All Forum Posts by: John Clark

Quote from @John Clark:

Quote from @Chris Seveney:

@Jay Hinrichs 

I believe Biden said the federal govt is going to pick up the bill for all the cleanup.

from a lot of reports I read, most of the private insurance companies got out last year and state insurance is where many were insured. I believe once that is exhausted the private ones pick up the tab but they noted it will get passed on to consumers.

where I see the issues are if this is now a one in every 5 or 10 or even 20 year event and it's a $1M home (cost to build not total value with land)  then the insurance for these areas is not sustainable.  You could see insurance policies in the six figures.

No, Biden said nothing about clean up costs I do believe. He said the federal government would pay fire fighting costs.

i think the state and local governments should use eminent domain and take the land, rezone it for condos and multi-family, install mass transit and better transportation systems and turn difficult to defend areas into parks. The justification for eminent domain would be the cost of defending the current set up, health costs and environmental cleanup costs. 

There is now the proverbial blank slate for redevelopment. The governments should seize the opportunity.

keep in mind all the fuel is now gone.. so wild fire will not be an issue going forward as long as folks do more of a desert style landscaping and dont plant things that burn like Eucalyptus as one poster mentioned those things go up like a roman candle at 4th of July. There is no question that fires in these areas are caused by man developing in what was vacant areas where even if there was a fire ( which there has been over the centuries) But these were not in the thought process's in the 1900 until the 60s before CA recorded the subdivision map act  into law.. you just platted and recorded Just look out in the high Deseret there are 1 mil platted lots with virtually no homes but nothing to burn.. One would be amazed at how many cities were platted between 1900 and 1940 in CA then the slow build out started..

Quote from @John Clark:

Quote from @Chris Seveney:

@Jay Hinrichs 

I believe Biden said the federal govt is going to pick up the bill for all the cleanup.

from a lot of reports I read, most of the private insurance companies got out last year and state insurance is where many were insured. I believe once that is exhausted the private ones pick up the tab but they noted it will get passed on to consumers.

where I see the issues are if this is now a one in every 5 or 10 or even 20 year event and it's a $1M home (cost to build not total value with land)  then the insurance for these areas is not sustainable.  You could see insurance policies in the six figures.

No, Biden said nothing about clean up costs I do believe. He said the federal government would pay fire fighting costs.

i think the state and local governments should use eminent domain and take the land, rezone it for condos and multi-family, install mass transit and better transportation systems and turn difficult to defend areas into parks. The justification for eminent domain would be the cost of defending the current set up, health costs and environmental cleanup costs. 

There is now the proverbial blank slate for redevelopment. The governments should seize the opportunity.

keep in mind all the fuel is now gone.. so wild fire will not be an issue going forward as long as folks do more of a desert style landscaping and dont plant things that burn like Eucalyptus as one poster mentioned those things go up like a roman candle at 4th of July. There is no question that fires in these areas are caused by man developing in what was vacant areas where even if there was a fire ( which there has been over the centuries) But these were not in the thought process's in the 1900 until the 60s before CA recorded the subdivision map act  into law.. you just platted and recorded Just look out in the high Deseret there are 1 mil platted lots with virtually no homes but nothing to burn.. One would be amazed at how many cities were platted between 1900 and 1940 in CA then the slow build out started..

What started the fires?  Negligent forest management, drug addicts, or illegals?  DEI policies along with environmental, immigration policies is not sustainable for a non 3rd world country (my guess that is the point).  I read an article I thought articulated this very well, we are seeing the collapse of a very complex system and this the fruit. 

@Jay Hinrichs 

I believe Biden said the federal govt is going to pick up the bill for all the cleanup.

from a lot of reports I read, most of the private insurance companies got out last year and state insurance is where many were insured. I believe once that is exhausted the private ones pick up the tab but they noted it will get passed on to consumers.

where I see the issues are if this is now a one in every 5 or 10 or even 20 year event and it's a $1M home (cost to build not total value with land)  then the insurance for these areas is not sustainable.  You could see insurance policies in the six figures.

I am getting conflicting information from 2 entities that help create LLCs

The property I am buying is in Arkansas, but I want to open an LLC in Wyoming

One entity that helps creates LLCs is telling me that the WY LLC can own a property in Arkansas.

Another entity that helps creates LLCs is telling me that the WY LLC cannot own a property in Arkansas, and I will need to create another LLC in Arkansas and the WY LLC will own/manage the Arkansas LLC.

Can anyone who has actually created a WY LLC and used it to purchase property elsewhere answer this question for me please?

Thank you

What are some questions that you can ask to each of the required team members(PM, Agent, etc. ) to ensure that goals align and they are best fit. 

Good evening and happy new year,

I need input on something that seems too good to be true. 

I just got off the phone today with an investor-friendly real estate agent in another state (not NYS) who has a whole team behind her and has made it seem as if real estate investing is a much simpler process. I am a beginner investor and I have discussed my investing goals with this agent. I wanted your typical 3 bedroom house (not necessarily 2 bath) which cash flows. She goes on to say that for her beginner investors, she doesn't let them buy over $100k total (including purchase and rehab), she already has a tenant pending for a particular property she currently wants to sell, already has a good relationships with a lender, and doesn't let rehab go over 2.5 weeks. 

In terms of property management, she mentioned that she has her own property management company. She is planning on renting out to section 8 and has pacified my worries about section 8 tenants. She just seems to be well versed with dealing with section 8 tenants, which is huge in this area of the United States.

She has already sent me the address of the potential investment property. It is not on your typical zillow/redfin/trulia site as she said it is directly from the seller. 

I met this real estate agent on facebook, seems very active within the real estate community in that particular area based on the posts she's engaged with. 

The only red flag that stood out is that she strongly discourages flying out to the location and scoping out the property as she said it could get expensive and we could instead use that for a downpayment. 

I really would like to invest and just buy my first property already. I just keep hearing over and over again to just take action and course correct from there. 

I would like to ask the advice of the community - can I get some viewpoints on how I could double check this lady's work? Maybe I'm already answering my own questions - would it be rude to ask for references from other investors she's worked with? how can I do this without sounding like I don't trust her? Is it imperative that I actually go see the property before I close on it? What else am I missing?

How do you deal with doubt? I also don't want to show any type of distrust towards her as I feel that she is a valuable asset (if she is what she says she is). 

I'm really glad that I am taking my first steps, that I spoke with a real estate agent, and that I have the BiggerPockets community to lean on for support.

Thank you,

Richard

There's a house I'm considering buying with a business partner as an investment rental. It would rent for what I assume $2,500 with one renter or $3,100 if I did rent by the room. It is an old house but has been completely gutted and rennovated in a Midwest state with a flatline population growth. It's near where I live though. Based on its price and rental income do you think it is worth it? It is a considerably good price considering the area, I'm just not sure on whether the rental income is worth paying for.

Apart from about $10,000 it is fully rennovated and ready to be rented out within 2-3 months.

Thanks for any advice!

Hi first time landlord to a duplex in new city. Wanted to know if landscaping is a tax deductable expense in general and if it differs when one unit is owner occupied. Thanks !