All Forum Posts by: Ken M.

Here is what I would do:I would still close on the property but send a letter to the sellers broker and the seller along the lines of below (note I would have an attorney write it and send it):

It has been brought to our attention there was a $15,000 insurance claim on the property. It is our position this should be disclosed and more information be provided. We understand your position and do not agree. But we can only assume since you stated this does not have to be disclosed because the work has been repaired, that you have confirmed the reapirs were done properly and in acccordance with any and all codes. 

If it is later found to be the work was not performed according to code or properly repaired, we will seek damages from your firm since you knowingly hid this from us and would not allow us to understand the extent of the damage which occurred behind walls.

Thank you

This way you are putting them on notice that you were aware damage occurred and they did not allow you to properly inspect it. Now this could be making a mountain out of a mole hill but the fact they are not disclosing it makes me think that something is shady - If i had damage I would have no issues letting them know what happened and what was done. 

Ken, Actually both myself and my father-in-law have properties in Florida. So I don't need to "ask people in Florida" about your theories. :)

And you're entitled to your opinion. 

In my opinion, the national debt is a medium-term problem. And there are many possible ways that can be resolved and most don't involve hiking up property taxes so high that most people can no longer afford to be a landlord. 

But let's assume you're right and this is about to happen.

In the situation you're describing, all the leveraged owners of real estate will be the *first* ones to implode right off the bat (and have to turn over the keys to the bank). Look how many died in the Great Recession which was nothing as severe.

On the other hand, the debt-free ones will be in a much stronger and better position to survive (because they have no debt payments to make).  So, you're actually making the argument *against* debt (not for it).

Hey all, I'm new to wholesaling and my first deal is proving challenging, I'm looking for advice or potentially a j/v on dispo. It is a 3 unit airbnb portfolio with each unit in a different city. Would it be better to dispo each location independently or as a whole, and if done as a package deal does this fall under commercial or residential? The portfolio is turnkey/ fully furnished and active. The deal is structured with partial seller financing ($766k) below market rates (varied on each unit). I'm light on capital so paying a mentor isn't an option, but happy to split revenue (pay as I learn).

Are you the same subto guy that's been on the forums the last 2 years that just keeps showing up differently?

I read through your other post regarding buying properties that you renovate and then list for rent.

You want to have a discussion with your accountant to see how the renovations would be treated. Are any of the improvements 5, 7 or 15 year property?
If yes, they might be eligible for bonus depreciation.

Best of luck to you in your search.

There is nothing false wiih what @Henry Clark said.

@James Hamling

@James Wise

@Steve K.

Hey guys interesting new law from State of Oregon on wholesaling and we know this is a huge topic on BP..  Scott, thought this might be interesting for your company and for use in your training and such.. 

Hi folks, 

As the topic states I'm looking to learn everything I can about the City of Philadelphia and its real-estate market. I'm looking for someone is willing to spend time with me and maybe teach/talk/travel around the city some. I'd be willing to pay for your time. Also, any guides, info, or direction would be awesome. 

Reason: I signed a new job offer at a nonprofit yesterday and having extensive knowledge of the real-estate market in Philly would be very helpful. I am not buying, selling, investing or anything related to BP.

DM me if interested

A couple weeks ago, I was talking to a texan resident that came up to Washington State to help the company I work at, train our team for a new product launch. I was picking his brain about the attitude and culture of the locals towards real estate investing and out of state investors. He told me the sentiment towards out of state investors isn't good. Texas as a whole bans texas homeowners from re-financing their home to fund investment properties in texas. He also said there are a couple counties in Texas (I forget the names), that ban out of staters from buying investment properties as well. 

Is anyone investing in texas (in long-term rentals) that knows about this and has experience with this? How true is this, and how could that affect my real estate strategy if I were to enter the Texas market as a Washington State resident? Anyone familiar with this that can help shed light, it's appreciated. Thanks! To me, this is a red flag.