All Forum Posts by: Jay Chekansky

Hey BP - looking for some advice on this one.

I bought a house at the end of June in an area I have not done business before. Through referrals, we settled using a local RE attorney. On the HUD and in the final settlements, I paid for buyer and lender title insurance.

2 months later, I realize that I still haven't received the title policy in the mail - The title ins company has nothing on file for the property address or the attorney.  I reach out to the attorney and they say the have finally got around to "closing out the last 2 months and I should have it next week"

As you can imagine, last week came and went with no policy.  Now the attorney and his paralegal are not returning calls or emails.  All of this trouble over $150.  

What would you guys do in this case to obtain a title ins policy? Pay another firm to complete another title search and go from there?  

Thanks,

Jay

Hey BP - 

Last weeks podcast (published 6/13/2019) sparked some thought from my side when the guest broke down some of the tax implications and scenarios that he uses to "sell" sellers on seller financing.  I have gone back and listed to that section a few times, but I still don't have a fine enough grasp on the content to "own it" when speaking to a seller.

Does anyone here have a firm enough grasp to break down and explain to the group the line items he mentioned, ordinary vs capital gains calculations, and so on?

Sell for lump sum/cash out - Seller is taxed at LT cap gains rate based on price/ property basis(?)

Sell w/ financing - Sellers principal payment received taxed at LT cap gains rate while interest income is taxed at ordinary income rate(?)

Thanks in advance for any help

Jay

Tell the world what you plan to do by showing it - Napolean Hill

You don't get what you deserve. You get what you tolerate. - Tony Robbins in reference to raising your standards

I haven't read through all of these posts, but it looks like all of the refi advice has revolved around institutional lending and the 2 year track record typically required for that debt.

You have another option. There is plenty of private money that would lend 50 to 65% LTV so long as the collateral is decent and you're a decent human being.

You should also consider encumbering that property for asset protection

I once picked up a DW with used needles, a penis pump laying around, and a sex swing in the living room

Trailer people have all the fun

I've had great luck with PolyLevel raising entire driveway slabs. Much more cost effective than some of the other suggestions, aside from the guy that suggested to skim coat with quikrete.

Here is a link to a dealer locator.  Cool videos on YouTube as well

PolyLevel from Foundation Support Works

I had amassed a small stash through a live-in-flip and paying myself first for 12 years.  So when the day came that I walked out of my b*llshit soul-sucking corporate cubicle job, I had a decision to make; "Retire" for 5  years or invest in myself and my future with the money I had.  I had always said that I could do better on my own than being told what to do by a committee of people looking to be promoted through attrition, so I put my money where my mouth is.

I bought my first investment grade rehab project and was off to the races.  Some wins, some *** kickings, a lot of great relationships, a ton of hunger, and I'm still plowing away.

Great thread topic.

Thanks for the feedback guys. My buddy wasn't too pumped on the whole deal, especially considering that other folks in the industry are recognizing the property.

Hey BP,

I'm looking for some advice and direction here to help a homeowner with a house for sale. A potential buyer hired a home inspector who decided it was his right to record and share a Facebook live video and an edited YouTube video of the inspection.  The videos were released to the internet without homeowner notification or consent.

In the videos, he speaks out of turn on a number of occasions, from the realm of qualified home inspector and into structural engineering, eye-balled cost estimates for repairs well outside of his realm, and used a number of adjectives not pertinent or professional to the level of service that I'd expect from a "licensed professional"

As you can imagine, there is a good bit of "chatter" among the broker/agent community in the area of the house, as well as commentary on Facebook from the people "equally as qualified for comment."

So my question is, does this homeowner have a leg to stand on in a court of law? This video is  going to blackball this house from retail showings, not to mention, scaring off potential buyers with this home inspectors opinions rather than concrete facts?

As always, your thoughts and feedback are appreciated.

Jay

Hey BP,

I have a cool story to share and a number of lessons that will benefit some of the newer folks.  

A while back, I was asked by a fellow, much more experience investor, if I'd help him run a moving truck on an 8 hour round trip.  He had negotiated with a seller to move the contents of the seller's house to his new location (Lesson 1: Tuck that arrow in your quiver to use when negotiating with a motivated seller).  I decided to say yes and go for the trip. I'll gladly exchange a few hours of physical labor to pick the brain of an investor with 25 years of experience (Lesson 2: Come from a place of service when looking to work with a mentor).

After a day of driving, loading/unloading the truck, we were approaching home, when my investor friend mentioned that he was looking to shift a property out of a portfolio.  It was currently listed with an agent, but hadn't moved as fast as he hoped.  I had looked at the property the week prior and figured I could handle the rehab if necessary.  So I said yes. We shook hands and had an agreement in place. (Lesson 3: You have to be decisive)

THE NEXT DAY - a full price offer came in through the RE Broker.  The investor I was working with explained to the RE broker that we had an agreement, and to reach out to me to see if I'd be interested in selling after closing.  So that's what we did - I closed that week, paid the broker commissions, and had the end buyer offer in hand the next day.  (Lesson 4: Your word is your bond in this business. Do what you say. My investor friend could have made 2x from the broker offer over what I paid him, but he stuck to his word)

All in all, I earned $9,200 net after everything by offering to help a friend and saying yes when an opportunity presented itself, in exchange for 8 hours of my time. The investor won, I won, and the end buyers were happy to have a property they could make their home.

I hope this helps a few folks out on their way to becoming a REI badass

Jay