All Forum Posts by: John Patterson

@Kevin Ramos

Id suggest to get someone to immediately lease it for 5 months with an option on 7. Its kind of hard to have someone evicted through an hoa without proper cause. They may allow existing mtr s to stay in place if grandfathered.

@James Carlson Old is the new , again.

Strs are short term cash cows.

Ltrs will always be around barring hoas. If politicians have them , you’re usually ok , too.

Ltrs are great because they keep a consistent tax base and particular voter in place.

Just because you can’t make it either way , do like the politicians do. Take the Picassa route.

Have a legal llc tied to five owners.

Its all legal and now you only have to maintain a place for 5 groups.

1) you can get a heavy cash deposit down for the ownership.

2) they pay quarterly for expenses that funds the overhead.

3) everone has a share of profit when you or they decide to sell for a higher price.

You stay In control, but affordability is easier to maintain.

Thoughts…

@Katelynn Malivert do you have his business license or address? Go see him and confront him with your agreement that you both signed. Ask for reparations or there will be a court date in small claims. May or may not work, but you going to his business shows that you know where he lives… and not going away. Your other option is to send him a certified letter with a notice to stop, and find the higher priced better contractor.

Contractors are like Toyotas; the good ones are usually more expensive , well seasoned from a few years of use , start when you want them to, and run long and hard. But you still need to make sure they have insurance.

@Justin G. Why is New york not on here? It just seems strange that it has escaped this variable.

@Eddy Tijerina

Hi Eddy,

I have a flip I’m about to finish this spring. Have you considered doing a lease -option for your property. This way you can give a nice family a home with a 2 year rent ( or more), the option to buy it afterwards, and you have a nice 5-7% deposit that you keep when signing. They assume all maintenance and repairs while living there. Best of both

I know it’s not the easiest topic to discuss in all arenas, but it is a part of life. We have a very large population over 70 years of age that possess a lot of real estate. With forecasts of the US being 5mil homes down for the next 10 years, is this a niche that should be explored to the up and coming generation or should large investor’s swoop in and pick these homes up in Reos or reverse mortgages?

Also, with the depreciating teams of contractors these days, I foresee large deferred maintenances that need to be addressed.

@Paul K. As a student in college with 3 roommates, living next door to railroad tracks(as close as 200’ ) , it never bothered us. I found that this house was a bit under market , but we never complained about the noise. Heck, we used to crank up our stereo and rock on. College kids and kids in that range ( 19-28) are usually looking for a dependable place to crash, and to go to work or school. The train track will not be an issue.

@Kylie Tollios

Being it’s the local city or county that’s enforcing it, they go after the owners who are listed on the deed. Even if , say, a long term rental subleases it as a str, they may come back to you for the fines. Also, some legit areas, will charge you a hotel tax and a registration fee if they catch your “ property “being used Illegitimately as an Airbnb. Check your zoning!

@Matt M.

Hi fellow contractor.

I’ll throw my 2 ¢ in ( make it 4¢ because of inflation) that homes will drop, but only regionally because of the interest rates .

If people don’t take a cash offers then they have to sell to a qualified buyer with a conventional loan . These loans are base on appraisals and monthly payments. If interest rates go up…. Then monthly payments go up ….then not qualified.

Ps. The banks may push for 40 year loans , and all bets are off . Heck, I’ll sell my house.

@Chris Geer

Hi Chris,

Living in Atlanta , I see blue tarps on $700k+ homes for weeks. ( The better ones come in brown and are very durable). Just remember that the primary objective in a rental ,or a home in general, is to protect its occupants from the elements.

So long as the water stays out , the storm will lie down.

If the owner makes the repair, tell him of the costs for the alternative.