after the property is purchased?

Location, location, location.  

If you have listened to enough podcasts you would have heard numerous accounts by guest speakers and the hosts of BP that their biggest regrets have been buying in "bad neighborhoods and not renting to great tenants".  It is more difficult to get great tenants in bad neighborhoods. 

Although Detroit is the often cited example of cheap prices, potential great rents, etc. it can happen in any submarket bad area in any city.  The problem is vandalism/neglect before, during, and after renting it.  Then eviction issues for non-payment becomes a recurring theme.  Listen to podcast #65 (actually, listen to ALL OF THEM as I am doing).  Make your own spiral notebook of every tip as you learn it.  Then you have your own real estate strategy book of Do's and Don'ts. 

This is a Don't for me.  I'll let someone else attempt to make money is such area.

 James,

When you use a land trust for a property which still has a mortgage, how to you update the insurance policy so that the named insured change is not a reason for the mortgage company to issue a due-on-sale clause?  Thanks for your reply.

I plan to attend.

Most of you likely already know this, but I just discovered Podcast Addict app which allows you to select the audio speed of any podcast so that you may listen to it in a shorter amount of  time.  Apparently there are other apps that do the same with other features, but Podcast Addict is the one I choose.  A speed of 1.5x is very understandable. 

HELP:  If anyone knows of a Virginia attorney and trustee service (can be separate services), then please email me!   I need them for land trust entity set up.

Yikes. I just searched Due on Sale (DOS) Clause and found the huge thread about several DOS demands sent to owners who changed beneficiary to LLC. Several cited insurance notification of change of ownership/beneficiary as the triggering event. If you are able to buy with LLC at the beginning with bank approval, then you are likely OK. But if you try to switch the title of deed to LLC after you close, beware of DOS action.